<SEC-DOCUMENT>0001133228-15-001494.txt : 20150331
<SEC-HEADER>0001133228-15-001494.hdr.sgml : 20150331
<ACCEPTANCE-DATETIME>20150331163051
ACCESSION NUMBER:		0001133228-15-001494
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150511
FILED AS OF DATE:		20150331
DATE AS OF CHANGE:		20150331
EFFECTIVENESS DATE:		20150331

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-09243
		FILM NUMBER:		15739654

	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>DEF 14A
<SEQUENCE>1
<FILENAME>e405753_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Amendment No. )</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Preliminary Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD>Definitive Proxy Statement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Definitive Additional Materials</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Soliciting Material Pursuant to Sec. 240.14a-12</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>The Gabelli Utility<FONT STYLE="font-family: Times New Roman, Times, Serif">
Trust</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Registrant as Specified In Its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Person(s) Filing
Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD>No fee required</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1)
and 0-11.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1)</TD><TD>Title of each class of securities to which transaction
applies:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2)</TD><TD>Aggregate number of securities to which transaction
applies:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3)</TD><TD>Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11(set forth the amount on which the filing fee is calculated and state how it was determined):</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4)</TD><TD>Proposed maximum aggregate value of transaction:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">5)</TD><TD>Total fee paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Check box if any part of the fee is offset as provided
by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1)</TD><TD>Amount Previously Paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2)</TD><TD>Form, Schedule or Registration Statement No.:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3)</TD><TD>Filing Party:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4)</TD><TD>Date Filed:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>THE GABELLI UTILITY TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">One
Corporate Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">Rye,
New York 10580-1422</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">(914) 921-5070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>NOTICE
OF ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>To Be Held on May 11, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #231F20">To
the Shareholders of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">THE GABELLI UTILITY TRUST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Notice
is hereby given that the Annual Meeting of Shareholders of The Gabelli Utility Trust, a Delaware statutory trust (the &ldquo;Fund&rdquo;),
will be held on Monday, May 11, 2015, at 11:30 a.m., local time, at The Cole Auditorium, The Greenwich Library, 101 West Putnam
Avenue, Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at any adjournments or postponements thereof for the following
purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 16pt">1.</TD><TD STYLE="text-align: justify">To elect three (3) Trustees of the Fund, two (2) Trustees to be elected by the holders of the Fund&rsquo;s
Common Shares and holders of its 5.625% Series A Cumulative Preferred Shares and Series B Auction Market Preferred Shares (together,
the &ldquo;Preferred Shares&rdquo;), voting together as a single class, and one (1) Trustee to be elected by the holders of the
Fund&rsquo;s Preferred Shares, voting as a separate class; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 16pt">2.</TD><TD STYLE="text-align: justify">To consider and vote upon such other matters, including adjournments, as may properly come before
said Meeting or any adjournments thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; color: #231F20">These items are discussed in greater
detail in the attached Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
close of business on March 16, 2015 has been fixed as the record date for the determination of shareholders entitled to notice
of and to vote at the Meeting and any adjournments or postponements thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><B>YOUR
VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT
YOU PLEASE VOTE PROMPTLY. SHAREHOLDERS MAY AUTHORIZE THEIR PROXY BY TELEPHONE OR THE INTERNET. ALTERNATIVELY, SHAREHOLDERS MAY
SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARD AND RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in; color: #231F20">By Order of the Board of Trustees,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in; color: #231F20">ANDREA R. MANGO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5in; color: #231F20"><I>Secretary</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">April 1, 2015</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>INSTRUCTIONS FOR SIGNING PROXY CARDS
TO BE RETURNED BY MAIL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; color: #231F20">The following general rules
for signing proxy cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote
if you fail to sign your proxy card properly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 16pt">1.</TD><TD STYLE="text-align: justify"><I>Individual Accounts: </I>Sign your name exactly as it appears in the registration on the proxy
card.<I> </I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 16pt">2.</TD><TD STYLE="text-align: justify"><I>Joint Accounts: </I>Either party may sign, but the name of the party signing should conform
exactly to the<I> </I>name shown in the registration.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 16pt">3.</TD><TD STYLE="text-align: justify"><I>All Other Accounts: </I>The capacity of the individuals signing the proxy card should be indicated
unless it is<I> </I>reflected in the form of registration. For example:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Registration</U></B></FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Valid
    Signature</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Corporate Accounts</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(1)</FONT></TD>
    <TD STYLE="width: 47%; padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Corp.</FONT></TD>
    <TD STYLE="width: 50%; padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Corp., John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(2)</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Corp.</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(3)</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Corp.</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">c/o John Doe, Treasurer</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(4)</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Corp., Profit Sharing Plan</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Trust Accounts</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(1)</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Trust</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Jane B. Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(2)</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Jane B. Doe, Trustee</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">u/t/d 12/28/78</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Jane B. Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Custodian or Estate Accounts</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(1)</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John B. Smith, Cust.</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">f/b/o John B. Smith, Jr. UGMA</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John B. Smith</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(2)</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John B. Smith, Executor</FONT></TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Estate of Jane Smith</FONT></TD>
    <TD STYLE="padding-left: 0; padding-top: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John B. Smith, Executor</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>INSTRUCTIONS FOR TELEPHONE/INTERNET
VOTING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; color: #231F20">Instructions for authorizing
your proxy to vote your shares by telephone or Internet are included with the Notice of Internet Availability of Proxy Materials
and the proxy card.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>THE GABELLI UTILITY TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>ANNUAL
MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>May 11, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%; text-align: center">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">This
Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Trustees (the &ldquo;Board,&rdquo;
the members of which are referred to as &ldquo;Trustees&rdquo;) of The Gabelli Utility Trust, a Delaware statutory trust (the &ldquo;Fund&rdquo;),
for use at the Annual Meeting of Shareholders of the Fund to be held on Monday, May 11, 2015, at 11:30 a.m., local time, at The
Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at
any adjournments or postponements thereof. A Notice of Internet Availability of Proxy Materials will first be mailed to shareholders
on or about April 1, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">In addition
to the solicitation of proxies by mail, officers of the Fund and officers and regular employees of Computershare Trust Company,
N.A. (&ldquo;Computershare&rdquo;), the Fund&rsquo;s transfer agent, and affiliates of Computershare or other representatives of
the Fund may also solicit proxies by telephone, Internet, or in person. In addition, the Fund has retained Morrow &amp; Co., <FONT STYLE="font-size: 8pt">LLC</FONT>
to assist in the solicitation of proxies for an estimated fee of $1,000 plus reimbursement of expenses. The Fund will pay the costs
of the proxy solicitation and the expenses incurred in connection with preparing, printing, and mailing the Notice of Internet
Availability of Proxy Materials and/or Proxy Statement and its enclosures. If requested, the Fund will also reimburse brokerage
firms and others for their expenses in forwarding solicitation materials to the beneficial owners of its shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><B>The
Fund&rsquo;s most recent annual report, including audited financial statements for the fiscal year ended December 31, 2014, is
available upon request, without charge, by writing to the Secretary of the Fund, One Corporate Center, Rye, New York 10580-1422,
by calling the Fund at 800-422-3554, or via the Internet at www.gabelli.com.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">If the
proxy is properly executed and returned in time to be voted at the Meeting, the shares represented thereby will be voted &ldquo;FOR&rdquo;
the election of the nominees as Trustees as described in this Proxy Statement, unless instructions to the contrary are marked thereon,
and at the discretion of the proxy holders as to the transaction of any other business that may properly come before the Meeting.
Any shareholder who has submitted a proxy has the right to revoke it at any time prior to its exercise either by attending the
Meeting and voting his or her shares in person, or by submitting a letter of revocation, or a later dated proxy to the Fund at
the above address prior to the date of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">A &ldquo;quorum&rdquo;
is required in order to transact business at the Meeting. A quorum of shareholders is constituted by the presence in person or
by proxy of the holders of one-third of the outstanding shares of the Fund entitled to vote at the Meeting. In the event a quorum
is not present at the Meeting, or in the event that a quorum is present at the Meeting but sufficient votes to approve any of the
proposed items are not received, the Meeting may be adjourned by an individual appointed by the Board to be the chairperson of
the Meeting (or in their absence, a person designated pursuant to the By-Laws to act as chairperson of the Meeting). Alternatively,
the chairperson of the Meeting may, in their discretion, submit the question of adjournment to a vote of shareholders. Any such
adjournment on which the shareholders vote will require the affirmative vote of a majority of those shares present at the Meeting
in person or by proxy. If a quorum is present, the persons named as proxies will vote those proxies which they are entitled to
vote &ldquo;FOR&rdquo; any proposal in favor of such adjournment and will vote those proxies required to be voted &ldquo;AGAINST&rdquo;
any proposal against any such adjournment. If a quorum is present, a shareholder vote may be taken on one or more of the proposals
in this Proxy Statement prior to such adjournment if sufficient votes have been received for approval and it is otherwise appropriate.
The chairperson of the Meeting may adjourn any meeting of shareholders from time to time to a date not more than 130 days after
the original record date without notice other than announcement at</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">the Meeting. At such adjourned
Meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the Meeting as originally
notified. If the Meeting is held more than 130 days after the initial record date, the Fund must set a new record date and give
notice of it to shareholders, in which case the Meeting may be held not more than 130 days beyond the new record date. The Fund
may postpone or cancel a meeting of shareholders, and if it does the Fund will make a public announcement of such postponement
or cancellation prior to the meeting. The postponed Meeting may not be held more than 130 days after the original record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
close of business on March 16, 2015 has been fixed as the record date for the determination of shareholders entitled to notice
of and to vote at the Meeting and all adjournments thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund has two classes of shares of beneficial interests outstanding: common shares, par value $0.001 per share (the &ldquo;Common
Shares&rdquo;) and preferred shares consisting of (i) 5.625% Series A Cumulative Preferred Shares (&ldquo;Series A Preferred&rdquo;)
and (ii) Series B Auction Market Preferred Shares (&ldquo;Series B Preferred&rdquo;), each having a par value of $0.001 per share
(together, the &ldquo;Preferred Shares&rdquo;). The holders of the Common Shares and Preferred Shares are each entitled to one
vote for each full share held. On the record date, there were 42,248,913 Common Shares, 1,153,288 Series A Preferred, and 22,500,000
Series B Preferred outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">As of
the record date, there were no persons known to the Fund to be beneficial owners of more than 5% of the Fund&rsquo;s outstanding
Common Shares or Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>SUMMARY OF VOTING RIGHTS ON PROXY
PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Proposal</U></B></FONT></TD>
    <TD STYLE="width: 40%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Common
    Shareholders</U></B></FONT></TD>
    <TD STYLE="width: 44%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Preferred
    Shareholders</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Election of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Common and Preferred Shareholders,</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Common and Preferred Shareholders,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustees</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">voting together as a single class, vote</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">voting together as a single class,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">to elect two Trustees:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">vote to elect two Trustees:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John D. Gabelli and</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John D. Gabelli and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony R. Pustorino</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony R. Pustorino</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Preferred Shareholders, voting as a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">separate class, vote to elect one Trustee:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">James P. Conn</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Other Business</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Common and Preferred Shareholders, voting together as a single class.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>PROPOSAL: TO ELECT THREE (3) TRUSTEES
OF THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Nominees for the Board of Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Board consists of ten Trustees, eight of whom are not &ldquo;interested persons&rdquo; of the Fund (as defined in the Investment
Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)). The Fund divides the Board into three classes, each class having
a term of three years. Each year, the term of office of one class will expire. James P. Conn, John D. Gabelli, and Anthony R. Pustorino
have each been nominated by the Board of Trustees for election to serve for a three year term to expire at the Fund&rsquo;s 2018
Annual Meeting of Shareholders or until their successors are duly elected and qualified. Each of the Trustees of the Fund has served
in that capacity since the March 29, 1999 organizational meeting of the Fund, with the exception of Mr. Nakamura, who became a
Trustee of the Fund on August 15, 2012. All of the Trustees of the Fund are also directors or trustees of other investment companies
for which Gabelli Funds, LLC (the &ldquo;Adviser&rdquo;) or its affiliates serve as investment adviser. The classes of Trustees
are indicated below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B><U>Nominees to Serve Until 2018 Annual Meeting
of Shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">James P. Conn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">John D. Gabelli</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Anthony R. Pustorino</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B><U>Trustees Serving Until 2017 Annual Meeting
of Shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Anthony J. Colavita</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Frank J. Fahrenkopf, Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Robert J. Morrissey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Salvatore J. Zizza</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B><U>Trustees Serving Until 2016 Annual Meeting
of Shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Mario J. Gabelli, CFA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Vincent D. Enright</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Kuni Nakamura</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Under
the Fund&rsquo;s Declaration of Trust, Statements of Preferences, and the 1940 Act, holders of the Fund&rsquo;s outstanding Preferred
Shares, voting as a separate class, are entitled to elect two Trustees, and holders of the Fund&rsquo;s outstanding Common Shares
and Preferred Shares, voting together as a single class, are entitled to elect the remaining Trustees. The holders of the Fund&rsquo;s
outstanding Preferred Shares would be entitled to elect the minimum number of additional Trustees that would represent a majority
of the Trustees in the event that dividends on the Fund&rsquo;s Preferred Shares become in arrears for two full years, until all
arrearages are eliminated. No dividend arrearages exist as of the date of this Proxy Statement. Messrs. Colavita and Conn are currently
the Trustees elected solely by the holders of the Fund&rsquo;s Preferred Shares. Mr. Colavita&rsquo;s term as Trustee is scheduled
to expire at the Fund&rsquo;s 2017 Annual Meeting of Shareholders, and therefore he is not standing for election at this Meeting.
A quorum of the Preferred Shareholders must be present in person or by proxy at the Meeting in order for the proposal to elect
Mr. Conn to be considered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Unless
instructions are provided to the contrary, it is the intention of the persons named in the proxy to vote the proxy &ldquo;FOR&rdquo;
the election of the nominees named above. Each nominee has indicated that he has consented to serve as a Trustee if elected at
the Meeting. If, however, a designated nominee declines or otherwise becomes unavailable for election, the proxy confers discretionary
power on the persons named therein to vote in favor of a substitute nominee or nominees. Each nominee is qualified to serve as
a Trustee under the Fund&rsquo;s governing documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Information about Trustees and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Set
forth in the table below are the existing Trustees, including those Trustees who are not considered to be &ldquo;interested persons,&rdquo;
as defined in the 1940 Act (the &ldquo;Independent Trustees&rdquo;), four of whom are nominated for reelection to the Board of
the Fund, and officers of the Fund, including information relating to their respective positions held with the Fund, a brief statement
of their principal occupations and other directorships during the past five years (excluding other funds managed by the Adviser),
if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding: 0; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="width: 15%; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Term
    of</B></FONT></TD>
    <TD STYLE="width: 25%; padding: 0; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="width: 25%; padding: 0; text-align: center"></TD>
    <TD STYLE="width: 15%; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Number
    of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Office
    and</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; text-align: center"></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Portfolios
    to</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Name,
    Position(s),</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Length
    of</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><B>&nbsp;</B></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Other
    </B></FONT><B>Directorships</B></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Fund
    Complex<SUP>(3)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Time</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Principal
    Occupation(s)</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Held
    by Trustee</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Overseen</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>and
    Age</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Served</U><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>During
    Past Five Years</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>During
    Past Five Years</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>by
    Trustee</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>INTERESTED
    TRUSTEES/NOMINEES</U><SUP>(4)</SUP>:</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Mario J. Gabelli, CFA</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chairman, Chief Executive</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director of Morgan Group</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">28</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chairman and</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 1999***&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Officer, and Chief Investment</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Holdings, Inc. (holding company);</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chief Investment Officer</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Officer - Value Portfolios of</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chairman of the Board and Chief</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 72</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">GAMCO Investors, Inc. and Chief</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Executive Officer of LICT Corp.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Investment Officer - Value</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(multimedia and communication</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Portfolios of Gabelli Funds, LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">services company); Director of</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">and GAMCO Asset Management</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">CIBL, Inc. (broadcasting and</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Inc.;
Director/Trustee or Chief</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">wireless communications);</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Investment Officer of other </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director of ICTC Group Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">registered investment companies</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(communications); Director of</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">in the Gabelli/GAMCO Funds</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">RLJ Acquisition, Inc. (blank check</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Complex; Chief
Executive Officer</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">company) (2011-2012)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">of GGCP, Inc.</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>John D. Gabelli</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Senior Vice President of</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&mdash;</TD>
    <TD STYLE="padding: 0; text-align: center">10</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">Since 1999*</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">G.research, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 70</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>INDEPENDENT
    TRUSTEES/NOMINEES</U><SUP>(5)</SUP>:</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Anthony J. Colavita<SUP>(6)(7)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">President of the law firm of</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&mdash;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">37</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 1999**</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony J. Colavita, P.C.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 79</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"></FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>James P. Conn<SUP>(6)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Former Managing Director and</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&mdash;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">21</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 1999*</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chief Investment Officer of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 77</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Financial Security Assurance</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Holdings, Ltd. (1992-1998)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Vincent D. Enright</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Former Senior Vice President and</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director of Echo Therapeutics,</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 1999***</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chief Financial Officer of</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Inc. (therapeutics and</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 71</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">KeySpan Corp. (public utility)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"> diagnostics) (2008-2014);</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(1994-1998)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director of LGL Group, Inc.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(diversified manufacturing)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(2011-2014)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: #231F20"><B>Frank J. Fahrenkopf, Jr.</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: #231F20">Co-Chairman of the Commission</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director of First Republic Bank</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">Trustee</TD>
    <TD STYLE="padding: 0; text-align: center">Since
1999**</TD>
    <TD STYLE="padding: 0; text-indent: 0">on Presidential Debates; Former</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(banking)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">Age: 75</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: #231F20">President and Chief Executive</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Officer of the American Gaming</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Association (1995-2013);
Former</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chairman of the Republican</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">National Committee (1983-1989)</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Robert J. Morrissey</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Partner in the law firm of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chairman of the Board,</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 1999**</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Morrissey, Hawkins &amp; Lynch</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Belmont Savings Bank</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 75</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Kuni Nakamura</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">President of Advanced Polymer, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&mdash;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 2012***</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(chemical manufacturing company);</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 46</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">President of KEN Enterprises, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(real estate)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Anthony R. Pustorino</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Certified Public Accountant;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director of LGL Group, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 1999*</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Professor Emeritus, Pace</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(diversified manufacturing)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 89</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">University</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(2004-2011)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Term of</B></FONT></TD>
    <TD STYLE="width: 25%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Number of</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Office and</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Portfolios to</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Name, Position(s),</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Length of</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Other Directorships</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Fund Complex<SUP>(3)</SUP></B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Time</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Principal Occupation(s)</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Held by Trustee</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Overseen</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>and
    Age</U></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Served</U><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>During
    Past Five Years</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>During
    Past Five Years</U></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>by Trustee</U></B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>INDEPENDENT
    TRUSTEES/NOMINEES</U><SUP>(5)</SUP>:</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Salvatore J. Zizza<SUP>(7)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">President of Zizza &amp; Associates</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director and Vice Chairman of</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">31</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 1999**</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Corp. (financial consulting);</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trans-Lux Corporation (business</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 69</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chairman of Harbor Diversified, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">services); Director and Chairman of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(pharmaceuticals); Chairman of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Harbor Diversified Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">BAM (semiconductor and aerospace</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(pharmaceuticals)</FONT>; <FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"> Director, Chairman,</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">manufacturing); Chairman of Bergen</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">and CEO of General Employment</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Cove Realty Inc.; Chairman of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Enterprises (staffing services)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Metropolitan Paper Recycling Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(2009-2012)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(recycling) (2005-2014)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" ROWSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>OFFICERS</U>:</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Term of</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Office and</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Name, Position(s)</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Length of</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Time</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Principal Occupation(s)</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>and
    Age</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Served</U><SUP>(8)</SUP></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>During
    Past Five Years</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Bruce N. Alpert</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">President</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 2003</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">since 1988 and an Officer of registered investment companies in the</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 63</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors,</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Inc. since 2008; Director of Teton Advisors, Inc., 1998-2012; Chairman of Teton</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Advisors, Inc., 2008-2010; President of Teton Advisors, Inc., 1998-2008</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Agnes Mullady</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">President and Chief Operating Officer of the Open-End Fund Division of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Treasurer and Secretary</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 2006</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Gabelli Funds, LLC since 2010; Senior Vice President of GAMCO Investors,</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 56</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">of the registered investment companies in the Gabelli/GAMCO Fund Complex</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><B>Andrea R. Mango</B></TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: #231F20">Secretary and Vice President</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="color: #231F20">Since 2013</FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">Counsel of Gabelli Funds, LLC since
2013; Secretary of all registered</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">Age: 42</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"> investment companies within the Gabelli/GAMCO Fund Complex since 2013; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">Vice president of all
closed-end funds within the Gabelli/GAMCO Fund </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">Complex since 2014; Corporate Vice President within the Corporate </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">Compliance Department
of New York Life Insurance Company, 2011-2013; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">Vice President and Counsel of Deutsche Bank, 2006-2011</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><B>Richard J. Walz</B></TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">Chief Compliance Officer of all of the
registered investment companies in the </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">Chief Compliance Officer&#9;</TD>
    <TD STYLE="padding: 0; text-align: center">Since 2013</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">Gabelli/GAMCO Fund Complex since 2013; Chief Compliance Officer of </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">Age: 55</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">AEGON USA Investment
Management, 2011-2013; Chief Compliance Officer </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">of Cutwater Asset Management, 2004-2011</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><B>David I. Schachter</B></TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="color: #231F20">Vice President and</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">Since
1999</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">Vice President and/or Ombudsman of closed-end
funds within the </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">Ombudsman</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">Gabelli/GAMCO Fund Complex; Vice President of G.research, Inc. since 1999</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">Age: 61</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Address: One Corporate Center, Rye, New York 10580-1422.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The Fund&rsquo;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></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(3)</TD><TD STYLE="text-align: justify">The &ldquo;Fund Complex&rdquo; or the &ldquo;Gabelli/GAMCO
Fund Complex&rdquo; 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></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(4)</TD><TD STYLE="text-align: justify">&ldquo;Interested person&rdquo; of the Fund, as defined
in the 1940 Act. Messrs. Mario Gabelli and John Gabelli are each considered to be an &ldquo;interested person&rdquo; of the Fund,
because of their affiliation with the Fund&rsquo;s Adviser and G.research, Inc., which executes portfolio transactions for the
Fund. Messrs. Mario Gabelli and John Gabelli are brothers.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Trustees who are not considered to be &ldquo;interested
persons&rdquo; of the Fund, as defined in the 1940 Act are considered to be &ldquo;Independent&rdquo; Trustees. None of the Independent
Trustees (with the possible exceptions as described in this proxy statement) nor their family members had any interest in the
Adviser or any person directly or indirectly controlling, controlled by, or under common control with the Adviser as of December
31, 2014.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Trustee elected solely by holders of the Fund&rsquo;s
Preferred Shares.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(7)</TD><TD STYLE="text-align: justify">Mr. Colavita&rsquo;s son, Anthony S. Colavita, serves
as a director of the GAMCO Mathers Fund and the Comstock Capital Value Fund, which are considered part of the same Fund Complex
as the Fund because they have common or affiliated investment advisers. Mr. Zizza is an independent director of Gabelli International
Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed to be under
common control with the Fund&rsquo;s Adviser.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(8)</TD><TD STYLE="text-align: justify">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 duly elected and qualifies.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">*</TD><TD STYLE="text-align: justify">Nominee, to serve, if elected, until the Fund&rsquo;s
2018 Annual Meeting of Shareholders and until his successor is duly elected and qualifies.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">**</TD><TD STYLE="text-align: justify">Term continues until the Fund&rsquo;s 2017 Annual Meeting
of Shareholders and until his successor is duly elected and qualifies.</TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">***</TD><TD STYLE="text-align: justify">Term continues until the Fund&rsquo;s 2016 Annual Meeting
of Shareholders and until his successor is duly elected and qualifies.</TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Board believes that each Trustee&rsquo;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&rsquo;s
independent registered public accounting firm, and to exercise effective and independent business judgment in the performance of
their duties as Trustees. Each Trustee&rsquo;s ability to perform his/her duties effectively has been attained in large part through
the Trustee&rsquo;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 Fund Complex, public companies, or non-profit entities or other organizations as set
forth above and below. Each Trustee&rsquo;s ability to perform his/her duties effectively also has been enhanced by education,
professional training, and other experience.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Mario
J. Gabelli, CFA. </I>Mr. Gabelli is Chairman of the Board of Trustees and Chief Investment Officer of the<I> </I>Fund. Mr.
Gabelli is a member of the Fund&rsquo;s <I>ad hoc</I> Proxy Voting Committee (described below under &ldquo;Directors &#150;
Leadership Structure and Oversight Responsibilities&rdquo;). He also currently serves as Chairman of the boards of
other funds in the Fund Complex. Mr. Gabelli is Chairman, Chief Executive Officer, and Chief Investment Officer &#150; Value
Portfolios of GAMCO Investors, Inc. (&ldquo;GBL&rdquo;), a New York Stock Exchange (&ldquo;NYSE&rdquo;)-listed asset manager
and financial services company. He is also the Chief Investment Officer of Value Portfolios of Gabelli Funds, LLC and GAMCO
Asset Management, Inc. (&ldquo;GAMCO&rdquo;), each of which are asset management subsidiaries of GBL. In addition, Mr.
Gabelli is Chief Executive Officer, a director and the controlling shareholder of GGCP, Inc., a private company that holds a
majority interest in GBL, and the Chairman of MJG Associates, Inc., which acts as an investment manager of various investment
funds and other accounts. Mr. 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, Roger
Williams University, the Winston Churchill Foundation, and The E.L. Wiegand Foundation, and the Board of Overseers of
Columbia University Graduate School of Business. Mr. Gabelli received his Bachelors degree from Fordham University, his
Masters of Business Administration from Columbia University Graduate School of Business, and honorary Doctorates from Fordham
University and Roger Williams University.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>John
D. Gabelli. </I>Mr. Gabelli is a Senior Vice President of G.research, Inc., an institutional research and<I> </I>brokerage firm
which is an affiliate of the Adviser. He is 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 serves on the boards of other funds in the Fund Complex.
Mr. Gabelli also sits on the boards of various charitable foundations, including the Mount Vernon Police Foundation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Anthony
J. Colavita, Esq. </I>Mr. Colavita is a practicing attorney with over fifty years of experience, including<I> </I>the field
of business and financial law. He is a member of the Fund&rsquo;s Nominating and
Audit Committees. Mr. Colavita also serves on comparable or other board committees with respect to other funds in the Fund
Complex on whose boards he sits. He served as a Commissioner of the New York State Thruway Authority and as a Commissioner of
the New York State Bridge Authority, where his duties included reviewing financial documents of these agencies. He served for
eleven years as the elected Supervisor of the Town of Eastchester, New York, responsible for ten annual municipal budgets of
approximately eight million dollars each. Mr. Colavita also 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 New York State
Republican Party, the Westchester County Republican Party, and the Eastchester Republican Town Committee. Mr. Colavita
received his Bachelor of Arts from Fairfield University and his Juris Doctor from Fordham University School of Law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>James
P. Conn. </I>Mr. Conn is the Lead Independent Trustee of the Fund, is the Chairman of the Fund&rsquo;s<I> ad hoc </I>Proxy<I> </I>Voting
Committee, is a member of the Fund&rsquo;s <I>ad hoc</I> Pricing Committee, and also serves on comparable or other board
committees with respect to 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 Chief Investment Officer. Mr. 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Vincent
D. Enright. </I>Mr. Enright was a senior executive and Chief Financial Officer (&ldquo;CFO&rdquo;) of an energy<I> </I>public
utility for four years. In accordance with his experience as a CFO, he is a member of the Fund&rsquo;s Audit Committee,
a member of the Fund&rsquo;s Nominating Committee and of both multi-fund <I>ad hoc</I> Compensation Committees. He also
serves on comparable or other board committees with respect to other funds in the Fund Complex on whose boards he sits. Mr.
Enright is a former Director of a therapeutic and diagnostic company and served as Chairman of its compensation committee and
as a member of its audit committee. He is also a former Director of a pharmaceutical company and diversified manufacturing company.
Mr. Enright received his Bachelor of Science from Fordham University and completed the Advanced Management Program at
Harvard University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Frank
J. Fahrenkopf, Jr. </I>Mr. Fahrenkopf is the former President and Chief Executive Officer of the American<I> </I>Gaming Association
(&ldquo;AGA&rdquo;), the trade group for the hotel-casino industry. He serves on the boards of other
funds in the Fund Complex. He is the 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&rsquo;s first chief
executive in 1995, Mr. Fahrenkopf was a partner in the law firm of Hogan &amp; 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&rsquo;s presidency. Mr. Fahrenkopf
is the former Chairman of the Finance Committee of the Culinary Institute of America and remains a member of the board. Additionally,
he has over twenty years of experience as a member of the board of directors of a bank and still serves as a member of the Advisory
Board of the bank. Mr. Fahrenkopf received his Bachelor of Arts from the University of Nevada, Reno and his Juris Doctor from Boalt
Hall School of Law, U.C. Berkeley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Robert
J. Morrissey. </I>Mr. Morrissey has over forty-five years of experience as an attorney representing clients<I> </I>in
the areas of estate planning, civil litigation, business planning, and real estate, including as current senior partner of a
law firm. He serves on the boards of other funds in the Fund Complex. Mr. Morrissey serves as
Chairman of the Board of Trustees of the Belmont Savings Bank in Massachusetts. He also serves as a Trustee to Boston College
and is Chairman of its Investment and Endowment Committee. In addition, Mr. Morrissey is a member of the Harvard Law
School Dean&rsquo;s Advisory Board, Chairman of the Investment Advisory Board of the New England Jesuit Province, 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 a Director of several other private and public
funds, trusts, and foundations. Mr. Morrissey is a graduate of Boston College and the Harvard Law School.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Kuni
Nakamura. </I>Mr. Nakamura is the President and sole shareholder of a chemical manufacturing company,<I> </I>and President of
a real estate company. Mr. Nakamura is a member of the Fund&rsquo;s <I>ad hoc</I> Pricing Committee and also serves on
the boards of other funds in the Fund Complex. He is the sole shareholder of a real estate holding company and a member of
both a boat holding company and a chemical wholesale company. Mr. Nakamura was previously a Board member of LGL Group, Inc.
Mr. Nakamura serves on the Board of Trustees of Mercy College in Dobbs Ferry, NY. Mr. Nakamura has been involved in
various organizations for underprivileged children, such as Big Brother-Big Sister, the Fresh Air Fund and Andrus
Dyckman Children&rsquo;s Home. He is also involved in various capacities with The University of Pennsylvania and The Japan
Society. Mr. Nakamura is a graduate of the University of Pennsylvania &ndash; The Wharton School with a Bachelor&rsquo;s
degree in Economics and Multinational Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Anthony
R. Pustorino. </I>Mr. Pustorino is a Certified Public Accountant (&ldquo;CPA&rdquo;) and Professor Emeritus of Pace<I> </I>University
with over fifty years of experience in public accounting. Mr. Pustorino is Chair of the Audit Committee and has been designated
the Fund&rsquo;s Audit Committee Financial Expert. He is a member of both multi-fund <I>ad hoc</I> Compensation Committees. He
also serves on board committees with respect to other funds in the Fund Complex. Mr. Pustorino was a Director of LGL Group, Inc., a diversified manufacturing company, and Chair of its Audit Committee.
He was previously the President and shareholder of a CPA firm and a Professor of accounting at</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">both Fordham University
and 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 the State Boards of Accountancy. Mr. Pustorino was Vice President
and a member of the Executive Committee of the New York State Society of CPAs, and was the Chair or member of many of its technical
committees. He 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Salvatore
J. Zizza. </I>Mr. Zizza is the President of a financial consulting firm. He also serves as Chairman to<I> </I>other companies
involved in manufacturing, technology, and pharmaceuticals. Mr. Zizza is the Chairman of the Fund&rsquo;s Nominating Committee,
is a member of the Fund&rsquo;s <I>ad hoc</I> Proxy Voting and <I>ad hoc</I> Pricing Committees, and is a member of both multi-fund
<I>ad hoc</I> Compensation Committees. In addition, he serves on comparable or other board committees, including as lead Independent
Director/Trustee, with respect to other funds in the Fund Complex on whose boards he sits. In addition to serving on the boards
of other 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 also served as the Chief Executive of a large NYSE-listed construction company. Mr.
Zizza received his Bachelor of Arts and his Masters of Business Administration in Finance from St. John&rsquo;s University, which
awarded him an Honorary Doctorate in Commercial Sciences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Trustees &ndash; Leadership Structure and
Oversight Responsibilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Overall
responsibility for general oversight of the Fund rests with the Board. The Board has appointed Mr. 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 an <I>ad hoc</I> 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 an <I>ad hoc</I> Pricing Committee 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 Fund 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 the 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 the compensation of certain other officers of the closed-end
funds in the Fund Complex.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">All
of the Fund&rsquo;s Trustees other than Messrs. Mario J. Gabelli and John D. Gabelli are Independent Trustees, and the Board believes
it is able to provide effective oversight of the Fund&rsquo;s service providers. In addition to providing feedback and direction
during Board meetings, the Independent Trustees meet regularly in executive session and chair all committees of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund&rsquo;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&rsquo;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&rsquo;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&rsquo;s and such providers&rsquo; compliance programs. The Board&rsquo;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&rsquo;s risk management from time to time and may make changes at its discretion at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32pt 0pt 0; color: #231F20"><B>Beneficial Ownership of Shares Held
in the Fund and the Family of Investment Companies for each Trustee and Nominee for Election as Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Set
forth in the table below is the dollar range of equity securities in the Fund beneficially owned by each Trustee and nominee for
election as Trustee and the aggregate dollar range of equity securities in the Fund Complex beneficially owned by each Trustee
and nominee for election as Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Dollar Range of Equity</B></FONT></TD>
    <TD STYLE="width: 30%; padding-left: 7.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Aggregate Dollar Range of Equity</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Securities Held</B></FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Securities Held in the</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Name of Trustee/Nominee</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>in the Fund*</U><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-left: 7.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Family
    of Investment Companies*</U><SUP>(1)(2)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><U>&nbsp;</U></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 7.95pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>INTERESTED TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Mario J. Gabelli</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John D. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">A</FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony J. Colavita</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">D</FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">B</FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Vincent D. Enright</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">A</FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">A</FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Robert J. Morrissey</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">A</FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">C</FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony R. Pustorino</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">C</FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">C</FONT></TD>
    <TD STYLE="padding-left: 8.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">*</TD><TD STYLE="text-align: justify">Key to Dollar Ranges</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in">A. None&#9;&nbsp;&#9;&nbsp;&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in">B. $1 &ndash; $10,000&#9;&nbsp;&#9;&nbsp;&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in">C. $10,001 &ndash; $50,000&#9;&nbsp;&#9;&nbsp;&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in">D. $50,001 &ndash; $100,000&#9;&nbsp;&#9;&nbsp;&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in">E. Over $100,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in">All shares were valued as of December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished by each Trustee and
Nominee for election as Trustee as of December 31, 2014. &ldquo;Beneficial Ownership&rdquo; is determined in accordance with Rule
16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The term &ldquo;Family of Investment Companies&rdquo;
includes two or more registered funds that share the same investment adviser or principal underwriter and hold themselves out
to investors as related companies for purposes of investment and investor services. Currently, the registered funds that comprise
the &ldquo;Fund Complex&rdquo; are identical to those that comprise the &ldquo;Family of Investment Companies.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; color: #231F20">Set forth in the table below
is the amount of shares beneficially owned by each Trustee, nominee for election as Trustee, and executive officer of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Amount and Nature of</B></FONT></TD>
    <TD STYLE="width: 30%; padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Percent of Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Name of Trustee/Nominee/Officer</U></B></FONT></TD>
    <TD STYLE="padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Beneficial
    Ownership</U><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Outstanding</U><SUP>(2)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="padding-left: 0.95pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>INTERESTED TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Mario J. Gabelli</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">709,333<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-left: 21.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">1.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John D. Gabelli</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>INDEPENDENT
    TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony J. Colavita</FONT></TD>
    <TD STYLE="padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">8,267<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">800 Series A Preferred Shares<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">James P. Conn</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">1,000</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">1,000 Series A Preferred Shares</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Vincent D. Enright</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Robert J. Morrissey</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Kuni Nakamura</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">3,927</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony R. Pustorino</FONT></TD>
    <TD STYLE="padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2,621<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">1,000 Series A Preferred Shares</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">5,226</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">3,843 Series A Preferred Shares</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.95pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>EXECUTIVE OFFICERS:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Bruce N. Alpert</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Andrea R. Mango</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Agnes Mullady</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Richard J. Walz</FONT></TD>
    <TD STYLE="padding-left: 1.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 20.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished by each Trustee,
including each nominee for election as Trustee, and executive officer as of December 31, 2014. &ldquo;Beneficial Ownership&rdquo;
is determined in accordance with Rule16a-1(a)(2) of the 1934 Act. Reflects ownership of shares of Common Shares unless otherwise
noted.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(2)</TD><TD STYLE="text-align: justify">An asterisk indicates that the ownership amount constitutes
less than 1% of the total shares outstanding. The ownership of the Trustees, including nominees for election as Trustee, and executive
officers as a group constitutes 1.8% of the total Common Shares outstanding and less than 1% of the total Preferred Shares outstanding.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Comprised of 425,171 Common Shares owned directly by
Mr. Gabelli, 11,013 Common Shares owned by a family partnership for which Mr. Gabelli serves as general partner, and 273,149 Common
Shares owned by GAMCO Investors, Inc. or its affiliates.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(4)</TD><TD STYLE="text-align: justify">All 8,267 Common Shares are owned by Mr. Colavita&rsquo;s
spouse for which he disclaims beneficial ownership.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(5)</TD><TD STYLE="text-align: justify">All 800 Series A Preferred Shares are owned by Mr. Colavita&rsquo;s
spouse for which he disclaims beneficial ownership.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Includes 740 Common Shares owned by Mr. Pustorino&rsquo;s
spouse for which he disclaims beneficial ownership.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Set
forth in the table below is the amount of interests beneficially owned by each Independent Trustee, nominee for election as an
Independent Trustee or his or her family member, as applicable, in a person, other than a registered investment company, that may
be deemed to be controlled by the Fund&rsquo;s Adviser and/or affiliates (including Mario J. Gabelli) and in that event would be
deemed to be under common control with the Fund&rsquo;s Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Name of Owner and</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Name of Independent</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Relationships to</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Value of</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Percent of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Trustee/Nominee</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Trustee/Nominee</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Company</U></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Title
    of Class</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Interests<SUP>(1)</SUP></U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Class</U><SUP>(2)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony J. Colavita</FONT></TD>
    <TD STYLE="width: 16%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Same</FONT></TD>
    <TD STYLE="width: 26%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">The LGL Group, Inc.</FONT></TD>
    <TD STYLE="width: 20%; text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Common Stock</FONT></TD>
    <TD STYLE="width: 1%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">4,776</FONT></TD>
    <TD STYLE="width: 10%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony J. Colavita</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">The LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Warrants</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">63</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony J. Colavita</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Family</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Gabelli Associates Fund</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Membership Interests</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">863,978</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Gabelli Associates Limited II E</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Membership Interests</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">1,093,851</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">1.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Kuni Nakamura</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">The LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Common Stock</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">6,215</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Kuni Nakamura</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">The LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Warrants</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">82</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Gabelli Associates Fund</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Membership Interests</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2,069,694</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Same</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Gabelli Performance Partnership L.P.</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Limited Partner Interests</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">298,087</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14pt">(1)</TD><TD STYLE="text-align: justify">This information has been furnished as of December 31, 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14pt">(2)</TD><TD STYLE="text-align: justify">An asterisk indicates that the ownership amount constitutes less than 1% of the total interests
outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund pays each Independent Trustee an annual retainer of $6,000 plus $1,500 for each Board meeting attended. Each Independent Trustee
is reimbursed by the Fund for any out-of-pocket expenses incurred in attending meetings. All Board committee members receive $1,000
per meeting attended, the Audit Committee Chairperson receives an annual fee of $3,000, and the Nominating Committee Chairperson
and the lead Independent Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">each receive 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 31, 2014 amounted to $107,500. During the fiscal year ended December 31, 2014, the Trustees
of the Fund met four times, all of which were regular quarterly Board meetings. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>The Audit Committee and Audit Committee Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
role of the Fund&rsquo;s Audit Committee is to assist the Board of Trustees in its oversight of (i) the quality and integrity of
the Fund&rsquo;s financial statement reporting process and the independent audit and reviews thereof; (ii) the Fund&rsquo;s accounting
and financial reporting policies and practices, its internal controls, and, as appropriate, the internal controls of certain of
its service providers; (iii) the Fund&rsquo;s compliance with legal and regulatory requirements; and (iv) the independent registered
public accounting firm&rsquo;s qualifications, independence, and performance. The Audit Committee also is required to prepare an
audit committee report pursuant to the rules of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for inclusion in
the Fund&rsquo;s annual proxy statement. The Audit Committee operates pursuant to the Audit Committee Charter (the &ldquo;Audit
Charter&rdquo;) that was most recently reviewed and approved by the Board of Trustees on February 12, 2015. The Audit Committee
Charter is available on the Fund&rsquo;s website at www.gabelli.com/corporate/closed/corp _ gov.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Pursuant
to the Audit Charter, the Audit Committee is responsible for conferring with the Fund&rsquo;s independent registered public accounting
firm, reviewing annual financial statements, approving the selection of the Fund&rsquo;s independent registered public accounting
firm, and overseeing the Fund&rsquo;s internal controls. The Audit Charter also contains provisions relating to the pre-approval
by the Audit Committee of audit and non-audit services to be provided by PricewaterhouseCoopers LLP (&ldquo;PricewaterhouseCoopers&rdquo;)
to the Fund and to the Adviser and certain of its affiliates. The Audit Committee advises the full Board with respect to accounting,
auditing, and financial matters affecting the Fund. As set forth in the Audit Charter, management is responsible for maintaining
appropriate systems for accounting and internal control, and the Fund&rsquo;s independent registered public accounting firm is
responsible for planning and carrying out proper audits and reviews. The independent registered public accounting firm is ultimately
accountable to the Board of Trustees and to the Audit Committee, as representatives of shareholders. The independent registered
public accounting firm for the Fund reports directly to the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">In performing
its oversight function, at a meeting held on February 23, 2015, the Audit Committee reviewed and discussed with management of the
Fund and PricewaterhouseCoopers, the Fund&rsquo;s independent registered public accounting firm for the fiscal year ended December
31, 2014, the audited financial statements of the Fund as of and for the fiscal year ended December 31, 2014, and the conduct of
the audit of such financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">In addition,
the Audit Committee discussed with PricewaterhouseCoopers the accounting principles applied by the Fund and such other matters
brought to the attention of the Audit Committee by PricewaterhouseCoopers as required by Auditing Standard No. 16, as amended (AICPAAU-C
Section 260), as adopted by the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;). The Audit Committee
also received from PricewaterhouseCoopers the written disclosures and statements required by the SEC&rsquo;s independence rules,
delineating relationships between PricewaterhouseCoopers and the Fund, and discussed the impact that any such relationships might
have on the objectivity and independence of PricewaterhouseCoopers as the independent registered public accounting firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">As set
forth above, and as more fully set forth in the Audit Charter, the Audit Committee has significant duties and powers in its oversight
role with respect to the Fund&rsquo;s financial reporting procedures, internal control systems, and the independent audit process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
members of the Audit Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing
or accounting and are not employed by the Fund for accounting, financial management, or internal control purposes. Moreover, the
Audit Committee relies on and makes no independent verification of the facts presented to it or representations made by management
or the Fund&rsquo;s independent registered public accounting firm. Accordingly, the Audit Committee&rsquo;s oversight does not
provide an independent basis to determine</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">that management has maintained
appropriate accounting and/or financial reporting principles and policies, or internal controls and procedures, designed to assure
compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee&rsquo;s considerations
and discussions referred to above do not provide assurance that the audit of the Fund&rsquo;s financial statements has been carried
out in accordance with the standards of the PCAOB or that the financial statements are presented in accordance with generally accepted
accounting principles (United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Based
on its consideration of the audited financial statements and the discussions referred to above with management and PricewaterhouseCoopers,
and subject to the limitations on the responsibilities and role of the Audit Committee set forth in the Audit Charter and those
discussed above, the Audit Committee recommended to the Fund&rsquo;s Board of Trustees that the Fund&rsquo;s audited financial
statements be included in the Fund&rsquo;s Annual Report for the fiscal year ended December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Submitted by the Audit Committee of the Fund&rsquo;s
Board of Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Anthony R. Pustorino, Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Anthony J. Colavita</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Vincent D. Enright</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">February 23, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Audit Committee met two times during the fiscal year ended December 31, 2014. The Audit Committee is composed of three of the Fund&rsquo;s
Independent Trustees, namely Messrs. Pustorino, Enright, and Colavita. Each member of the Audit Committee has been determined by
the Board of Trustees to be financially literate. Mr. Pustorino has been designated as the Fund&rsquo;s audit committee financial
expert, as defined in Items 407(d)(5) (ii) and (iii) of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Nominating Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Board of Trustees has a Nominating Committee composed of three Independent Trustees, namely Messrs. Colavita, Enright and Zizza
(Chairman). Each Nominating Committee Member is an Independent Trustee as determined under guidelines of the NYSE. The Nominating
Committee met once during the fiscal year ended December 31, 2014. The Nominating Committee is responsible for identifying and
recommending qualified candidates to the Board in the event that a position is vacated or created. The Nominating Committee will
consider recommendations by shareholders if a vacancy were to exist. In considering candidates submitted by shareholders, the Nominating
Committee will take into consideration the needs of the Board, the qualifications of the candidate, and the interests of shareholders.
The Nominating Committee may also take into consideration the number of shares held by the recommending shareholder and the length
of time that such shares have been held. To recommend a candidate for consideration by the Nominating Committee, a shareholder
must submit the recommendation in writing and must include all the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD STYLE="text-align: justify">The name of the shareholder and evidence of the shareholder&rsquo;s ownership of shares of the
Fund, including the number of shares owned and the length of time of ownership;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD STYLE="text-align: justify">The name of the candidate, the candidate&rsquo;s resume or a listing of his or her qualifications
to be a Trustee of the Fund, and the person&rsquo;s consent to be named as a Trustee if selected by the Nominating Committee and
nominated by the Board of Trustees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD STYLE="text-align: justify">All other information required to be submitted under the Fund&rsquo;s Declaration of Trust and
By-Laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 9pt">&bull;</TD><TD STYLE="text-align: justify">If requested by the Nominating Committee, a completed and signed trustee&rsquo;s questionnaire.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
shareholder recommendation and information described above must be sent to the Fund&rsquo;s Secretary, c/o Gabelli Funds, LLC,
One Corporate Center, Rye, NY 10580-1422, and must be received by the Secretary no less than 120 calendar days before the anniversary
of the date of the prior year&rsquo;s annual meeting or, if the meeting has moved by more than twenty-five days, no later than
ten days following the date on which notice of the date of such annual meeting is first mailed or public announcement of the date
of such annual meeting is first made, whichever</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">first occurs. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">If information
submitted pursuant to the By-Laws 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 the By-Laws may be deemed not to have been made, in accordance with the By-Laws. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Nominating Committee believes that the minimum qualifications for serving as a Trustee of the Fund are that the individual demonstrate,
by significant accomplishment in his or her field, an ability to make a meaningful contribution to the Board of Trustees oversight
of the business and affairs of the Fund and have an impeccable record and reputation for honest and ethical conduct in both his
or her professional and personal activities. In addition, the Nominating Committee examines a candidate&rsquo;s specific experiences
and skills, time availability in light of other commitments, potential conflicts of interest, and independence from management
and the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Nominating Committee considers the overall composition of the Board, bearing in mind the benefits that may be derived from having
members who have a variety of experiences, qualifications, attributes, or skills useful in overseeing a publicly traded, highly
regulated entity such as the Fund. The Fund&rsquo;s governing documents state that a nominee for Trustee shall be at least twenty-one
years of age and not older than such maximum age, if any, as the Trustees may determine and shall not be under legal disability.
The Trustees have not determined a maximum age. The Fund&rsquo;s governing documents contain additional Trustee qualifications.
A shareholder that wishes to nominate a candidate for Trustee should consult the Declaration of Trust and By-Laws. The Nominating
Committee does not have a formal policy regarding the consideration of diversity in identifying trustee candidates. For a discussion
of experiences, qualifications, attributes, or skills supporting the appropriateness of each Trustee&rsquo;s service on the Fund&rsquo;s
Board, see the biographical information of the Trustees above in the section entitled &ldquo;Information about Trustees and Officers.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund&rsquo;s Nominating Committee adopted a charter on May 12, 2004, and amended the charter on November 17, 2004. The charter
is available on the Fund&rsquo;s website at www.gabelli.com/corporate/closed/corp_ gov.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Other Board Related Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Board of Trustees has established the following procedures in order to facilitate communications among the Board and the shareholders
of the Fund and other interested parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><U>Receipt of Communications</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Shareholders
and other interested parties may contact the Board or any member of the Board by mail or electronically. To communicate with the
Board or any member of the Board, correspondence should be addressed to the Board or the Board member(s) with whom you wish to
communicate either by name or title. All such correspondence should be sent to The Gabelli Utility Trust, c/o Gabelli Funds, LLC,
One Corporate Center, Rye, NY 10580-1422. To communicate with the Board electronically, shareholders may go to the corporate website
at www.gabelli.com under the heading &ldquo;Contact Us/EmailAddresses/Board of Directors (Gabelli Closed-End Funds).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><U>Forwarding the Communications</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">All
communications received will be opened by the office of the General Counsel of the Adviser for the sole purpose of determining
whether the contents represent a message to one or more Trustees. The office of the General Counsel will forward promptly to the
addressee(s) any contents that relate to the Fund and that are not in the nature of advertising, promotion of a product or service,
or patently offensive or otherwise objectionable material. In the case of communications to the Board of Trustees or any committee
or group of members of the Board, the General Counsel&rsquo;s office will make sufficient copies of the contents to send to each
Trustee who is a member of the group or committee to which the envelope or e-mail is addressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund does not expect Trustees or nominees for election as Trustee to attend the Annual Meeting of Shareholders. No Trustee or nominee
for election as Trustee attended the Fund&rsquo;s annual meeting of shareholders held on May 12, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
following table sets forth certain information regarding the compensation of the Trustees by the Fund and officers, if any, who
were compensated by the Fund rather than the Adviser for the year ended December 31, 2014. Mr. Schachter is employed by the Fund
and is not employed by the Adviser (although he may receive incentive-based compensation from affiliates of the Adviser). Officers
of the Fund who are employed by the Adviser receive no compensation or expense reimbursement from the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>COMPENSATION TABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>FOR
THE FISCAL YEAR ENDED DECEMBER 31, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Aggregate</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Aggregate
    <BR>
Compensation <BR>
from</B></FONT><B> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">the Fund</FONT></B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Compensation from</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>and Fund Complex</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Name of Person and Position</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>the
    Fund</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Paid
    to Trustees*</U></B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>INTERESTED TRUSTEES:</U></B></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 16%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Mario J. Gabelli</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chairman of the Board and</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chief Investment Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"> &nbsp;(0)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>John D. Gabelli</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;(0)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Anthony J. Colavita</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">14,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">403,500</FONT></TD>
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;(36)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>James P. Conn</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">14,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">229,750</FONT></TD>
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;(20)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Vincent D. Enright</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">14,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">204,500</FONT></TD>
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;(16)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Frank J. Fahrenkopf, Jr.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">12,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">109,500</FONT></TD>
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;(7)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Robert J. Morrissey</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">10,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">70,500</FONT></TD>
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;(6)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Kuni Nakamura</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">12,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">152,500</FONT></TD>
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;(13)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Anthony R. Pustorino</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">15,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">194,750</FONT></TD>
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;(13)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Salvatore J. Zizza</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">14,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">331,000</FONT></TD>
    <TD STYLE="padding-left: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;(30)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-left: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>OFFICER:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>David I. Schachter</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Vice President and Ombudsman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">85,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14pt">*</TD><TD STYLE="text-align: justify">Represents the total compensation paid to such persons during the fiscal year ended December 31,
2014 by investment companies (including the Fund) or portfolios thereof that are considered part of the Fund Complex. The number
in parentheses represents the number of such investment companies and portfolios.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Required Vote</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
election of each of the listed nominees for Trustee of the Fund requires the affirmative vote of the holders of a plurality of
the applicable class or classes of shares of the Fund present in person or represented by proxy at the Meeting, provided a quorum
is present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><B>THE
BOARD OF TRUSTEES, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT THE COMMON AND PREFERRED SHAREHOLDERS VOTE &ldquo;FOR&rdquo;
THE ELECTION OF EACH NOMINEE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">PricewaterhouseCoopers,
300 Madison Avenue, New York, NY 10017, has been selected to serve as the Fund&rsquo;s independent registered public accounting
firm for the fiscal year ending December 31, 2015. PricewaterhouseCoopers acted as the Fund&rsquo;s independent registered public
accounting firm for the fiscal year ended December 31, 2014. The Fund knows of no direct financial or material indirect financial
interest of PricewaterhouseCoopers in the Fund. A representative of PricewaterhouseCoopers will not be present at the Meeting,
but will be available by telephone and will have an opportunity to make a statement, if asked, and will be available to respond
to appropriate questions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Set
forth in the table below are audit fees and non-audit related fees billed to the Fund by PricewaterhouseCoopers for professional
services received during and for the fiscal years ended December 31, 2013 and 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Fiscal Year Ended</B></FONT></TD>
    <TD STYLE="width: 20%; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Audit</B></FONT></TD>
    <TD STYLE="width: 20%; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>December
    31</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Audit Fees</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Related
    Fees</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Tax Fees*</U></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>All Other Fees</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2013</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$33,761</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$3,770</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$7,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2014</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$34,774</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$3,880</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&mdash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14pt">*</TD><TD STYLE="text-align: justify">&ldquo;Tax Fees&rdquo; are those fees billed by PricewaterhouseCoopers in connection with tax compliance
services, including primarily the review of the Fund&rsquo;s income tax returns.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund&rsquo;s Audit Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the
independent registered public accounting firm to the Fund, and all non-audit services to be provided by the independent registered
public accounting firm to the Fund&rsquo;s Adviser and service providers controlling, controlled by, or under common control with
the Fund&rsquo;s Adviser (&ldquo;affiliates&rdquo;) that provide ongoing services to the Fund (a &ldquo;Covered Services Provider&rdquo;),
if the engagement relates directly to the operations and financial reporting of the Fund. The Audit Committee may delegate its
responsibility to pre-approve any such audit and permissible non-audit services to the Chairman of the Audit Committee, and the
Chairman must report his decision(s) to the Audit Committee, at its next regularly scheduled meeting after the Chairman&rsquo;s
pre-approval of such services. The Audit Committee may also establish detailed pre-approval policies and procedures for pre-approval
of such services in accordance with applicable laws, including the delegation of some or all of the Audit Committee&rsquo;s pre-approval
responsibilities to other persons (other than the Adviser or the Fund&rsquo;s officers). Pre-approval by the Audit Committee of
any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services
provided to the Fund, the Adviser, and any Covered Services Provider constitutes not more than 5% of the total amount of revenues
paid by the Fund to its independent registered public accounting firm during the year in which the permissible non-audit services
are provided; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit
services; and (iii) such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee
or the Chairman prior to the completion of the audit. All of the audit, audit related, and tax services described above for which
PricewaterhouseCoopers billed the Fund fees for the fiscal years ended December 31, 2013 and December 31, 2014 were pre-approved
by the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">For
the fiscal years ended December 31, 2013 and 2014, PricewaterhouseCoopers has represented to the Fund that it did not provide any
non-audit services (or bill any fees for such services) to the Adviser or Covered Services Provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Audit Committee was not required to consider whether the provision of non-audit services that were rendered to the Adviser or Covered
Service Providers that were not pre-approved was compatible with maintaining PricewaterhouseCoopers&rsquo; independence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>The Investment Adviser and Administrator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Gabelli
Funds, LLC is the Fund&rsquo;s Adviser and Administrator and its business address is One Corporate Center, Rye, New York 10580-1422.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Section 16(a) Beneficial Ownership Reporting
Compliance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Section
16(a) of the 1934 Act and Section 30(h) of the 1940 Act, and the rules thereunder, require the Fund&rsquo;s executive officers
and Trustees, executive officers and directors of the Adviser, certain other affiliated persons of the Adviser, and persons who
own more than 10% of a registered class of the Fund&rsquo;s securities to file reports of ownership and changes in ownership with
the SEC and the NYSE and to furnish the Fund with copies of all Section 16(a) forms they file. Based solely on the Fund&rsquo;s
review of the copies of such forms it received for the fiscal year ended December 31, 2014, the Fund believes that during that
year such persons complied with all such applicable filing requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Broker Non-Votes and Abstentions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">For
purposes of determining the presence of a quorum for transacting business at the Meeting, abstentions (or &ldquo;withheld votes&rdquo;
with respect to the election of Trustees) and broker &ldquo;non-votes&rdquo; (that is, proxies from brokers or nominees indicating
that such persons have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular
matter with respect to which the brokers or nominees do not have discretionary power) will be treated as shares that are present
but that have not been voted. Accordingly, shareholders are urged to forward their voting instructions promptly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Because
the Fund requires a plurality of votes to elect each nominee for Trustee, abstentions and broker non-votes, if any, will not be
counted as votes cast, but will have no effect on the result of the vote. Abstentions and any broker non-votes, however, will be
considered to be present at the Meeting for purposes of determining the existence of a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Brokers
holding shares of the Fund in &ldquo;street name&rdquo; for the benefit of their customers and clients will request the instructions
of such customers and clients on how to vote their shares on Proposal 1 before the Meeting. Under the rules of the NYSE, such brokers
may, for certain &ldquo;routine&rdquo; matters, grant discretionary authority to the proxies designated by the Board to vote if
no instructions have been received from their customers and clients prior to the date specified in the brokers&rsquo; request for
voting instructions. Proposal 1 is a &ldquo;routine&rdquo; matter and accordingly beneficial owners who do not provide proxy instructions
or who do not return a proxy card may have their shares voted by broker-dealer firms in favor of Proposal 1. A properly executed
proxy card or other authorization by a beneficial owner of shares that does not specify how the beneficial owner&rsquo;s shares
should be voted on Proposal 1 may be deemed an instruction to vote such shares in favor of the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Shareholders
of the Fund will be informed of the voting results of the Meeting in the Fund&rsquo;s Semiannual Report for the six months ended
June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>&ldquo;Householding&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Please
note that only one document (i.e., an annual or semiannual report or set of proxy soliciting materials) may be delivered to two
or more shareholders of the Fund who share an address, unless the Fund has received instructions to the contrary. To request a
separate copy of a document, or for instructions regarding how to request a separate copy of these documents or regarding how to
request a single copy if multiple copies of these documents are received, shareholders should contact the Fund at the address and
phone number set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>OTHER MATTERS TO COME BEFORE THE
MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Trustees of the Fund do not intend to present any other business at the Meeting, nor are they aware that any shareholder intends
to do so. If, however, any other matters, including adjournments, are properly brought before the Meeting, the persons named in
the accompanying proxy will vote thereon in accordance with their judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>SHAREHOLDER NOMINATIONS AND PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">All
proposals by shareholders of the Fund which are intended to be presented at the Fund&rsquo;s next Annual Meeting of Shareholders
to be held in 2016 (the &ldquo;2016 Annual Meeting&rdquo;) must be received by the Fund for consideration for inclusion in the
Fund&rsquo;s 2016 proxy statement and proxy relating to that meeting no later than December 3, 2015. Rule 14a-8 under the 1934
Act (&ldquo;Rule 14a-8&rdquo;) specifies a number of procedural and eligibility requirements to be satisfied by a shareholder submitting
a proposal for inclusion in the Fund&rsquo;s proxy materials pursuant to this Rule. Any shareholder contemplating submissions of
such a proposal is referred to Rule 14a-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund&rsquo;s By-Laws require shareholders that wish to nominate Trustees or make proposals to be voted on at an Annual Meeting
of the Fund&rsquo;s Shareholders (and which are not proposed to be included in the Fund&rsquo;s proxy materials pursuant to Rule
14a-8 under the 1934 Act) to provide timely notice of the nomination or proposal in writing. To be considered timely for the 2016
Annual Meeting, any such notice must be delivered to or mailed and received at the principal executive offices of the Fund at the
address set forth on the first page of this proxy statement no earlier than 9:00 a.m. Eastern time on December 13, 2015 and no
later than 5:00 p.m. Eastern time on January 12, 2016; provided, however, that if the 2016 Annual Meeting is to be held on a date
that is earlier than April 16, 2016 or later than Saturday, June 5, 2016, such notice must be received by the Fund no later than
5:00 p.m. Eastern time on the tenth day following the date on which public disclosure (as defined in the By-Laws) of the date of
the 2016 Annual Meeting was first made. Any such notice by a shareholder shall set forth the information required by the Fund&rsquo;s
By-Laws with respect to each nomination or matter the shareholder proposes to bring before the 2016 Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>IT IS IMPORTANT THAT PROXIES BE
RETURNED PROMPTLY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><B>SHAREHOLDERS
MAY PROVIDE THEIR VOTE BY TELEPHONE OR THE INTERNET BY FOLLOWING THE INSTRUCTIONS ACCOMPANYING THE PROXY CARD, VOTING INSTRUCTION
FORM OR SET FORTH IN THE NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">April 1, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt">GUT-PS-2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="50%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PROXY TABULATOR</font></B></I><i></i></p> </td>
        <td width="50%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>P.O. BOX 9112</font></B></I><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>To vote by Internet</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>FARMINGDALE, NY 11735</font></B></I><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement and have the proxy card below at hand.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Go to website </font><b><font face="Arial" style='font-size:8pt'>www.proxyvote.com</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Follow the instructions provided on the website.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><b><font face="Arial" style='font-size:8pt'>To vote by Telephone</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement and have the proxy card below at hand.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Call </font><b><font face="Arial" style='font-size:8pt'>1-800-690-6903</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Follow the instructions.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><b><font face="Arial" style='font-size:8pt'>To vote by Mail</font></b></td> </tr>
		<tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement.</font></td> </tr>
             <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Check the appropriate boxes on the proxy card below.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Sign and date the proxy card.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Return the proxy card in the envelope provided.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' margin-left:0pt;border-collapse:collapse;'>

 <tr style='height:12.6pt;'>
        <td colspan="2" style=' height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></p> </td>
        <td style='height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>

 <tr style='height:12.6pt;'>
        <td colspan="2" style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>M86256-P62540</font></p> </td>
        <td style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>KEEP THIS PORTION FOR YOUR RECORDS</font></p> </td> </tr>
 <tr>
        <td width="24%" valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="40%" valign=bottom >
                        <p style=' margin-left:0in;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="34%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>DETACH AND RETURN THIS PORTION ONLY</font></p> </td> </tr>
 <tr>
        <td ></td>
                    <td ></td>
        <td ></td> </tr> </table>
            </div>
<p style=' margin-bottom:0pt; margin-top:2pt;text-align:center;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:3pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td colspan="2" valign=bottom style='border-top:solid black 2.25pt; border-left:solid black 2.25pt;border-bottom:none;border-right:none; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-top:solid black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="13" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THE GABELLI UTILITY TRUST</font></B></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="13" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>COMMON SHAREHOLDER</font></B></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=middle rowspan=2 style='background:black; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
        <td colspan="8" rowspan=2 valign=bottom >
                      <p style=' margin-left:3pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Election of Trustees &#151; The Board of Trustees recommends a vote <u>FOR</u> each of the nominees listed.</font></b></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Withhold</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For All</font></b><br> <b><font face="Arial" style='font-size:7pt'>Except</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</font></p> </td>
        <td rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p>
                        </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p></td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
        <td colspan="7" valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect two (2) Trustees of the Fund:</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-bottom:solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>John D. Gabelli</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Anthony R. Pustorino</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>B</font></B></font></p> </td>
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                        <p style=' margin-left:3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</font></p> </td>
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        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature [PLEASE SIGN WITHIN BOX]</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature (Joint Owners)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="10" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td width="106" ></td>
                    <td width="9" ></td>
        <td width="1" ></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:10pt'>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:10pt'>The Notice and Proxy Statement is available at www.proxyvote.com.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&diams;&nbsp;&nbsp;&nbsp;</font><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</font></B><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&diams;</font></p>
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        <td width="62%" valign=bottom style='border-top: dashed black 1.5pt;'>
                        <p style=' margin-left:0pt;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> </p> </td>
        <td width="37%" valign=bottom style='border-top: dashed black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>M86257-P62540</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
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        <td valign=bottom style='border-top:solid black 2.25pt; border-left:solid black 2.25pt;border-bottom:none;border-right:none; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td width="2%" valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="47%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="47%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GABELLI UTILITY TRUST</font></B></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:10pt'>This proxy is solicited on behalf of the Board of Trustees</font></b></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady and each of them, attorneys and proxies of
the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Utility Trust (the &#147;Fund&#148;) which the undersigned is entitled to vote at the Annual Meeting of Shareholders
of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830
on Monday, May 11, 2015, at 11:30 A.M., and at any adjournments thereof. The undersigned hereby acknowledges receipt of the
Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as indicated herein. In
their discretion, the proxies are authorized to vote upon such other business as may properly come before the Meeting.</font></p>

            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>This proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this proxy
will be voted <strong>FOR</strong> the election of the nominees as Trustees and in the discretion of the proxy holder as to any other matter that may
properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</font></B></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PROXY TABULATOR</font></B></I><i></i></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>P.O. BOX 9112</font></B></I><i></i></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>To vote by Internet</font></b></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>FARMINGDALE, NY 11735</font></B></I><i></i></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement and have the proxy card below at hand.</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Go to website </font><b><font face="Arial" style='font-size:8pt'>www.proxyvote.com</font></b></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Follow the instructions provided on the website.</font></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><b><font face="Arial" style='font-size:8pt'>To vote by Telephone</font></b></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement and have the proxy card below at hand.</font></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Call </font><b><font face="Arial" style='font-size:8pt'>1-800-690-6903</font></b></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Follow the instructions.</font></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><b><font face="Arial" style='font-size:8pt'>To vote by Mail</font></b></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement.</font></td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Check the appropriate boxes on the proxy card below.</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Sign and date the proxy card.</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Return the proxy card in the envelope provided.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>

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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>M86258-P62540</font></p> </td>
        <td style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>KEEP THIS PORTION FOR YOUR RECORDS</font></p> </td> </tr>
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                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0in;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>DETACH AND RETURN THIS PORTION ONLY</font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:2pt;text-align:center;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:3pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THE GABELLI UTILITY TRUST</font></B></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>SERIES A PREFERRED SHAREHOLDER</font></B></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
        <td colspan="8" rowspan=2 valign=bottom >
                      <p style=' margin-left:3pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Election of Trustees &#151; The Board of Trustees recommends a vote <u>FOR</u> each of the nominees listed.</font></b></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Withhold</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For All</font></b><br> <b><font face="Arial" style='font-size:7pt'>Except</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</font></p> </td>
        <td rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p>
                        </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p></td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
        <td colspan="7" valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect three (3) Trustees of the Fund:</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-bottom:solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>James P. Conn</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>John D. Gabelli</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>03)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Anthony R. Pustorino</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
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                        <p style=' margin-left:3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature [PLEASE SIGN WITHIN BOX]</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature (Joint Owners)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:10pt'>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:10pt'>The Notice and Proxy Statement is available at www.proxyvote.com.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&diams;&nbsp;&nbsp;&nbsp;</font><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</font></B><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&diams;</font></p>
<div align=left>
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        <td width="37%" valign=bottom style='border-top: dashed black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>M86259-P62540</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GABELLI UTILITY TRUST</font></B></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:10pt'>This proxy is solicited on behalf of the Board of Trustees</font></b></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of
the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Utility Trust (the &#147;Fund&#148;) which the undersigned is entitled to vote at the Annual Meeting of Shareholders
of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830
on Monday, May 11, 2015, at 11:30 A.M., and at any adjournments thereof. The undersigned hereby acknowledges receipt of the
Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as indicated herein. In
their discretion, the proxies are authorized to vote upon such other business as may properly come before the Meeting.</font></p>

            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>This proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this proxy
will be voted <strong>FOR</strong> the election of the nominees as Trustees and in the discretion of the proxy holder as to any other matter that may
properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</font></B></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="50%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PROXY TABULATOR</font></B></I><i></i></p> </td>
        <td width="50%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>P.O. BOX 9112</font></B></I><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>To vote by Internet</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>FARMINGDALE, NY 11735</font></B></I><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement and have the proxy card below at hand.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Go to website </font><b><font face="Arial" style='font-size:8pt'>www.proxyvote.com</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Follow the instructions provided on the website.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><b><font face="Arial" style='font-size:8pt'>To vote by Telephone</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement and have the proxy card below at hand.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Call </font><b><font face="Arial" style='font-size:8pt'>1-800-690-6903</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Follow the instructions.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><b><font face="Arial" style='font-size:8pt'>To vote by Mail</font></b></td> </tr>
		<tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement.</font></td> </tr>
             <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Check the appropriate boxes on the proxy card below.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Sign and date the proxy card.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Return the proxy card in the envelope provided.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' margin-left:0pt;border-collapse:collapse;'>

 <tr style='height:12.6pt;'>
        <td colspan="2" style=' height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></p> </td>
        <td style='height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>

 <tr style='height:12.6pt;'>
        <td colspan="2" style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>M86258-P62540</font></p> </td>
        <td style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>KEEP THIS PORTION FOR YOUR RECORDS</font></p> </td> </tr>
 <tr>
        <td width="24%" valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="40%" valign=bottom >
                        <p style=' margin-left:0in;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="34%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>DETACH AND RETURN THIS PORTION ONLY</font></p> </td> </tr>
 <tr>
        <td ></td>
                    <td ></td>
        <td ></td> </tr> </table>
            </div>
<p style=' margin-bottom:0pt; margin-top:2pt;text-align:center;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:3pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td colspan="2" valign=bottom style='border-top:solid black 2.25pt; border-left:solid black 2.25pt;border-bottom:none;border-right:none; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-top:solid black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THE GABELLI UTILITY TRUST</font></B></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>SERIES B PREFERRED SHAREHOLDER</font></B></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
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                      <p style=' margin-left:3pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Election of Trustees &#151; The Board of Trustees recommends a vote <u>FOR</u> each of the nominees listed.</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Withhold</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For All</font></b><br> <b><font face="Arial" style='font-size:7pt'>Except</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p>
                        </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p></td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
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                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect three (3) Trustees of the Fund:</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-bottom:solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>James P. Conn</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>John D. Gabelli</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>03)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Anthony R. Pustorino</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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 <tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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 <tr>
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                        <p style=' margin-left:3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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        <td valign=bottom style='border-left:solid black 2.25pt; '>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature [PLEASE SIGN WITHIN BOX]</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature (Joint Owners)</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:10pt'>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:10pt'>The Notice and Proxy Statement is available at www.proxyvote.com.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&diams;&nbsp;&nbsp;&nbsp;</font><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</font></B><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&diams;</font></p>
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                        <p style=' margin-left:0pt;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> </p> </td>
        <td width="37%" valign=bottom style='border-top: dashed black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>M86259-P62540</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GABELLI UTILITY TRUST</font></B></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:10pt'>This proxy is solicited on behalf of the Board of Trustees</font></b></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of
the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the undersigned
all shares of The Gabelli Utility Trust (the &#147;Fund&#148;) which the undersigned is entitled to vote at the Annual Meeting of Shareholders
of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830
on Monday, May 11, 2015, at 11:30 A.M., and at any adjournments thereof. The undersigned hereby acknowledges receipt of the
Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as indicated herein. In
their discretion, the proxies are authorized to vote upon such other business as may properly come before the Meeting.</font></p>

            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>This proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this proxy
will be voted <strong>FOR</strong> the election of the nominees as Trustees and in the discretion of the proxy holder as to any other matter that may
properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</font></B></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>

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