<SEC-DOCUMENT>0000950123-11-087987.txt : 20120409
<SEC-HEADER>0000950123-11-087987.hdr.sgml : 20120409

<ACCEPTANCE-DATETIME>20110930172422

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950123-11-087987

CONFORMED SUBMISSION TYPE:	POS EX

PUBLIC DOCUMENT COUNT:		8

FILED AS OF DATE:		20110930

DATE AS OF CHANGE:		20110930

EFFECTIVENESS DATE:		20110930


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			CALAMOS GLOBAL TOTAL RETURN FUND

		CENTRAL INDEX KEY:			0001285650

		IRS NUMBER:				203377281

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		POS EX

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-174431

		FILM NUMBER:		111117818



	BUSINESS ADDRESS:	

		STREET 1:		2020 CALAMOS COURT

		STREET 2:		C/O CALAMOS ADVISORS LLC

		CITY:			NAPERVILLE

		STATE:			IL

		ZIP:			60563

		BUSINESS PHONE:		6302451046



	MAIL ADDRESS:	

		STREET 1:		2020 CALAMOS COURT

		STREET 2:		C/O CALAMOS ADVISORS LLC

		CITY:			NAPERVILLE

		STATE:			IL

		ZIP:			60563



</SEC-HEADER>

<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>c64409exposex.htm
<DESCRIPTION>POS EX
<TEXT>
<HTML>
<HEAD>
<TITLE>posex</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>As
filed with the Securities and Exchange Commission on September 30,
 2011</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>1933
Act File No.&nbsp;333-174431<BR>
 1940 Act File No.&nbsp;811-21547</B></DIV>


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

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

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(Check appropriate box or boxes)</B></DIV>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR><TD>                                                       </TD></TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></TD>
</TR>
<TR><TD>                                                        </TD></TR>
</TABLE>
</DIV>



<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>Pre-Effective Amendment No.&nbsp;</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>Post-Effective Amendment No.&nbsp;1</B></TD>
</TR>

</TABLE>
</DIV>

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

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR><TD>                                                       </TD></TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</B></TD>
</TR>
<TR><TD>                                                        </TD></TR>
</TABLE>
</DIV>


<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>Amendment No.&nbsp;21</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>CALAMOS
GLOBAL TOTAL RETURN FUND</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>2020 Calamos Court</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>Naperville, Illinois 60563</B></DIV>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(630)&nbsp;245-7200</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Agent for Service</B><BR>
John P. Calamos,&nbsp;Sr.<BR>
President<BR>
Calamos Advisors LLC<BR>
2020 Calamos Court<BR>
Naperville, Illinois 60563

</DIV>

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Eric S.
Purple<BR> K&#038;L Gates LLP<BR>
1601 K St. N.W.<BR>
Washington, D.C. 20006-1600</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Approximate Date of Proposed Public Offering: </B>From time to time after the effective date of the
Registration Statement.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any of the securities being registered on this form are offered on a delayed or continuous basis
in reliance on Rule&nbsp;415 under the Securities Act of 1933, other than securities offered in
connection with a dividend reinvestment plan, check the following box. <FONT face="Wingdings">&#254;</FONT>
</DIV>



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





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

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><b>EXPLANATORY NOTE</b></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-174431) of
Calamos Global Total Return Fund (the &#147;Registration Statement&#148;) is being filed pursuant to Rule 462(d) under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;), solely for the purpose of filing exhibits to the
Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this
explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration
Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement.
Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 1 shall become effective
immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement
are hereby incorporated by reference. </DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PART C &#151; OTHER INFORMATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 25: FINANCIAL STATEMENTS AND EXHIBITS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Financial Statements:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s audited statement of assets and liabilities, statement of operations,
statement of changes in net assets, statement of cash flows, financial highlights and
schedule of investments as of and for the year ended October 31, 2010, notes to such statements and report of
independent public accountants thereon as well as the Registrant&#146;s unaudited statement of assets and liabilities,
statement of operations, statement of changes in
net assets, statement of cash flows, financial highlights and
schedule of investments as of and for the six months ended
April 30, 2011 and notes to such statements are Incorporated by reference to Pre-Effective Amendment No. 1 to Registrant&#146;s
Registration Statement (1933 Act File No. 333-174431) as filed with the Commission on August 25, 2011.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Exhibits:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">a.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Declaration of Trust.
(8)</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">a.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Trust. (1)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">b.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-laws. (4)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">c.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">d.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Common Share Certificate. (5)</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">d.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Preferred Share Certificate. (6)</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">d.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Note. (2)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">d.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture of Trust. (2)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">d.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Supplemental Indenture of Trust. (2)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">e.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Terms and Conditions of the Dividend Reinvestment Plan. (4)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">f.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">g.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investment Management Agreement with Calamos Advisors LLC. (8)</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">h.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Underwriting Agreement relating to Common Shares. (4)</TD>
</TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">h.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Master Agreement Among Underwriters relating to Common Shares. (5)</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">h.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Master Selected Dealers Agreement relating to Common Shares. (5)</TD>
</TR>
<TR><TD>                                                        </TD></TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">h.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Underwriting Agreement relating to Preferred Shares. (4)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">h.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Underwriting Agreement relating to Notes. (2)</TD>
</TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">h.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sales Agreement relating to Common Shares dated September 30, 2011,
among Registrant, Calamos Advisors LLC and JonesTrading Institutional Services LLC. (10)</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">i.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">j.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Custody Agreement. (7)</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">j.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to Appendix A to Custody Agreement. (8)</TD>
</TR>
<TR><TD>                                                        </TD></TR>

<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">k.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Transfer Agency Agreement. (8)</TD>
</TR>
<TR><TD>                                                        </TD></TR>

<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">k.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Financial Accounting Services Agreement. (8)</TD>
</TR>
<TR><TD>                                                        </TD></TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">k.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Master Services Agreement. (4)</TD>
</TR>

<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">k.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to Appendix A to Master Services Agreement. (8)</TD>
</TR>

<TR><TD>                                                        </TD></TR>

<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">k.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Auction Agency Agreement relating to Preferred Shares. (6)</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">k.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Broker-Dealer Agreement relating to Preferred Shares. (6)</TD>
</TR>
<TR><TD>                                                        </TD></TR>

<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">k.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Auction Agency Agreement relating to Notes. (2)</TD>
</TR>
<TR><TD>                                                        </TD></TR>

<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">k.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Broker-Dealer Agreement relating to Notes. (2)</TD>
</TR>

<TR><TD>                                                        </TD></TR>


<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">k.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of DTC Representations Letter relating to Preferred Shares and Notes. (4)</TD>
</TR>
<TR><TD>                                                        </TD></TR>

<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">l.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">

Opinion of Morris, Nichols, Arsht
and Tunnell LLP regarding registration statement. (9)

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

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">l.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of K&#38;L Gates LLP regarding Common Shares. (10)

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

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">l.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of  Morris, Nichols, Arsht
and Tunnell LLP regarding Common Shares. (10)

</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">m.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">n.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Auditors. (10)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">o.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">p.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subscription Agreement. (3)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">q.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">r.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Ethics. (7)</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">s.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney. (10)</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size:3pt">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Registrant&#146;s initial Registration Statement on Form N-2
(1933 Act File No. 333-114111) as filed with the Commission on March 31, 2004.</TD>
</TR>
<TR valign="bottom" style="font-size:3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">To be filed by post-effective amendment.</TD>
</TR>
<TR valign="bottom" style="font-size:3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Pre-Effective Amendment No. 4 to Registrant&#146;s Registration Statement on Form N-2
(1933 Act File No. 333-114111) as filed with the Commission on October 26, 2005.</TD>
</TR>
<TR valign="bottom" style="font-size:3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Pre-Effective Amendment No. 2 to Registrant&#146;s Registration Statement on Form N-2
(1933 Act File No. 333-146944) as filed with the Commission on February 22, 2008.</TD>
</TR>
<TR valign="bottom" style="font-size:3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>                                                       </TD></TR>
<TR><TD>                                                        </TD></TR>

<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Pre-Effective Amendment No. 3 Registrant&#146;s Registration Statement on Form N-2
(1933 Act File No. 333-11411) as filed with the Commission on October 24, 2005.</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR valign="bottom" style="font-size:3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(6)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Pre-Effective Amendment No. 1 to Registrant&#146;s Registration Statement on Form N-2
(1933 Act File No. 333-129102) as filed with the Commission on December 22, 2005.</TD>
</TR>
<TR><TD>                                                        </TD></TR>


<TR><TD>                                                       </TD></TR>
<TR><TD>                                                        </TD></TR>

<TR valign="bottom" style="font-size:3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(7)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Post-Effective Amendment No. 4 to Registrant&#146;s
 Registration Statement on Form N-2 (1933 Act File No. 333-146944) as filed with the Commission on March 5, 2010.</TD>
</TR>
<TR><TD>                                                        </TD></TR>
<TR valign="bottom" style="font-size:3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR><TD>                                                       </TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(8)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Registrant&#146;s initial
Registration Statement on Form N-2  (1933 Act File No. 333-174431) as filed with the
Commission on May 23, 2011.</TD>
</TR>
<TR valign="bottom" style="font-size:3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(9)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Incorporated by reference to Pre-Effective Amendment No. 1 to Registrant&#146;s Registration Statement (1933 Act File No. 333-175076) as filed with the Commission on August 25, 2011.</TD>
</TR>
<TR valign="bottom" style="font-size:3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(10)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed herewith.</TD>
</TR>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 26: MARKETING ARRANGEMENTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Part&nbsp;C &#151; Page 1

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 27: OTHER OFFERING EXPENSES AND DISTRIBUTION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the estimated expenses to be incurred in
connection with all offerings described in this Registration Statement:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="83%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registration fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,708</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Printing (other than certificates)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FINRA fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting fees and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal fees and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">331,708</TD>
    <TD nowrap>(*)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(*)</TD>
    <TD>&nbsp;</TD>
    <TD>These expenses will be borne by the Fund.</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the estimated expenses to be incurred in connection with the
offering of common shares described in the prospectus supplement
filed pursuant to Rule 497(c) on or about September 30, 2011.

</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registration fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Printing (other than certificates)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FINRA fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting fees and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal fees and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">85,000</TD>
    <TD nowrap>(*)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
 <TR><TD>                                                       </TD></TR>
<TR valign="top">
    <TD nowrap align="left">(*)</TD>
    <TD>&nbsp;</TD>
    <TD>These expenses will be borne by the Fund.</TD>
</TR>
 <TR><TD>                                                        </TD></TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 28. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 29. NUMBER OF HOLDERS OF SECURITIES
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of August 31, 2011, the number of record holders of each class of
securities of the Registrant was
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size:8pt">
    <TD style="border-bottom:1px solid #000000" valign="top"><DIV style="margin-left:0px; text-indent:-0px">TITLE OF CLASS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">NUMBER OF RECORD HOLDERS</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Common
shares (no par value)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7</TD>
<TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>






<DIV align="left" style="font-size: 10pt; margin-top: 3pt">&nbsp;</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 30. INDEMNIFICATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Amended and Restated Agreement and
Declaration of Trust (the &#147;Declaration&#148;),
dated September 13, 2006, provides that every person who is, or has been, a Trustee
or an officer, employee or agent of the Registrant (including any individual who
serves at its request as director, officer, partner, employee, Trustee, agent or
the like of another organization in which it has any interest as a shareholder,
creditor or otherwise (&#147;Covered Person&#148;) shall be indemnified by the Registrant
or the appropriate series of the Registrant to the fullest extent permitted by
law against liability and against all expenses reasonably incurred or paid by
him in connection with any claim, action, suit or proceeding in which he becomes
involved as a party or otherwise by virtue of his being or having been a Covered
Person and against amounts paid or incurred by him in the settlement thereof;
provided that no indemnification shall be provided to a Covered Person (i)&nbsp;who
shall have been adjudicated by a court or body before which the proceeding was
brought (A)&nbsp;to be liable to the Registrant or its shareholders by reason of
willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of his office, or (B)&nbsp;not to have acted in good
faith and in a manner the person reasonably believed to be or not opposed to the
best interest of the Registrant; or (ii)&nbsp;in the event of a settlement, unless
there has been a determination that such Covered Person did not engage in
willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of his office; (A)&nbsp;by the court or other body
approving the settlement; (B)&nbsp;by at least a majority of those Trustees who are
neither Interested Persons of the Trust nor are parties to the matter based upon
a review of readily available facts (as opposed to a full trial-type inquiry);
(C)&nbsp;by written opinion of independent legal counsel based upon a review of
readily available facts (as opposed to a full trial-type inquiry) or (D)&nbsp;by a
vote of a majority of the Outstanding Shares entitled to vote (excluding any
Outstanding Shares owned of record or beneficially by such individual).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">The Declaration also provides that if any shareholder or former shareholder
of the Registrant shall be held personally liable solely by reason of his being
or having been a shareholder and not because of his acts or omissions or for
some other reason, the shareholder or former shareholder (or
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Part&nbsp;C &#151; Page 2

</DIV>

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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">his heirs, executors, administrators or other legal representatives or in the
case of any entity, its general successor) shall be entitled out of the assets
belonging to the Registrant to be held harmless from and indemnified against all
loss and expense arising from such liability. The Registrant shall, upon request
by such shareholder, assume the defense of any claim made against such
shareholder for any act or obligation of the series and satisfy any judgment
thereon from the assets of the series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant, its Trustees and officers, its investment adviser, the
other investment companies advised by the adviser and certain persons
affiliated with them are insured, within the limits and subject to the
limitations of the insurance, against certain expenses in connection with the
defense of actions, suits or proceedings, and certain liabilities that might be
imposed as a result of such actions, suits or proceedings. The insurance
expressly excludes coverage for any Trustee or officer whose personal
dishonesty, fraudulent breach of trust, lack of good faith, or intention to
deceive or defraud has been finally adjudicated or may be established or who
willfully fails to act prudently.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9 of the Sales Agreement previously filed as Exhibit h.6 to this Registration Statement provides for each of
the parties thereto, including the Registrant and the underwriters, to indemnify the others, their Trustees, directors, certain of their officers, Trustees, directors and persons who control them against certain liabilities in connection with the offering described herein, including liabilities under the federal securities laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liability arising under the Securities Act
of 1933, as amended (the &#147;1933 Act&#148;), may be available to
Trustees, officers,
controlling persons of the Registrant and underwriter, pursuant to the foregoing provisions, or
otherwise, the Registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the 1933 Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant&#146;s expenses
incurred or paid by a Trustee, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such
Trustee, officer,  controlling person or underwriter in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the 1933 Act and will be governed by the final
adjudication of such issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in the Statement of Additional Information under the
caption &#147;Management&#151;Trustees and Officers&#148; is incorporated by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 32. LOCATION OF ACCOUNTS AND RECORDS
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such accounts, books, and other documents are maintained at the offices
of the Registrant, at the offices of the Registrant&#146;s investment manager,
Calamos Advisors LLC 2020 Calamos Court, Naperville, Illinois 60563, at the
offices of the custodian and accounties agent, 200 Clarendon Street, P.O. Box 9130,
Boston, Massachusetts 02117-9130. or at the
offices of the transfer agent, 111 8th Avenue, New York, New York 10011 5201.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 33. MANAGEMENT SERVICES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 34. UNDERTAKINGS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Registrant undertakes to suspend the offering of shares until the
prospectus is amended if (1)&nbsp;subsequent to the effective date of its
registration statement, the net asset value declines more than ten percent from
its net asset value as of the effective date of the registration statement or
(2)&nbsp;the net asset value increases to an amount greater than its net proceeds as
stated in the prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The securities being registered will be offered on a delayed or continuous basis
in reliance on Rule&nbsp;415 under the 1933 Act. Accordingly, the Registrant undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to
file a post-effective amendment to this registration statement, during any period in which offers or sales are being made, in accordance with no-action relief granted to the Registrant on February 14, 2011:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section&nbsp;10(a)(3) of the 1933 Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in
the registration statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to such information in
the registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of those securities at that time shall
be deemed to be the initial bona fide offering thereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;that, for the purpose of determining liability under the 1933 Act to any
purchaser, if the Registrant is subject to Rule&nbsp;430C: each prospectus filed pursuant to Rule
497(b), (c), (d)&nbsp;or (e)&nbsp;under the 1933 Act as part of this registration statement relating to an
offering, other than prospectuses filed in reliance on Rule&nbsp;430A under the 1933 Act, shall be
deemed to be part of and included in this registration statement as of the date it is first used
after effectiveness. Provided, however, that no statement made in this
registration statement or prospectus that is part of this registration statement or made in a
document incorporated or deemed incorporated by reference into this
registration statement or prospectus that
is part of this registration statement will, as to a purchaser with a time of contract of sale
prior to such first use, supersede or modify any statement that was made in this registration
statement or prospectus that was part of this registration statement or made in any such document
immediately prior to such date of first use.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;that for the purpose of determining liability of the Registrant under the 1933
Act to any purchaser in the initial distribution of securities:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant undertakes that in a primary offering of securities of the
undersigned Registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned Registrant will be a
seller to the purchaser and will be considered to offer or sell such securities to the purchaser:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating
to the offering required to be filed pursuant to Rule&nbsp;497 under the 1933 Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the portion of any advertisement pursuant to Rule&nbsp;482 under the 1933 Act
relating to the offering containing material information about the undersigned Registrant or its
securities provided by or on behalf of the undersigned Registrant; and
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any other communication that is an offer in the offering made by the undersigned
Registrant to the purchaser.
</DIV>






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;(a)&nbsp;For the purposes of determining any liability under the 1933 Act,
the information omitted from the form of prospectus filed as part of a
registration statement in reliance upon Rule&nbsp;430A and contained in the form of
prospectus filed by the Registrant under Rule 497(h) under the 1933 Act shall be
deemed to be part of the Registration Statement as of the time it was declared
effective.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Part&nbsp;C &#151; Page 3

</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;For the purpose of determining any liability under the 1933 Act,
each post-effective amendment that contains a form of prospectus shall be deemed
to be a new registration statement relating to the securities offered therein,
and the offering of the securities at that time shall be deemed to be the
initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;The Registrant undertakes to send by first class mail or other means
designed to ensure equally prominent delivery within two business days of
receipt of a written or oral request the Registrant&#146;s statement of additional
information.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Upon each issuance of securities pursuant to this Registration Statement, the
Registrant undertakes to file a form of prospectus and/or form of prospectus supplement pursuant to
Rule&nbsp;497 and a post-effective amendment to the extent required by the 1933 Act and the rules and
regulations thereunder, including, but not limited to a post-effective amendment pursuant to Rule
462(c) or Rule 462(d) under the 1933 Act.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Part C &#151; Page 4
</DIV>


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

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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933 and/or
Investment Company Act of 1940, the Registrant has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in this City of Naperville and State of Illinois, on the
 30th day of
September, 2011.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CALAMOS GLOBAL TOTAL RETURN FUND<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John P. Calamos&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John P. Calamos,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Trustee and President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the<BR>
capacities and on the date(s) indicated.
</DIV>





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John P. Calamos
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John P. Calamos
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee and President
(principal executive officer)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD align="center" valign="top" nowrap>September 30,
2011</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" NOWRAP>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Weston W. Marsh
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John E. Neal
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William Rybak
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Stephen B. Timbers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
David D. Tripple
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Nimish S. Bhatt
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Nimish S. Bhatt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">)<br>
)<br>
)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD align="center" valign="top" nowrap>September 30, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>John P. Calamos signs this document pursuant to powers of attorney
filed herewith.</TD>
</TR>
</TABLE>





<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John P. Calamos&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John P. Calamos&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Attorney-In-Fact<BR>
September 30,
2011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Part&nbsp;C &#151; Page 5
</DIV>


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.6
<SEQUENCE>2
<FILENAME>c64409exexv99whw6.htm
<DESCRIPTION>EX-99.H.6
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whw6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit h.6</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALAMOS GLOBAL TOTAL RETURN FUND<BR>
UP TO 2,871,921 COMMON SHARES OF BENEFICIAL INTEREST</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>CAPITAL ON DEMAND&#153;</B></U>
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">September&nbsp;30, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JONESTRADING INSTITUTIONAL SERVICES LLC<BR>
780 Third Avenue, 3<SUP style="FONT-size: 85%; vertical-align: text-top">rd</SUP> Floor<BR>
New York, NY 10017

</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CALAMOS
GLOBAL TOTAL RETURN FUND, a Delaware statutory trust (the <B>&#147;</B><U><B>Fund</B></U><B>&#148;</B>), CALAMOS
ADVISORS LLC, a Delaware limited liability company (the &#147;<U><B>Adviser</B></U>&#148;) confirm their agreement
(this &#147;<U><B>Agreement</B></U>&#148;) with JONESTRADING INSTITUTIONAL SERVICES LLC (&#147;<U><B>Jones</B></U>&#148;) as
follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Issuance and Sale of Shares</U>. The Fund agrees that, from time to time during the
term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue
and sell through Jones, acting as agent and/or principal, up to two million eight hundred seventy
one thousand nine hundred twenty one (2,871,921) of the Fund&#146;s common shares of beneficial
interest, no par value per share (the &#147;<U><B>Shares</B></U>&#148;). Notwithstanding anything to the contrary
contained herein, the parties hereto agree that compliance with the limitations set forth in this
<U>Section&nbsp;1</U> on the number of Shares issued and sold under this Agreement shall be the sole
responsibility of the Fund, and Jones shall have no obligation in connection with such compliance.
The issuance and sale of Shares through Jones will be effected pursuant to the Registration
Statement (as defined below) filed by the Fund and declared effective by the Securities and
Exchange Commission (the &#147;<U><B>Commission</B></U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has entered into (i)&nbsp;an Investment Management Agreement with the Adviser dated as of
October&nbsp;17, 2005, (ii)&nbsp;a Master Custodian Agreement with State Street Bank and Trust Company dated
as of September&nbsp;11, 2009, (iii)&nbsp;a Stock Transfer Agency Agreement with The Bank of New York dated
as of June&nbsp;15, 2007, (iv)&nbsp;an Amended and Restated Financial Accounting Services Agreement with the
Adviser dated as of December&nbsp;13, 2004, and (v)&nbsp;a Master Services Agreement with State Street Bank
and Trust Company dated as of March&nbsp;15, 2004, as effective with respect to the Fund as of October
28, 2004 and such agreements are herein referred to as the &#147;<U><B>Advisory Agreement</B></U>,&#148; the
&#147;<U><B>Custodian Agreement</B></U>&#148;, the &#147;<U><B>Transfer Agency Agreement</B></U>,&#148; the &#147;<U><B>Accounting
Agreement</B></U>&#148; and the &#147;<U><B>Master Services Agreement</B></U>,&#148;
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">respectively. Collectively, the Advisory Agreement, the Custodian Agreement, the Transfer
Agency Agreement, the Accounting Agreement and the Master Services Agreement are herein referred to
as the &#147;<U><B>Fund Agreements</B></U>.&#148; In addition, the Fund has adopted a dividend reinvestment plan
pursuant to which holders of Shares shall have their dividends automatically reinvested in
additional Shares unless they elect to receive such dividends in cash, and such plan is herein
referred to as the &#147;<U><B>Dividend Reinvestment Plan</B></U>.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has filed, in accordance with the provisions of the Securities Act of 1933, as
amended, and the rules and regulations thereunder (collectively, the &#147;<U><B>Securities Act</B></U>&#148;) and
the Investment Company Act of 1940, as amended, and the rules and regulations thereunder
(collectively, the &#147;<U><B>Investment Company Act</B></U>&#148;), with the Commission a registration statement
on Form N-2 (File Nos. 333-174431 and 811-21547) (the &#147;<U><B>Original Registration Statement</B></U>&#148;),
including a base prospectus (&#147;<U><B>Basic Prospectus</B></U>&#148;), with respect to the Shares. The Fund
shall prepare one or more supplements relating to the Shares (collectively, the &#147;<U><B>Prospectus
Supplement</B></U>&#148;) to the Basic Prospectus, to be filed with the Commission pursuant to Rule&nbsp;497
under the Securities Act. The Fund shall furnish to Jones, for use by Jones, copies of the Basic
Prospectus, as supplemented by the Prospectus Supplement, relating to the Shares. Except where the
context otherwise requires, the Original Registration Statement, as amended when it became
effective, including all documents filed as part thereof, and including any information contained
in a Prospectus Supplement subsequently filed with the Commission pursuant to Rule&nbsp;497 under the
Securities Act is herein called the &#147;<U><B>Registration Statement.</B></U>&#148; The Basic Prospectus, as it
may be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or
Prospectus Supplement have most recently been filed by the Fund with the Commission pursuant to
Rule&nbsp;497 under the Securities Act, is herein called the &#147;<U><B>Prospectus</B></U>.&#148; For purposes of this
Agreement, all references to the Registration Statement, the Prospectus, or to any amendment or
supplement thereto shall be deemed to include any copy filed with the Commission pursuant to its
Electronic Data Gathering Analysis and Retrieval System (&#147;<U><B>EDGAR</B></U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Placements</U>. Each time that the Fund wishes to issue and sell Shares hereunder
(each, a <B>&#147;</B><U><B>Placement</B></U><B>&#148;</B>), it will notify Jones by e-mail notice (or other method mutually
agreed to in writing by the parties) containing the parameters in accordance with which it desires
the Shares to be sold, which shall, at a minimum, include the number of Shares to be issued (the
<B>&#147;</B><U><B>Placement Shares</B></U><B>&#148;</B>), the time period during which sales are requested to be made, any
limitation on the number of Placement Shares that may be sold in any one day and any minimum price
below which sales may not be made (a <B>&#147;</B><U><B>Placement Notice</B></U><B>&#148;</B>), a form of which, containing such
minimum sales parameters necessary, is attached hereto as <U>Schedule&nbsp;1</U>. The Placement Notice
shall originate from any of the individuals from the Fund set forth on <U>Schedule&nbsp;3</U> (with a
copy to each of the other individuals from the Fund listed on such schedule), and shall be
addressed to each of the individuals from Jones set forth on <U>Schedule&nbsp;3</U>, as such
<U>Schedule&nbsp;3</U> may be amended from time to time. The Placement Notice shall be effective upon
receipt by Jones unless and until (i)&nbsp;in accordance with the notice requirement set forth in
<U>Section&nbsp;4</U>, Jones declines to accept the terms contained therein for any reason, in its sole
discretion, (ii)&nbsp;the entire amount of the Placement Shares have been sold, (iii)&nbsp;in accordance with
the notice requirements set forth in <U>Section&nbsp;4</U>, the Fund suspends or terminates the
Placement Notice, (iv)&nbsp;the Fund issues a subsequent Placement Notice with parameters superseding
those on the earlier dated Placement Notice, or (v)&nbsp;the Agreement has been terminated under the
provisions of <U>Section&nbsp;11</U>. The
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amount of any discount, commission or other compensation to be paid by the Fund to Jones in
connection with the sale of the Placement Shares shall be calculated in accordance with the terms
set forth in <U>Schedule&nbsp;2</U>. It is expressly acknowledged and agreed that neither the Fund nor
Jones will have any obligation whatsoever with respect to a Placement or any Placement Shares
unless and until the Fund delivers a Placement Notice to Jones and Jones does not decline, within
the time period specified in Section&nbsp;4, such Placement Notice pursuant to the terms set forth
above, and then only upon the terms specified therein and herein. In the event of a conflict
between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement
Notice will control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Sale of Placement Shares by Jones.</U> Subject to the terms and conditions herein set
forth, upon the Fund&#146;s issuance of a Placement Notice, and unless the sale of the Placement Shares
described therein has been declined, suspended or otherwise terminated in accordance with the terms
of this Agreement, Jones, for the period specified in the Placement Notice, will use its
commercially reasonable efforts consistent with its normal trading and sales practices to sell such
Placement Shares up to the amount specified, and otherwise in accordance with the terms of such
Placement Notice. Jones will provide written confirmation to the Fund no later than the opening of
the Trading Day (as defined below) immediately following the Trading Day on which it has made sales
of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the
compensation payable by the Fund with respect to such sales, with an itemization of deductions made
by Jones (as set forth in <U>Section&nbsp;5(a)</U>) from the gross proceeds that it receives from such
sales, and the Net Proceeds (as defined below) payable to the Fund. The Fund and the Adviser each
acknowledge that Jones intends to sell the Placement Shares in privately negotiated transactions
and/or any other method permitted by law, including sales made directly on the New York Stock
Exchange, the then-existing trading market for the Shares or sales made to or through a market
maker or through an electronic communications network, or in any other manner that may be deemed to
be an &#147;at-the-market&#148; offering as defined in Rule&nbsp;415 of the Securities Act. To the extent that
Jones acts as the Fund&#146;s agent with respect to any such sale, Jones covenants that it will comply
with all prospectus delivery requirements imposed under applicable federal and state securities
laws. The Fund and the Adviser each acknowledge and agree that (i)&nbsp;there can be no assurance that
Jones will be successful in selling Placement Shares, and (ii)&nbsp;Jones will not incur any liability
or obligation to the Fund or the Adviser or any other person or entity if it does not sell
Placement Shares for any reason other than a failure by Jones to use its commercially reasonable
efforts consistent with its normal trading and sales practices to sell such Placement Shares as
required under this <U>Section&nbsp;3</U>. For the purposes hereof, <B>&#147;</B><U><B>Trading Day</B></U><B>&#148; </B>means any
day on which Shares are purchased and sold on the principal exchange or market on which the Shares
are listed or quoted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Suspension of Sales</U>. The Fund or Jones may, upon notice to the other party in
writing within two business days following the delivery or receipt, as applicable, of the Placement
Notice (including by e-mail correspondence to all of the individuals of the other party set forth
on <U>Schedule&nbsp;3</U> or by telephone (confirmed immediately by verifiable facsimile transmission
or e-mail correspondence to all of the individuals of the other party set forth on <U>Schedule
3</U>)), suspend or refuse to undertake any sale of Placement Shares; <U>provided</U>,
<U>however</U>, that such suspension or refusal shall not affect or impair either party&#146;s
obligations with respect to any Placement Shares sold hereunder prior to the receipt of such
notice. Each of the parties hereto agrees that no such notice shall be effective against the other
unless it is made to the individuals
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">named on <U>Schedule&nbsp;3</U> hereto in accordance with this <U>Section&nbsp;4</U>, as such Schedule
may be amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Settlement</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Settlement of Placement Shares</U>. Unless otherwise specified in the applicable
Placement Notice, settlement for sales of Placement Shares will occur on the third (3<SUP style="FONT-size: 85%; vertical-align: text-top">rd</SUP>)
Business Day (or such earlier day as is industry practice for regular-way trading) following the
date on which such sales are made (each, a <B>&#147;</B><U><B>Settlement Date</B></U><B>&#148;</B>). The amount of proceeds to
be delivered to the Fund on a Settlement Date against the receipt of the Placement Shares sold (the
<B>&#147;</B><U><B>Net Proceeds</B></U><B>&#148;</B>) will be equal to the aggregate sales price at which such Placement Shares
were sold, after deduction for (i)&nbsp;Jones&#146;s commission, discount or other compensation for such
sales payable by the Fund pursuant to <U>Section&nbsp;2</U> hereof, (ii)&nbsp;any other amounts due and
payable by the Fund to Jones hereunder pursuant to <U>Section&nbsp;7(e)</U> hereof, including any
Reimbursable Amounts, and (iii)&nbsp;any transaction fees imposed by any governmental or self-regulatory
organization in respect of such sales.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Delivery of Shares</U>. On or before each Settlement Date, the Fund will, or will
cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting
Jones&#146;s or its designee&#146;s account at The Depository Trust Company through its Deposit and
Withdrawal at Custodian (&#147;<U><B>DWAC</B></U>&#148;) System or by such other means of delivery as may be
mutually agreed upon by the parties hereto and, upon receipt of such Placement Shares, which in all
cases shall be freely tradable, transferable, registered shares in good deliverable form, Jones
will deliver the related Net Proceeds in same day funds to an account designated by the Fund prior
to the Settlement Date. The Fund agrees that if the Fund defaults on its obligation to deliver
Placement Shares on a Settlement Date, the Fund and the Adviser each agree that, in addition to and
in no way limiting the rights and obligations set forth in <U>Section&nbsp;9(a)</U> hereto, it will (i)
hold Jones harmless against any loss, claim, damage, or expense (including reasonable legal fees
and expenses), as incurred, arising out of or in connection with such default by the Fund and (ii)
pay to Jones any commission, discount, or other compensation to which it would otherwise have been
entitled absent such default.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Representations and Warranties of the Fund and Adviser</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Representations and Warranties by the Fund and the Adviser</U>. The Fund and the
Adviser, jointly and severally, represent and warrant to Jones as of the date hereof and as of each
Representation Date (as defined in <U>Section&nbsp;7(k)</U> below), and agree with Jones, as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <U>Compliance with Registration Requirements</U>. The Registration Statement has
been declared effective by the Commission under the Securities Act. The Fund has complied
to the Commission&#146;s satisfaction with all requests of the Commission for additional or
supplemental information. No order suspending the effectiveness of the Registration
Statement is in effect and no proceedings for such purpose have been instituted or are
pending or, to the knowledge of the Fund, are contemplated by the Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus when filed complied in all material respects with the Securities Act and
Investment Company Act. On each Representation Date, (1)&nbsp;the Registration
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Statement, as amended as of any such time, and the Prospectus, as amended or
supplemented as of any such time, complied or will comply in all material respects with the
applicable requirements of the Securities Act and Investment Company Act, (2)&nbsp;the
Registration Statement, as amended as of any such time, did not, does not and will not
contain any untrue statement of a material fact and did not, does not and will not omit to
state any material fact required to be stated therein or necessary to make the statements
therein not misleading and (3)&nbsp;the Prospectus, as amended or supplemented as of any such
time, did not and will not contain an untrue statement of a material fact, and did not and
will not omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading. The
representations and warranties set forth in the immediately preceding sentence do not apply
to, and neither the Fund nor the Adviser makes any representations or warranties as to,
statements in or omissions from the Registration Statement or any post-effective amendment
thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon
and in conformity with information relating to Jones furnished to the Fund by Jones in
writing expressly for use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s registration statement on Form 8-A under the Securities Exchange Act of
1934, as amended, and the rules and regulations thereunder (the &#147;<U><B>Exchange Act</B></U>&#148;) is
effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <U>Independent Accountants</U>. Deloitte &#038; Touche LLP, who audited the financial
statements and financial highlights included in the Registration Statement and the
Prospectus, are independent registered public accountants as required by the Securities Act
and the Investment Company Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <U>Financial Statements</U>. The financial statements of the Fund included in the
Registration Statement and the Prospectus, together with the related schedules (if any) and
notes, present fairly the financial position of the Fund at the dates indicated and the
results of operations and cash flows of the Fund for the periods specified; and all such
financial statements have been prepared in conformity with U.S. generally accepted
accounting principles (&#147;<U><B>GAAP</B></U>&#148;) applied on a consistent basis throughout the periods
involved and comply with all applicable accounting requirements under the Securities Act and
the Investment Company Act. The supporting schedules, if any, included in the Registration
Statement present fairly, in accordance with GAAP, the information required to be stated
therein, and the other financial and statistical information and data included in the
Registration Statement, the Prospectus Supplement and the Prospectus are accurately derived
from such financial statements and the books and records of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <U>No Material Adverse Change in Business</U>. Since the respective dates as of
which information is given in the Prospectus except as otherwise stated therein, (A)&nbsp;there
has been no material adverse change in the condition, financial or otherwise, or in the
earnings or business affairs of the Fund, whether or not arising in the ordinary course of
business (any such change is called a &#147;<U><B>Fund Material Adverse Effect</B></U>&#148;) and (B)&nbsp;there
have been no transactions entered into by the Fund which are material with respect to the
Fund other than those in the ordinary course of its business as described in the Prospectus.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <U>Good Standing of the Fund</U>. The Fund has been duly formed and is validly
existing in good standing as a statutory trust under the laws of the State of Delaware and
has power and authority to own, lease and operate its properties and to conduct its business
as described in the Registration Statement and the Prospectus and to enter into and perform
its obligations under this Agreement and the Fund Agreements; and the Fund is duly qualified
to transact business and is in good standing under the laws of each jurisdiction which
requires qualification, except for any such jurisdiction where failure to be in good
standing would not have a Fund Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <U>No Subsidiaries</U>. The Fund has no subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <U>Investment Company Status</U>. The Fund is duly registered under the Investment
Company Act as a closed-end, diversified management investment company under the Investment
Company Act, and the Investment Company Act Notification has been duly filed with the
Commission. The Fund has not received any notice from the Commission pursuant to <U>Section
8(e)</U> of the Investment Company Act with respect to the Investment Company Act
Notification or the Registration Statement. &#147;<U><B>Investment Company Act Notification</B></U>&#148;
means a notification of registration of the Fund as an investment company under the
Investment Company Act on Form N-8A, as the Investment Company Act Notification may be
amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <U>Officers and Trustees</U>. No person is serving or acting as an officer,
trustee or investment adviser of the Fund except in accordance with the provisions of the
Investment Company Act and the Investment Advisers Act of 1940, as amended, and the rules
and regulations thereunder (the &#147;<U><B>Advisers Act</B></U>&#148;). Except as disclosed in the
Registration Statement and the Prospectus, no trustee of the Fund is (A)&nbsp;an &#147;interested
person&#148; (as defined in the Investment Company Act) of the Fund or (B)&nbsp;an &#147;affiliated person&#148;
(as defined in the Investment Company Act) of Jones. For purposes of this <U>Section
6(a)(8)</U>, the Fund and the Adviser shall be entitled to rely on representations from such
officers and trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <U>Capitalization</U>. The Fund&#146;s authorized, issued and outstanding (i)&nbsp;common
shares of beneficial interest and (ii)&nbsp;preferred shares are as set forth in the Prospectus.
All of the Fund&#146;s issued and outstanding common shares of beneficial interest and preferred
shares have been duly authorized and validly issued and are fully paid and non-assessable
and have been offered and sold or exchanged by the Fund in compliance with all applicable
laws (including, without limitation, federal and state securities laws); none of the Fund&#146;s
outstanding common shares of beneficial interest or preferred shares were issued in
violation of any preemptive or other similar rights of any security holder of the Fund. The
Placement Shares have been duly authorized and, when issued and delivered against payment
therefore in accordance with this Agreement, will be validly issued, fully paid and
non-assessable and free of any preemptive or other similar rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <U>Power and Authority</U>. The Fund has full power and authority to enter into
this Agreement and the Fund Agreements; the execution and delivery of, and the performance
by the Fund of its obligations under this Agreement and the Fund Agreements have been duly
and validly authorized by the Fund; and this Agreement and the Fund Agreements have been
duly executed and delivered by the Fund and constitute
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">the valid and legally binding agreements of the Fund, enforceable against the Fund in
accordance with their terms, except as rights to indemnity and contribution may be limited
by federal or state securities laws and subject to the qualification that the enforceability
of the Fund&#146;s obligations hereunder and thereunder may be limited by bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance and other laws relating to or affecting
creditors&#146; rights generally and by general equitable principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <U>Agreements&#146; Compliance with Law</U>. This Agreement and each of the Fund
Agreements comply in all material respects with all applicable provisions of the Investment
Company Act and the Advisers Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <U>Absence of Defaults and Conflicts</U>. The Fund is not (i)&nbsp;in violation of the
Fund&#146;s Agreement and Declaration of Trust and any amendments thereto (the &#147;<U><B>Declaration
of Trust</B></U>&#148;) or the Fund&#146;s bylaws, (ii)&nbsp;in breach or default in the performance of the
terms of any indenture, contract, lease, mortgage, declaration of trust, note agreement,
loan agreement or other agreement, obligation, condition, covenant or instrument to which it
is a party or bound or to which its property is subject or (iii)&nbsp;in violation of any law,
ordinance, administrative or governmental rule or regulation applicable to the Fund or of
any decree of the Commission, the Financial Industry Regulatory Authority (&#147;<U><B>FINRA</B></U>&#148;),
any state securities commission, any foreign securities commission, any national securities
exchange, any arbitrator, any court or any other governmental, regulatory, self regulatory
or administrative agency or any official having jurisdiction over the Fund, except in the
case of (ii)&nbsp;and (iii)&nbsp;for such breaches, defaults or violations which would not have a Fund
Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) <U>Absence of Proceedings</U>. There is no action, suit, proceeding, inquiry or
investigation before or brought by any court or governmental agency or body, domestic or
foreign, now pending, or, to the knowledge of the Fund, threatened, against or affecting the
Fund which is required to be disclosed in the Prospectus (other than as disclosed therein),
or that could reasonably be expected to result in a Fund Material Adverse Effect, or that
could reasonably be expected to materially and adversely affect the properties or assets of
the Fund or the consummation of the transactions contemplated in this Agreement or the
performance by the Fund of its obligations under this Agreement or the Fund Agreements; the
aggregate of all pending legal or governmental proceedings to which the Fund is a party or
of which any of its property or assets is the subject which are not described in the
Prospectus or to be filed as an exhibit to the Registration Statement that are not described
or filed as required by the Securities Act or the Investment Company Act, including
ordinary routine litigation incidental to the business, could not reasonably be expected to
result in a Fund Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <U>Accuracy of Descriptions and Exhibits</U>. The statements set forth under the
headings &#147;Closed-End Fund Structure,&#148; &#147;Certain Provisions of the Agreement and Declaration
of Trust and Bylaws&#148; and &#147;Certain Federal Income Tax Matters&#148; in the Prospectus and &#147;Federal
Income Tax Matters&#148; in the Statement of Additional Information, insofar as such statements
purport to summarize certain provisions of the Investment Company Act, the Delaware
Statutory Trust Act, the Fund&#146;s Declaration of Trust, U.S. federal income tax law and
regulations or legal conclusions with respect
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">thereto, fairly and accurately summarize such provisions in all material respects; all
descriptions in the Registration Statement and the Prospectus of any Fund documents are
accurate in all material respects; and there are no franchises, contracts, indentures,
mortgages, deeds of trust, loan or credit agreements, bonds, notes, debentures, evidences of
indebtedness, leases or other instruments or agreements required to be described or referred
to in the Registration Statement or the Prospectus or to be filed as exhibits to the
Registration Statement that are not described or filed as required by the Securities Act or
the Investment Company Act which have not been so described and filed as required.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) <U>Absence of Further Requirements</U>. (A)&nbsp;No filing with, or authorization,
approval, consent, license, order, registration, qualification or decree of, any court or
governmental authority or agency, domestic or foreign, and (B)&nbsp;no authorization, approval,
vote or other consent of any other person or entity, is necessary or required for the
performance by the Fund of its obligations under this Agreement or the Fund Agreements, for
the offering, issuance, sale or delivery of the Placement Shares hereunder, or for the
consummation of any of the other transactions contemplated by this Agreement or the Fund
Agreements, in each case on the terms contemplated by the Registration Statement and the
Prospectus, except such as have been already obtained and under the Securities Act, the
Investment Company Act, the rules and regulations of FINRA and the New York Stock Exchange
(&#147;<U><B>NYSE</B></U>&#148;) and such as may be required under state securities laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) <U>Non-Contravention</U>. Neither the execution, delivery or performance of this
Agreement and the Fund Agreements nor the consummation by the Fund of the transactions
herein or therein contemplated (i)&nbsp;constitutes or will constitute a breach of the
Declaration of Trust or bylaws of the Fund, (ii)&nbsp;constitutes or will constitute a breach of
or a default under, any agreement, indenture, lease or other instrument to which the Fund is
a party or by which it or any of its properties may be bound or (iii)&nbsp;violates or will
violate any statute, law, regulation or filing or judgment, injunction, order or decree
applicable to the Fund or any of its properties or will result in the creation or imposition
of any lien, charge or encumbrance upon any property or assets of the Fund pursuant to the
terms of any agreement or instrument to which the Fund is a party or by which the Fund may
be bound or to which any of the property or assets of the Fund is subject.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) <U>Possession of Licenses and Permits</U>. The Fund has such licenses, permits,
and authorizations of governmental or regulatory authorities (&#147;<U><B>permits</B></U>&#148;) as are
necessary to own its property and to conduct its business in the manner described in the
Prospectus; the Fund has fulfilled and performed all its material obligations with respect
to such permits and no event has occurred which allows or, after notice or lapse of time,
would allow, revocation or termination thereof or results in any other material impairment
of the rights of the Fund under any such permit, subject in each case to such qualification
as may be set forth in the Prospectus; and, except as described in the Prospectus, none of
such permits contains any restriction that is materially burdensome to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) <U>Distribution of Offering Material</U>. The Fund has not distributed and, prior
to the later to occur of (i)&nbsp;the Settlement Date and (ii)&nbsp;completion of the distribution of
the Placement Shares, will not distribute any offering material in connection with the
offering and sale of the Placement Shares other than the Registration Statement, the
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Prospectus, the sales material or other materials permitted by the Securities Act or
the Investment Company Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) <U>Absence of Registration Rights</U>. There are no persons with registration
rights or other similar rights to have any securities (debt or equity) (A)&nbsp;registered
pursuant to the Registration Statement or included in the offering contemplated by this
Agreement or (B)&nbsp;otherwise registered by the Fund under the Securities Act or the Investment
Company Act. There are no persons with tag-along rights or other similar rights to have any
securities (debt or equity) included in the offering contemplated by this Agreement or sold
in connection with the sale of Placement Shares by the Fund pursuant to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) <U>NYSE</U>. The Placement Shares are duly listed and admitted and authorized for
trading, subject to official notice of issuance and evidence of satisfactory distribution,
on the NYSE.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) <U>FINRA Matters</U>. All of the information provided to Jones or to counsel for
Jones by the Fund, its officers and Trustees in connection with letters, filings or other
supplemental information provided to FINRA pursuant to FINRA&#146;s conduct rules is true,
complete and correct.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) <U>Tax Returns</U>. The Fund has filed all tax returns that are required to be
filed and has paid all taxes required to be paid by it and any other assessment, fine or
penalty levied against it, to the extent that any of the foregoing is due and payable,
except for any such tax, assessment, fine or penalty that is currently being contested in
good faith by appropriate actions and except for such taxes, assessments, fines or penalties
the nonpayment of which would not, individually or in the aggregate, have a Fund Material
Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) <U>Subchapter M</U>. The Fund intends to comply with the requirements of
Subchapter M of the Internal Revenue Code of 1986, as amended (the &#147;<U><B>Code</B></U>&#148;) to
qualify as a regulated investment company under the Code and intends to direct the
investment of the Net Proceeds in such a manner as to comply with the requirements of
Subchapter M of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) <U>Insurance</U>. The Fund&#146;s trustees and officers errors and omissions insurance
policy and its fidelity bond required by Rule&nbsp;17g-1 of the Investment Company Act are in
full force and effect; the Fund is in compliance with the terms of such policy and fidelity
bond in all material respects; and there are no claims by the Fund under any such policy or
fidelity bond as to which any insurance company is denying liability or defending under a
reservation of rights clause; the Fund has not been refused any insurance coverage sought or
applied for; and the Fund has no reason to believe that it will not be able to renew its
existing insurance coverage as and when such coverage expires or to obtain similar coverage
from similar insurers as may be necessary to continue its business at a cost that would not
have a Fund Material Adverse Effect, except as set forth in or contemplated in the
Prospectus.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) <U>Accounting Controls and Disclosure Controls</U>. The Fund maintains a system
of internal accounting controls sufficient to provide reasonable assurances that (A)
transactions are executed in accordance with management&#146;s general or specific authorizations
and with the investment objectives, policies and restrictions of the Fund and the applicable
requirements of the Securities Act, the Investment Company Act and the Code; (B)
transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain asset accountability to calculate net asset value and
to maintain material compliance with the books and records requirements under the Investment
Company Act; (C)&nbsp;access to assets is permitted only in accordance with management&#146;s general
or specific authorization; and (D)&nbsp;the recorded accountability for assets is compared with
the existing assets at reasonable intervals and appropriate action is taken with respect to
any differences. The Fund employs &#147;disclosure controls and procedures&#148; (as such term is
defined in Rule&nbsp;30a-3 under the Investment Company Act); such disclosure controls and
procedures are currently in effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) <U>Compliance with the Sarbanes-Oxley Act</U>. There is and has been no failure
on the part of the Fund or any of the Fund&#146;s trustees or officers, in their capacities as
such, to comply in any material respect with any provision of the Sarbanes-Oxley Act of 2002
and the rules and regulations promulgated in connection therewith (the &#147;<U><B>Sarbanes Oxley
Act</B></U>&#148;), including Sections&nbsp;302 and 906 related to certifications.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) <U>Fund Compliance with Policies and Procedures</U>. The Fund has adopted and
implemented written policies and procedures reasonably designed to prevent violation of the
Federal Securities Laws (as that term is defined in Rule&nbsp;38a-1 under the Investment Company
Act) by the Fund, including policies and procedures that provide oversight of compliance for
each investment adviser, administrator and transfer agent of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) <U>Absence of Manipulation</U>. The Fund has not taken and will not take,
directly or indirectly, any action designed to or that would constitute or that might
reasonably be expected to cause or result in the stabilization or manipulation of the price
of any security to facilitate the sale or resale of the Placement Shares and the Fund is not
aware of any such action taken or to be taken by any affiliates of the Fund, other than such
actions as taken by Jones pursuant to this Agreement, so long as such actions are in
compliance with all applicable law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) <U>Statistical, Demographic or Market-Related Data</U>. Any statistical,
demographic or market-related data included in the Registration Statement or the Prospectus
is based on or derived from sources that the Fund believes to be reliable and accurate and
all such data included in the Registration Statement or the Prospectus accurately reflects
the materials upon which it is based or from which it was derived.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) <U>Advertisements</U>. All advertising, sales literature or other promotional
material (including &#147;prospectus wrappers&#148;, &#147;broker kits&#148;, &#147;road show slides&#148; and &#147;road show
scripts&#148;), whether in printed or electronic form, authorized in writing by or prepared by or
at the direction of the Fund or the Adviser for use in connection with the offering and sale
of the Placement Shares (collectively, &#147;<U><B>sales material</B></U>&#148;) complied and comply in all
material respects with the applicable requirements of the Securities Act and
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">the rules and interpretations of FINRA and if required to be filed with FINRA under
FINRA&#146;s conduct rules were provided to Troutman Sanders LLP, counsel for Jones, for filing.
No sales material contained or contains an untrue statement of a material fact or omitted or
omits to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Representations and Warranties by the Adviser</U>. The Adviser represents and warrants
to Jones as of the date hereof and as of each Representation Date (as defined in <U>Section
7(k)</U> below), and agree with Jones, as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <U>Investment Manager Status</U>. The Adviser is duly registered as an investment
adviser under the Advisers Act and is not prohibited by the Advisers Act or the Investment
Company Act from acting under the Advisory Agreement, or the Accounting Agreement as
contemplated by the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <U>Capitalization</U>. The Adviser has the financial resources available to it
necessary for the performance of its services and obligations as contemplated in the
Prospectus and under this Agreement and the Advisory Agreement, and the Accounting
Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <U>No Material Adverse Change in Business</U>. Since the respective dates as of
which information is given in the Prospectus, except as otherwise stated therein, (A)&nbsp;there
has been no material adverse change in the condition, financial or otherwise, or in the
earnings or business affairs of the Adviser, whether or not arising in the ordinary course
of business (any such change is called an &#147;<U><B>Adviser Material Adverse Effect</B></U>&#148;) and (B)
there have been no transactions entered into by the Adviser in connection with the Fund
which are material with respect to the Adviser other than those in the ordinary course of
its business as described in the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <U>Good Standing</U>. The Adviser has been duly formed and is validly existing in
good standing as a limited liability company under the laws of the State of Delaware and has
power and authority to own, lease and operate its properties and to conduct its business as
described in the Registration Statement and the Prospectus and to enter into and perform its
obligations under this Agreement, and the Fund Agreements to which it is a party; and the
Adviser is duly qualified to transact business and is in good standing under the laws of
each jurisdiction which requires qualification, except for any such jurisdiction where
failure to be in good standing would not have an Adviser Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <U>Power and Authority</U>. The Adviser has full power and authority to enter into
this Agreement, the Advisory Agreement, and the Accounting Agreement, the execution and
delivery of, and the performance by the Adviser of its obligations under this Agreement, the
Advisory Agreement, and the Accounting Agreement have been duly and validly authorized by
the Adviser; and this Agreement, the Advisory Agreement, and the Accounting Agreement have
been duly executed and delivered by the Adviser and constitute the valid and legally binding
agreements of the Adviser, enforceable against the Adviser in accordance with their terms,
except as rights to indemnity and contribution may be limited by federal or state securities
laws and subject to the qualification that the
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">enforceability of the Adviser&#146;s obligations hereunder and thereunder may be limited by
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other laws
relating to or affecting creditors&#146; rights generally and by general equitable principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <U>Description of the Adviser</U>. The description of the Adviser and its business
and the statements attributable to the Adviser in the Prospectus complied and comply in all
material respects with the provisions of the Securities Act, the Investment Company Act and
the Advisers Act and did not and will not contain an untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <U>Non-Contravention</U>. Neither the execution, delivery or performance of this
Agreement, the Advisory Agreement, or the Accounting Agreement nor the consummation by the
Fund or the Adviser of the transactions herein or therein contemplated (i)&nbsp;conflicts or will
conflict with or constitutes or will constitute a breach of the organizational documents of
the Adviser, including without limitation, its articles of organization, certificate of
formation or similar organizational documents and its operating agreement, limited liability
company agreement, membership agreement or other similar agreement, (ii)&nbsp;conflicts or will
conflict with or constitutes or will constitute a breach of or a default under, any
agreement, indenture, lease or other instrument to which the Adviser is a party or by which
it or any of its properties may be bound or (iii)&nbsp;violates or will violate any statute, law,
regulation or filing or judgment, injunction, order or decree applicable to the Adviser or
any of its properties or will result in the creation or imposition of any lien, charge or
encumbrance upon any property or assets of the Adviser pursuant to the terms of any
agreement or instrument to which the Adviser is a party or by which the Adviser may be bound
or to which any of the property or assets of the Adviser is subject.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <U>Agreements&#146; Compliance with Laws</U>. This Agreement, the Advisory Agreement,
and the Accounting Agreement comply in all material respects with all applicable provisions
of the Investment Company Act and the Advisers Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <U>Absence of Proceedings</U>. There is no action, suit, proceeding, inquiry or
investigation before or brought by any court or governmental agency or body, domestic or
foreign, now pending, or, to the knowledge of the Adviser, threatened, against or affecting
the Adviser which is required to be disclosed in the Prospectus (other than as disclosed
therein), or that could reasonably be expected to result in an Adviser Material Adverse
Effect, or that could reasonably be expected to materially and adversely affect the
properties or assets thereof or the consummation of the transactions contemplated in this
Agreement or the performance by the Adviser of its obligations under this Agreement, the
Advisory Agreement, or the Accounting Agreement; the aggregate of all pending legal or
governmental proceedings to which the Adviser is a party or of which any of its property or
assets is the subject which are not described in the Prospectus, including ordinary routine
litigation incidental to the business, could not reasonably be expected to result in an
Adviser Material Adverse Effect.
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <U>Absence of Further Requirements</U>. (A)&nbsp;No filing with, or authorization,
approval, consent, license, order, registration, qualification or decree of, any court or
governmental authority or agency, domestic or foreign, and (B)&nbsp;no authorization, approval,
vote or other consent of any other person or entity, is necessary or required for the
performance by the Adviser of its obligations under this Agreement, the Advisory Agreement,
or the Accounting Agreement, except such as have been already obtained under the Securities
Act, the Investment Company Act, the rules and regulations of FINRA and the NYSE and such as
may be required under state securities laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <U>Possession of Permits</U>. The Adviser has such permits (as defined herein) as
are necessary to own its property and to conduct its business in the manner described in the
Prospectus; the Adviser has fulfilled and performed all its material obligations with
respect to such permits and no event has occurred which allows, or after notice or lapse of
time would allow, revocation or termination thereof or results in any other material
impairment of the rights of the Adviser under any such permit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <U>Adviser Compliance with Policies and Procedures</U>. The Adviser has adopted
and implemented written policies and procedures under Rule&nbsp;206(4)-7 of the Advisers Act
reasonably designed to prevent violation of the Advisers Act by the Adviser and its
supervised persons.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) <U>Absence of Manipulation</U>. The Adviser has not taken and will not take,
directly or indirectly, any action designed to or that would constitute or that might
reasonably be expected to cause or result in the stabilization or manipulation of the price
of any security to facilitate the sale or resale of the Placement Shares, and the Adviser is
not aware of any such action taken or to be taken by any affiliates of the Adviser, other
than such actions as taken by Jones pursuant to this Agreement, so long as such actions are
in compliance with all applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Certificates</U>. Any certificate signed by any authorized officer of the Fund or the
Adviser identified on <U>Schedule&nbsp;3</U> attached hereto, as such Schedule may be updated from time
to time pursuant to notice properly delivered to Jones pursuant to <U>Section&nbsp;12</U> of this
Agreement and delivered to the representatives or to counsel for Jones shall be deemed a
representation and warranty by the Fund or the Adviser, as the case may be, to Jones as to the
matters covered thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Covenants of the Fund and the Adviser</U>. The Fund and the Adviser, jointly and
severally, covenant and agree with Jones that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Fund will promptly advise Jones (i)&nbsp;when, during any period that a prospectus relating
to the offer or sale of Placement Shares is required to be delivered under the Securities Act, any
amendment to the Registration Statement affecting the Placement Shares shall have become effective,
(ii)&nbsp;of any request by the Commission for any amendment or supplement to the Registration Statement
or the Prospectus, or for any additional information, affecting or in respect of the Placement
Shares, (iii)&nbsp;of the issuance by the Commission of any order suspending the effectiveness of the
Registration Statement affecting the Placement Shares or the institution or threatening of any
proceeding for that purpose, and (iv)&nbsp;the receipt by the Fund of any notification with respect to
the suspension of the qualification of the Placement
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose. The Fund will not file any amendment to the Registration Statement affecting the
Placement Shares or any supplement to the Prospectus affecting the Placement Shares unless the Fund
has furnished Jones with a copy for its review prior to filing, and will not file any such proposed
amendment or supplement affecting the Placement Shares to which Jones reasonably objects, in any
event until after the end of the period during which a prospectus is required to be delivered to
purchasers of the Placement Shares under the Securities Act. Subject to the foregoing sentence,
the Fund will cause the Prospectus Supplement to be transmitted to the Commission for filing
pursuant to Rule&nbsp;497 under the Securities Act. The Fund will use its best efforts to prevent the
issuance of any order suspending the effectiveness of the Registration Statement affecting the
Placement Shares and, if issued, to obtain as soon as possible the withdrawal thereof. The Fund
will timely file the requisite copies of the Prospectus with the Commission pursuant to Rule 497(c)
or Rule 497(h) under the Securities Act, whichever is applicable or, if applicable, will timely
file the certification permitted by Rule 497(j) under the Securities Act and will advise Jones of
the time and manner of such filing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;During any period in which a Prospectus relating to the Placement Shares is required to be
delivered by Jones under the Securities Act with respect to a pending sale of the Placement Shares,
the Fund will comply so far as it is able with all requirements imposed upon it by the Securities
Act and the Investment Company Act, as from time to time in force, so far as necessary to permit
the continuance of sales of the Placement Shares during such period in accordance with the
provisions hereof and the Prospectus, and will file with the Commission and the NYSE all documents
pursuant to the Securities Act and the Investment Company Act in the manner and within the time
periods required by the Securities Act and the Investment Company Act. If during such period any
event occurs as a result of which the Prospectus as then amended or supplemented would include an
untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances then existing, not misleading, or if during
such period it is necessary to amend or supplement the Registration Statement or Prospectus to
comply with the Securities Act, the Fund will promptly notify Jones to suspend the offering of
Placement Shares during such period and the Fund will promptly amend or supplement the Registration
Statement or Prospectus so as to correct such statement or omission or effect such compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;During any period in which the Prospectus relating to the Placement Shares is required to
be delivered by Jones under the Securities Act with respect to a pending sale of the Placement
Shares, the Fund will use its best efforts to cause the Placement Shares to be listed on the NYSE
and to qualify, if necessary, the Placement Shares for sale under the securities laws of such
United States jurisdictions as Jones reasonably designates and to continue such qualifications in
effect so long as required for the distribution of the Placement Shares; <U>provided</U>,
<U>however</U>, that the Fund shall not be required in connection therewith to qualify as a
foreign corporation or dealer in securities, file a general consent to service of process in any
jurisdiction, or meet any other requirement in connection with this <U>Section&nbsp;7(c)</U> deemed by
the Fund to be unduly burdensome.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Fund will make generally available to its security holders as soon as practicable, but
in any event not later than 15&nbsp;months after the end of the Fund&#146;s current fiscal
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">quarter, an earnings statement covering a 12-month period that satisfies the provisions of
Section 11(a) of the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Fund agrees to pay all costs, fees and expenses incurred in connection with
performance of its obligations hereunder and in connection with the transactions contemplated under
this Agreement, including, without limitation, (i)&nbsp;all expenses incident to the issuance and
delivery of the Placement Shares (including all printing and engraving costs), (ii)&nbsp;all fees and
expenses of the registrar and transfer agent of the Shares, (iii)&nbsp;all necessary issue, transfer and
other stamp taxes in connection with the issuance and sale of the Placement Shares, (iv)&nbsp;all fees
and expenses of the Fund&#146;s counsel and the Fund&#146;s independent public or certified public
accountants and other advisors, (v)&nbsp;all costs and expenses incurred in connection with the
preparation, printing, filing, shipping and distribution of the Registration Statement (including
financial statements, exhibits, schedules, consents and certificates of experts) and the
Prospectus, and all amendments and supplements thereto and this Agreement, (vi)&nbsp;all filing fees,
distribution fees, attorneys&#146; fees and expenses incurred by the Fund in connection with qualifying
or registering (or obtaining exemptions from the qualification or registration of) all or any part
of the Placement Shares for offer and sale under the state securities or blue sky laws or any other
country, including, if requested by Jones, the preparation by counsel for Jones and printing of a
&#147;Blue Sky Survey,&#148; an &#147;International Blue Sky Survey&#148; or other memorandum, and any supplements
thereto, advising Jones of such qualifications, registrations and exemptions, (vii)&nbsp;the fees and
expenses associated with listing the Placement Shares on the NYSE, (viii)&nbsp;the filing fees incident
to the review by FINRA of the terms of the sale of the Placement Shares, and (ix)&nbsp;all other fees,
costs and expenses incident to the performance by the Fund of its obligations hereunder.
Notwithstanding anything to the contrary in this Agreement, the Fund shall reimburse Jones for
one-half of all fees and expenses of Jones&#146; counsel reasonably incurred in connection with the
transactions contemplated by this Agreement (the &#147;<U><B>Reimbursable Amounts</B></U>&#148;). Except with
respect to Reimbursable Amounts, the aggregate amount of any discount, commission, or other
compensation to be paid by the Fund to Jones in connection with Jones&#146; performance of its
obligations under this Agreement shall be as set forth on <U>Schedule&nbsp;2</U> attached hereto. The
Fund shall pay to Jones the Reimbursable Amounts in addition to such discount, commissions and
other compensation payable to Jones as contemplated by <U>Schedule&nbsp;2</U>. The Adviser agrees to
pay all costs, fees and expenses of its counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Fund will use the Net Proceeds as described in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;During either the pendency of any Placement Notice given hereunder, or any period in which
the Prospectus relating to the Placement Shares is required to be delivered by Jones, the Fund
shall provide Jones notice as promptly as reasonably possible before it offers to sell, contracts
to sell, sells, grants any option to sell or otherwise disposes of any Shares (other than Placement
Shares offered pursuant to the provisions of this Agreement) or securities convertible into or
exchangeable for Shares, warrants or any rights to purchase or acquire Shares; provided, that such
notice shall not be required in connection with the (i)&nbsp;issuance or sale of Shares, options to
purchase Shares issuable upon the exercise of options, (ii)&nbsp;the issuance or sale of Shares pursuant
to the Dividend Reinvestment Plan, or (iii)&nbsp;any Shares issuable upon conversion of securities or
the exercise of warrants, options or other rights in effect or outstanding.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The Fund will, at any time during the term of this Agreement, as supplemented from time to
time, advise Jones immediately after it shall have received notice or obtained knowledge thereof,
of any information or fact that would alter or affect in any material respect any opinion,
certificate, letter or other document required to be provided to Jones pursuant to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Fund will cooperate with any due diligence review conducted by Jones or its agents,
including, without limitation, providing information and making available documents and senior
corporate officers, as Jones may reasonably request; <U>provided</U>, <U>however</U>, that the
Fund shall be required to make available documents and senior corporate officers only (i)&nbsp;at the
Fund&#146;s principal offices and (ii)&nbsp;during the Fund&#146;s ordinary business hours. The parties
acknowledge that the due diligence review contemplated by this <U>Section&nbsp;7(i)</U> will include
during the term of this Agreement (i)&nbsp;a bring-down diligence conference among Jones and certain
officers of the Fund&#146;s operations or legal departments upon the issuance by the Fund of a Placement
Notice and (ii)&nbsp;a quarterly diligence conference to occur as promptly as practicable following the
Fund&#146;s filing of each of its annual and semi-annual reports on Form N-CSR and N-CSRS, respectively
(the &#147;<U><B>Reports</B></U>&#148;) and quarterly schedule of investments whereby the Fund will make its senior
corporate officers, including portfolio managers, available to address certain diligence inquiries
of Jones and will provide such additional information and documents as Jones may reasonably
request; provided, however that, notwithstanding anything to the contrary in this Section&nbsp;7(i), the
Fund&#146;s portfolio managers shall not be required to participate with respect to quarterly diligence
conferences to be held in connection with the filing of the Fund&#146;s quarterly schedule of
investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;The Fund agrees that on such dates as the Securities Act shall require, the Fund will (i)
file a Prospectus Supplement with the Commission under Rule&nbsp;497 under the Securities Act, which
Prospectus Supplement will set forth, within the relevant period, the amount of Placement Shares
sold through Jones, the Net Proceeds to the Fund and the compensation payable by the Fund to Jones
with respect to such Placement Shares, and (ii)&nbsp;deliver such number of copies of each such
Prospectus Supplement to each exchange or market on which such sales were effected as may be
required by the rules or regulations of such exchange or market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;During the term of this Agreement, each time the Fund (i)&nbsp;files the Prospectus relating to
the Placement Shares, (ii)&nbsp;amends or supplements the Registration Statement or the Prospectus
relating to the Placement Shares by means of a post-effective amendment or supplement or (iii)
files a Report (to the extent not already covered by subsection (ii)&nbsp;of this Section&nbsp;7(k)), each of
the Fund and the Adviser shall furnish Jones with a certificate, in the form attached hereto as
<U>Exhibit&nbsp;7(k)(1)</U>. (Each date contemplated in subsections (i), (ii)&nbsp;and (iii)&nbsp;of this
Section 7(k) is referred to herein as the <B>&#147;</B><U><B>Representation Date.</B></U><B>&#148;</B>) With respect to
post-effective amendments to the Registration Statement contemplated by this Section&nbsp;7(k), if the
Fund is not otherwise permitted to rely on Rule&nbsp;486 (b)&nbsp;regarding the effective date of a
post-effective amendment, the Representation Date shall be the date the Commission declares such
amendment effective and all Representation Date deliveries relating thereto which are required by
Section&nbsp;7 shall be delivered on or as promptly as practicable following the date of effectiveness
of such amendment. If the Fund is permitted to rely on Rule 486(b) in connection with the filing
of a post-effective amendment, then the Representation Date shall be the date such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">post-effective amendment is filed with the Commission. In the event the Fund is not permitted
to rely on Rule 486(b) regarding the effective date of a post-effective amendment, then upon the
filing of a post-effective amendment to the Registration Statement with the Commission which filing
is deemed a Representation Date under this Section&nbsp;7(k), the Fund shall cause to be furnished to
Jones (i)&nbsp;the opinion of Fund Counsel contemplated pursuant to Section 7(l) below and (ii)&nbsp;to the
extent such post-effective amendment includes additional, amended or revised financial information,
the certificate in the form attached hereto as <U>Exhibit&nbsp;7(k)(2)</U>, certifying that the
information contained in the items referenced in such certificate, which information shall be
limited to financial information that is not covered by a prior Comfort Letter or CFO Certificate
(as defined below) delivered pursuant to <U>Section&nbsp;7(n)</U>, is correct, complete and accurate in
all material respects. The deliveries required in the immediately preceding sentence shall be
required only to the extent the Prospectus is still current under Section&nbsp;10(a)(3) of the
Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Except as otherwise provided in the last sentence of this Section&nbsp;7(l), on the date hereof
and thereafter as of each Representation Date, the Fund shall cause to be furnished to Jones with a
written opinion of K&#038;L Gates LLP (the <B>&#147;</B><U><B>Fund Counsel</B></U><B>&#148;</B>)<B>, </B>dated the Representation Date, in
substantially the form attached hereto as <U>Exhibit&nbsp;7(l)(1)</U> (for the filing of the initial
Prospectus relating to the Placement Shares), and <U>Exhibit&nbsp;7(l)(2)</U> (for subsequent dates),
but modified, as necessary, to relate to the Registration Statement and the Prospectus as then
amended or supplemented; <U>provided</U>, <U>however</U>, that in lieu of such opinion, counsel
may furnish Jones with a letter to the effect that Jones may rely on a prior opinion delivered
under this <U>Section&nbsp;7(l)</U> to the same extent as if it were dated the date of such letter
(except that statements in such prior opinion shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented at such Representation Date). Insofar as
any opinion of Fund Counsel relates to or is dependent upon matters governed by Delaware law, Fund
Counsel will be permitted to rely on the opinion of Morris, Nichols, Arsht &#038; Tunnell LLP. In the
event that a Representation Date is triggered by the filing of the Fund&#146;s semi-annual report, only
the opinion identified in <U>Exhibit&nbsp;7(l)(2)</U> shall be required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;Except as otherwise provided in the last sentence of this Section&nbsp;7(m), on the date hereof
and thereafter as of each Representation Date, the Adviser shall cause to be furnished to Jones
with a written opinion of Vedder Price P.C. or another law firm or attorney employed by the
Adviser, who is reasonably acceptable to Jones (the <B>&#147;</B><U><B>Adviser Counsel</B></U><B>&#148;</B>), dated the
Representation Date, in substantially the form attached hereto as <U>Exhibit&nbsp;7(m)(1)</U> (for the
filing of the initial Prospectus relating to the Placement Shares), but modified, as necessary, to
relate to the Registration Statement and the Prospectus as then amended or supplemented;
<U>provided</U>, <U>however</U>, that in lieu of such opinion, counsel may furnish Jones with a
letter to the effect that Jones may rely on a prior opinion delivered under this <U>Section
7(m)</U> to the same extent as if it were dated the date of such letter (except that statements in
such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as
amended or supplemented at such Representation Date). In the event that a Representation Date is
triggered by the filing of the Fund&#146;s semi-annual report, no opinion identified in this <U>Section
7(m)</U> shall be required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;On the date hereof and thereafter as of each Representation Date, or any period in which
the Prospectus relating to the Placement Shares is required to be delivered by Jones, each time
that the Registration Statement is amended or the Prospectus supplemented to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">include additional audited amended financial information the Fund shall cause its independent
accountants to furnish Jones letters (the <B>&#147;</B><U><B>Comfort Letters</B></U><B>&#148;</B>), dated the date of each
Representation Date, in form and substance satisfactory to Jones, (i)&nbsp;confirming that they are
independent public accountants within the meaning of the Securities Act and are in compliance with
the applicable requirements relating to the qualification of accountants under Rule&nbsp;2-01 of
Regulation&nbsp;S-X of the Commission, (ii)&nbsp;stating, as of such date, the conclusions and findings of
such firm with respect to the financial information and other matters ordinarily covered by
accountants&#146; &#147;comfort letters&#148; to underwriters in connection with registered public offerings (the
first such letter, the <B>&#147;</B><U><B>Initial Comfort Letter</B></U><B>&#148;</B>) and (iii)&nbsp;updating the Initial Comfort
Letter with any information that would have been included in the Initial Comfort Letter had it been
given on such date and modified as necessary to relate to the Registration Statement and the
Prospectus, as amended and supplemented to the date of such letter, provided, however, that no
Comfort Letter is required to be delivered in connection with the filing of the Fund&#146;s semi-annual
report. Upon a Representation Date triggered by the filing of a semi-annual report, the Fund agrees
to furnish to Jones a certificate of its Chief Financial Officer or Treasurer in substantially the
form attached hereto as Exhibit 7(n) (the &#147;<U><B>CFO Certificate</B></U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;On the date hereof and thereafter as of each Representation Date, each of the Fund and the
Adviser shall furnish Jones with a certificate of its respective Secretary, in substantially the
form attached hereto as Exhibit&nbsp;7(o).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;Each Placement Notice issued by the Fund to Jones shall be deemed to be an affirmation
that the representations and warranties made by it in this Agreement are true and correct in all
material respects at the time such Placement Notice is issued, and that the Fund has complied in
all material respects with all of the agreements to be performed by it hereunder at or prior to
such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;The Fund (including its agents and representatives, other than Jones in its capacity as
such) will not make, use, prepare, authorize, approve or refer to any written communication (as
defined in Rule&nbsp;405 under the Act), required to be filed with the Commission, that constitutes an
offer to sell or solicitation of an offer to buy Placement Shares hereunder, except by means of the
Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;The Fund will comply with all requirements imposed upon it by the Securities Act, the
Exchange Act and the Investment Company Act as from time to time in force, so far as necessary to
permit the continuance of sales of, or dealings in, the Placement Shares as contemplated by the
provisions hereof and the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;Without the written consent of Jones, the Fund will not, directly or indirectly, offer to
sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Shares (other
than the Placement Shares offered pursuant to the provisions of this Agreement) or securities
convertible into or exchangeable for Shares, warrants or any rights to purchase or acquire, Shares
during the period beginning on the fifth (5<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) Trading Day immediately prior to the date
on which any Placement Notice is delivered to Jones hereunder and ending on the fifth
(5<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) Trading Day immediately following the final Settlement Date with respect to
Placement Shares sold pursuant to such Placement Notice; the Fund will not directly or indirectly
in any other &#147;at-the-market&#148; or continuous equity transaction offer to sell, sell, contract to
sell, grant any option to sell or otherwise dispose of any Shares of (other than the Placement
Shares offered
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pursuant to the provisions of this Agreement) or securities convertible into or exchangeable
for Shares, warrants or any rights to purchase or acquire, Shares prior to the tenth
(10<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) Trading Day immediately following the final Settlement Date with respect to
Placement Shares sold pursuant to such Placement Notice; <U><B>provided</B></U>, <U><B>however</B></U>, that
such restrictions will not be required in connection with the Fund&#146;s issuance or sale of Shares
pursuant to (i)&nbsp;the Dividend Reinvestment Plan, and (ii)&nbsp;conversion of securities or the exercise
of warrants, options or other rights in effect or outstanding as of the date of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;The Fund will furnish to Jones and its counsel (at the expense of the Fund) copies of the
Registration Statement, the Prospectus and all amendments and supplements to the Registration
Statement or Prospectus relating to the registration and issuance of the Placement Shares pursuant
to this Agreement that are filed with the Commission during the period in which a prospectus
relating to the Placement Shares is required to be delivered under the Securities Act, in each case
as soon as reasonably practicable and in such quantities as Jones may from time to time reasonably
request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;Each of the Fund and the Adviser acknowledges and agrees that Jones has informed the Fund
that Jones may, to the extent permitted under the Securities Act, Exchange Act and the Investment
Company Act, purchase and sell Placement Shares for its own account at the same time as Placement
Shares are being sold by the Fund pursuant to this Agreement, provided that (i)&nbsp;the Fund shall not
be deemed to have authorized or consented to any such purchases or sales by Jones and (ii)&nbsp;no such
purchases or sales shall take place while a Placement Notice is in effect (except to the extent
Jones may engage in sales of Placement Shares (i)&nbsp;purchased or deemed purchased from the Fund as a
&#147;riskless principal&#148; or in a similar capacity or (ii)&nbsp;with respect to errors that cause Jones to
take an unplanned principal positions).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;The Fund will not, directly or indirectly, (i)&nbsp;take any action designed to cause or result
in, or that constitutes or might reasonably be expected to constitute, the stabilization or
manipulation of the price of any security of the Fund to facilitate the sale or resale of the
Placement Shares or (ii)&nbsp;sell, bid for, or purchase the Placement Shares, or pay anyone any
compensation for soliciting purchases of the Placement Shares other than Jones; <U><B>provided</B></U>,
<U><B>however</B></U>, the Fund may issue and sell Shares pursuant to the Dividend Reinvestment Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;The Fund and the Adviser will furnish to Jones for a period of two years from the date of
this Agreement such information as reasonably requested by Jones regarding the Fund or the Adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Conditions to Jones&#146; Obligations</U>. The obligations of Jones hereunder with respect
to a Placement will be subject to the continuing accuracy and completeness of the representations
and warranties made by the Fund and the Adviser herein, to the due performance by the Fund and the
Adviser of their respective obligations hereunder, to the completion by Jones of a due diligence
review satisfactory to Jones in its reasonable judgment, and to the continuing satisfaction (or
waiver by Jones in its sole discretion) of the following additional conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Registration Statement shall have become effective and shall be available for the sale
of (i)&nbsp;all Placement Shares issued pursuant to all prior Placements and not
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">yet sold by Jones and (ii)&nbsp;all Placement Shares contemplated to be issued by the Placement
Notice relating to such Placement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the
Fund of any request for additional information from the Commission or any other federal or state
governmental authority during the period of effectiveness of the Registration Statement, the
response to which would require any amendments or supplements to the Registration Statement or the
Prospectus relating to or affecting the Placement Shares; (ii)&nbsp;the issuance by the Commission or
any other federal or state governmental authority of any stop order suspending the effectiveness of
the Registration Statement or the initiation of any proceedings for that purpose, including any
notice objecting to the use of the Registration Statement or order pursuant to <U>Section&nbsp;8(e)</U>
of the Investment Company Act having been issued and proceedings therefor initiated, or to the
knowledge of the Fund, threatened by the Commission; (iii)&nbsp;receipt by the Fund of any notification
with respect to the suspension of the qualification or exemption from qualification of any of the
Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; (iv)&nbsp;the occurrence of any event that makes any statement made in the
Registration Statement or the Prospectus untrue in any material respect or that requires the making
of any changes in the Registration Statement or Prospectus so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not
misleading and, that in the case of the Prospectus, it will not contain any untrue statement of a
material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading; and (v)&nbsp;the Fund&#146;s reasonable determination that a post-effective amendment to the
Registration Statement would be appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Jones shall not have advised the Fund that the Registration Statement or Prospectus, or
any amendment or supplement thereto, contains an untrue statement of a material fact regarding
Jones that in Jones&#146; opinion is material, or omits to state a fact regarding Jones that in Jones&#146;
opinion is material and is required to be stated therein or is necessary to make the statements
therein, in light of the circumstances under which it was made, not misleading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Except as contemplated or disclosed in the Prospectus, there shall not have been any
material change, on a consolidated basis, in the authorized capital stock of the Fund or any Fund
Material Adverse Effect or Adviser Material Adverse Effect, or any development that may reasonably
be expected to cause a Fund Material Adverse Effect or Adviser Material Adverse Effect, or a
downgrading in or withdrawal of the rating assigned to any of the Fund&#146;s securities by any rating
organization or a public announcement by any rating organization that it has under surveillance or
review its rating of any of the Fund&#146;s securities, the effect of which, in the case of any such
action by a rating organization described above, in the sole judgment of Jones (without relieving
the Fund of any obligation or liability it may otherwise have), is so material as to make it
impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and
in the manner contemplated in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Jones shall have received the opinion of Fund Counsel required to be delivered pursuant to
<U>Section&nbsp;7(l)</U> on or before the date on which such delivery of such opinion is required
pursuant to <U>Section&nbsp;7(l)</U>.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Jones shall have received the opinion of Adviser Counsel required to be delivered pursuant
to <U>Section&nbsp;7(m)</U> on or before the date on which such delivery of such opinion is required
pursuant to <U>Section&nbsp;7(m)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Jones shall have received the Comfort Letter or CFO Certificate, as applicable, required
to be delivered pursuant to <U>Section&nbsp;7(n)</U> on or before the date on which such delivery of
such letter or CFO Certificate is required pursuant to <U>Section&nbsp;7(n)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Jones shall have received the certificates required to be delivered pursuant to
<U>Section&nbsp;7(k)</U> and Section 7(o) on or before the date on which delivery of such certificate
is required pursuant to <U>Section&nbsp;7(k)</U> and <U>Section&nbsp;7(o)</U>, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Trading in the Shares shall not have been suspended on the NYSE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;On each date on which the Fund is required to deliver a certificate pursuant to
<U>Section&nbsp;7(k)</U>, the Fund shall have furnished to Jones such appropriate further information,
certificates and documents as Jones may reasonably request. All such opinions, certificates,
letters and other documents will be in compliance with the provisions hereof. The Fund will furnish
Jones with such conformed copies of such opinions, certificates, letters and other documents as
Jones shall reasonably request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;All filings with the Commission required by Rule&nbsp;497 under the Securities Act to have been
filed prior to the giving of any Placement Notice hereunder shall have been made within the
applicable time period prescribed for such filing by Rule&nbsp;497.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;The Placement Shares shall have been approved for listing on the NYSE, subject only to
notice of issuance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;There shall not have occurred any event that would permit Jones to terminate this
Agreement pursuant to <U>Section&nbsp;11(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;Prior to the date hereof, FINRA shall have confirmed that it has no objection with respect
to the fairness and reasonableness of the placement terms and arrangements set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Indemnification and Contribution</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Indemnification by the Fund and the Adviser</U>. The Fund and the Adviser, jointly and
severally, agree to indemnify and hold harmless Jones, its directors, members, officers and each
person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or
Section&nbsp;20 of the Exchange Act as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, arising out of any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement (or any amendment thereto) including any information
deemed to be a part thereof pursuant to Rule&nbsp;430A or Rule&nbsp;497 under the Securities Act, or
the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein not misleading, or arising out of any untrue
statement or alleged untrue statement of a material fact included in any
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">sales material, any Prospectus (or any amendment or supplement thereto), or the
omission or alleged omission therefrom of a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not
misleading;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or
of any claim whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission; provided that (subject to <U>Section&nbsp;9(e)</U> below)
any such settlement is effected with the written consent of the Fund and the Adviser; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) against any and all expense whatsoever, as incurred (including the fees and
disbursements of counsel chosen by Jones), reasonably incurred in investigating, preparing
or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue
statement or omission, or any such alleged untrue statement or omission, to the extent that
any such expense is not paid under (1)&nbsp;or (2)&nbsp;above,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>provided</U>, <U>however</U>, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with written
information furnished to the Fund or the Adviser by Jones expressly for use in the Registration
Statement (or any amendment thereto), any sales material, or in any Prospectus (or any amendment or
supplement thereto).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Indemnification by Jones</U>. Jones agrees to indemnify and hold harmless each of the
Fund and the Adviser, each of their directors, trustees, members, each of their officers who signed
the Registration Statement, and each person, if any, who controls the Fund or the Adviser within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act against any and
all loss, liability, claim, damage and expense described in the indemnity contained in subsection
<U>(a)</U> of this <U>Section&nbsp;9</U>, as incurred, but only with respect to (i)&nbsp;any failure by
Jones to comply with the prospectus delivery requirements applicable to the Placement Shares; and
(ii)&nbsp;untrue statements or omissions, or alleged untrue statements or omissions, made in the
Registration Statement (or any amendment thereto), any sales material, or any Prospectus (or any
amendment or supplement thereto) in reliance upon and in conformity with written information
furnished to the Fund or the Adviser by Jones expressly for use in the Registration Statement (or
any amendment thereto), any sales material, or any Prospectus (or any amendment or supplement
thereto). The Fund and the Adviser acknowledge that Jones has not furnished any information to the
Fund for inclusion in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Actions against Parties; Notification</U>. Each indemnified party shall give notice as
promptly as reasonably practicable to each indemnifying party of any action commenced against it in
respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party
shall not relieve such indemnifying party from any liability hereunder to the extent it is not
materially prejudiced as a result thereof and in any event shall not relieve it from any liability
which it may have otherwise than on account of this indemnity agreement. Counsel to the indemnified
parties shall be selected as follows: counsel to Jones, its
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">directors, members, officers, and each person, if any, who controls Jones within the meaning
of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall be selected by Jones;
counsel to the Fund, its directors, trustees, members, each of its officers who signed the
Registration Statement and each person, if any, who controls the Fund within the meaning of Section
15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall be selected by the Fund; and
counsel to the Adviser and each person, if any, who controls such Adviser within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall be selected by such
Adviser. An indemnifying party may participate at its own expense in the defense of any such
action; <U>provided</U>, <U>however</U>, that counsel to the indemnifying party shall not (except
with the consent of the indemnified party) also be counsel to the indemnified party. In no event
shall the indemnifying parties be liable for the fees and expenses of more than one counsel (in
addition to any local counsel) separate from their own counsel for Jones and each person, if any,
who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the
Exchange Act, the fees and expenses of more than one counsel (in addition to any local counsel)
separate from their own counsel for the Fund, each of their directors, trustees, members, each of
its officers who signed the Registration Statement and each person, if any, who controls the Fund
within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, the fees
and expenses of more than one counsel (in addition to any local counsel) separate from their own
counsel for the Adviser, and the fees and expenses of more than one counsel, in each case in
connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. No indemnifying party shall, without
the prior written consent of the indemnified parties, settle or compromise or consent to the entry
of any judgment with respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this <U>Section&nbsp;9</U> hereof (whether or not
the indemnified parties are actual or potential parties thereto), unless such settlement,
compromise or consent (i)&nbsp;includes an unconditional release of each indemnified party from all
liability arising out of such litigation, investigation, proceeding or claim and (ii)&nbsp;does not
include a statement as to or an admission of fault, culpability or a failure to act by or on behalf
of any indemnified party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Settlement Without Consent if Failure to Reimburse</U>. If at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of
the nature contemplated by <U>Section&nbsp;9(a)(2)</U> effected without its written consent if (i)&nbsp;such
settlement is entered into more than 45&nbsp;days after receipt by such indemnifying party of the
aforesaid request, (ii)&nbsp;such indemnifying party shall have received notice of the terms of such
settlement at least 30&nbsp;days prior to such settlement being entered into and (iii)&nbsp;such indemnifying
party shall not have reimbursed such indemnified party in accordance with such request prior to the
date of such settlement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Other Agreements with Respect to Indemnification and Contribution</U>. The provisions
of this <U>Section&nbsp;9</U> hereof shall not affect any agreements among the Fund and the Adviser
with respect to indemnification of each other or contribution between themselves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Contribution</U>.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the indemnification provided for in this <U>Section&nbsp;9</U> hereof is for any
reason unavailable to or insufficient to hold harmless an indemnified party in respect of
any losses, liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses, liabilities,
claims, damages and expenses incurred by such indemnified party, as incurred, (i)&nbsp;in such
proportion as is appropriate to reflect the relative benefits received by the Fund and the
Adviser on the one hand and Jones on the other hand from the offering of the Placement
Shares pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Fund
and the Adviser on the one hand and of Jones on the other hand in connection with the
statements or omissions which resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The relative benefits received by the Fund and the Adviser on the one hand and
Jones on the other hand in connection with the offering of the Placement Shares pursuant to
this Agreement shall be deemed to be in the same respective proportions as the Net Proceeds
from the offering of the Placement Shares pursuant to this Agreement (before deducting
expenses) received by the Fund and the Adviser and the total discounts and commissions
received by Jones, in each case as set forth on the cover of the Prospectus, bear to the
aggregate initial public offering price of the Placement Shares as set forth on such cover.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The relative fault of the Fund and the Adviser on the one hand and Jones on the
other hand shall be determined by reference to, among other things, whether any such untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied by the Fund, by the Adviser or by Jones and
the parties&#146; relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Fund, the Adviser and Jones agree that it would not be just and equitable if
contribution pursuant to this <U>Section&nbsp;9(f)</U> were determined by pro rata allocation
(even if Jones were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred to above in
this <U>Section&nbsp;9(f)</U>. The aggregate amount of losses, liabilities, claims, damages and
expenses incurred by an indemnified party and referred to above in this <U>Section&nbsp;9(f)</U>
shall be deemed to include any legal or other expenses reasonably incurred by such
indemnified party in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever based upon any such untrue or alleged untrue statement or omission or
alleged omission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Notwithstanding the provisions of this <U>Section&nbsp;9(f)</U>, Jones shall not be
required to contribute any amount in excess of the amount by which the total price of the
Placement Shares actually distributed by Jones exceeds the amount of any damages that Jones
has otherwise been required to pay by reason of any such untrue or alleged untrue statement
or omission or alleged omission.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For purposes of this <U>Section&nbsp;9(f)</U>, each person, if any, who controls Jones
within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act
shall have the same rights to contributions as Jones, and each person who controls the Fund
or the Adviser within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the
Exchange Act, each officer of the Fund and the Adviser and each trustee, director or member
of the Fund and the Adviser shall have the same rights to contribution as the Fund and the
Adviser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The indemnity and contribution agreements contained in this <U>Section&nbsp;9</U> and the
representation and warranties of the Fund and Adviser set forth in this Agreement shall remain
operative and in full force and effect, regardless of (i)&nbsp;any investigation made by or on behalf of
Jones, its partners, officers or employees, or any person controlling Jones, within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and or by or on behalf of the
Fund and/or the Adviser, its directors and officers or any person who controls the Fund and/or the
Adviser within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act,
(ii)&nbsp;delivery and acceptance of the Placement Shares and payment therefor, or (iii)&nbsp;any termination
of this Agreement. A successor to Jones or to the Fund or the Adviser, its respective directors or
officers, or any person controlling the Fund or the Adviser, shall be entitled to the benefits of
the indemnity, contribution and reimbursement agreements contained in this <U>Section&nbsp;9</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Representations and Agreements to Survive Delivery</U>. All representations and
warranties of the Fund and the Adviser herein or in certificates delivered pursuant hereto shall
survive, as of their respective dates, regardless of (i)&nbsp;any investigation made by or on behalf of
Jones, any controlling persons, or the Fund and/or the Adviser (or any of their respective
officers, directors or controlling persons), (ii)&nbsp;delivery and acceptance of the Placement Shares
and payment therefor or (iii)&nbsp;any termination of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Termination</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Jones shall have the right by giving notice as hereinafter specified at any time to
terminate this Agreement if (i)&nbsp;any Fund Material Adverse Effect or Adviser Material Adverse
Effect, has occurred which, in the reasonable judgment of Jones, may materially impair the
investment quality of the Placement Shares, (ii)&nbsp;the Fund or the Adviser shall have failed, refused
or been unable to perform any agreement on its part to be performed hereunder; <U>provided</U>,
<U>however</U>, in the case of any failure of the Fund or the Adviser to deliver (or cause another
person to deliver) any certification, opinion, or letter required under <U>Sections&nbsp;7(k)</U>,
<U>7(l)</U>, <U>7(m)</U>, or <U>7(n)</U> Jones&#146;s right to terminate shall not arise unless such
failure to deliver (or cause to be delivered) continues for more than thirty (30)&nbsp;days from the
date of such Representation Date pursuant to which such delivery was required; <U>provided</U>,
<U>further</U>, <U>that</U>, Jones shall have the right to suspend its obligations hereunder,
regardless of whether a Placement Notice is pending, beginning on the sixth (6<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>) day
after the date of any Representation Date if any certification, opinion, or letter referenced in
the foregoing proviso has not yet been (or caused to be) delivered; (iii)&nbsp;any other condition of
Jones&#146;s obligations hereunder is not fulfilled, or (iv)&nbsp;any suspension
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or limitation of trading in the Placement Shares or in securities generally on the NYSE shall
have occurred. Any such termination shall be without liability of any party to any other party
except that the provisions of <U>Section&nbsp;7(e)</U>, <U>Section&nbsp;9</U>, <U>Section&nbsp;10</U>,
<U>Section&nbsp;15</U>, <U>Section&nbsp;17</U> and <U>Section&nbsp;19</U> hereof shall remain in full force and
effect notwithstanding such termination. If Jones elects to terminate this Agreement as provided
in this <U>Section&nbsp;11</U>, Jones shall provide the required notice as specified herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Fund shall have the right, by giving notice as hereinafter specified to terminate this
Agreement in its sole discretion at any time. Any such termination shall be without liability of
any party to any other party except that the provisions of <U>Section&nbsp;7(e)</U>, <U>Section&nbsp;9</U>,
<U>Section&nbsp;10</U>, <U>Section&nbsp;15</U>, <U>Section&nbsp;17</U> and <U>Section&nbsp;19</U> hereof shall
remain in full force and effect notwithstanding such termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Jones shall have the right, by giving notice as hereinafter specified to terminate this
Agreement in its sole discretion at any time following the period of twelve (12)&nbsp;months after the
date of this Agreement. Any such termination shall be without liability of any party to any other
party except that the provisions of <U>Section&nbsp;7(e)</U>, <U>Section&nbsp;9</U>, <U>Section&nbsp;10</U>,
<U>Section&nbsp;15</U>, <U>Section&nbsp;17</U> and <U>Section&nbsp;19</U> hereof shall remain in full force and
effect notwithstanding such termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;This Agreement shall remain in full force and effect unless terminated pursuant to
<U>Sections&nbsp;11(a)</U>, <U>(b)</U> or <U>(c)</U> above or otherwise by mutual agreement of the
parties; <U>provided</U>, <U>however</U>, that any such termination by mutual agreement shall in
all cases be deemed to provide that <U>Section&nbsp;7(e)</U>, <U>Section&nbsp;9</U>, <U>Section&nbsp;10</U>,
<U>Section&nbsp;15</U>, <U>Section&nbsp;17</U> and <U>Section&nbsp;19</U> shall remain in full force and
effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Except as otherwise provided in <U>Sections&nbsp;11(b)</U> and <U>11(c)</U>, any termination
of this Agreement shall be effective on the date specified in such notice of termination;
<U>provided</U>, <U>however</U>, that such termination shall not be effective until the close of
business on the date of receipt of such notice by Jones or the Fund or Adviser, as the case may be.
If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such
Placement Shares shall settle in accordance with the provisions of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Upon termination of this Agreement in accordance with <U>Sections&nbsp;11(a)</U>,
<U>11(b)</U> or <U>11(c)</U>, Jones shall not be entitled to reimbursement for its out-of-pocket
expenses except to the extent otherwise agreed by the parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Notices</U>. All notices or other communications required or permitted to be given by
any party to any other party pursuant to the terms of this Agreement shall be in writing and if
sent to Jones, shall be delivered to Jones at JonesTrading Institutional Services LLC, 32133
Lindero Canyon Road, Suite&nbsp;208, Westlake Village, California 91361, fax no. (781)&nbsp;416-2899,
Attention: General Counsel, and Troutman Sanders LLP, 1001 Haxall Point, Richmond, Virginia 23218,
fax no. (804)&nbsp;698-5196, Attention: David M. Carter; or if sent to the Fund or the Adviser, shall be
delivered to Calamos Advisors LLC, 2020 Calamos Court, Naperville, Illinois 60563, Attention:
General Counsel, fax no.: (630)&nbsp;245-6343, with a copy to K&#038;L Gates LLP, 1601 K Street NW,
Washington, DC 20006, Attention: Eric S. Purple, telephone (202)&nbsp;778-9220 fax: (202)&nbsp;788-9100.
Each party to this Agreement may change such address for notices by sending to the parties to this
Agreement written notice of a new address for such purpose. Each such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">notice or other communication shall be deemed given (i)&nbsp;when delivered personally or by
verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York
City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business
Day, (ii)&nbsp;on the next Business Day after timely delivery to a nationally-recognized overnight
courier and (iii)&nbsp;on the Business Day actually received if deposited in the U.S. mail (certified or
registered mail, return receipt requested, postage prepaid). For purposes of this Agreement,
&#147;<U><B>Business Day</B></U>&#148; shall mean any day on which the NYSE and commercial banks in the City of New
York are open for business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Successors</U>. This Agreement shall inure to the benefit of and be binding upon
Jones, the Fund and the Adviser and their respective successors. Nothing expressed or mentioned in
this Agreement is intended or shall be construed to give any person, firm or corporation, other
than Jones, the Fund and the Adviser and their respective successors and the controlling persons
and directors, officers, members and trustees referred to in <U>Section&nbsp;9</U> and their heirs and
legal representatives, any legal or equitable right, remedy or claim under or in respect of this
Agreement or any provision herein contained. This Agreement and all conditions and provisions
hereof are intended to be for the sole and exclusive benefit of Jones, the Fund and the Adviser and
their respective successors, and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm or corporation. No
purchaser of Placement Shares from Jones shall be deemed to be a successor by reason merely of such
purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>Partial Unenforceability</U>. The invalidity or unenforceability of any Section,
paragraph or provision of this Agreement shall not affect the validity or enforceability of any
other Section, paragraph or provision hereof. If any Section, paragraph or provision of this
Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be
made such minor changes (and only such minor changes) as are necessary to make it valid and
enforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<U>Governing Law Provisions</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Governing Law</U>. This Agreement shall be governed by and construed in accordance
with the internal laws of the state of New York applicable to agreements made and to be performed
in such state.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Consent to Jurisdiction</U>. Any legal suit, action or proceeding arising out of or
based upon this Agreement or the transactions contemplated hereby may be instituted in the federal
or state courts of the United States of America located in the Southern District of New York and
borough of Manhattan (collectively, the &#147;<U><B>Specified Courts</B></U>&#148;), and each party irrevocably
submits to the exclusive jurisdiction (except for proceedings instituted in regard to the
enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive) of
such courts in any such suit, action or proceeding. Service of any process, summons, notice or
document by mail to such party&#146;s address set forth above shall be effective service of process for
any suit, action or other proceeding brought in any such court. The parties irrevocably and
unconditionally waive any objection to the laying of venue of any suit, action or other proceeding
in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim
in any such court that any such suit, action or other proceeding brought in any such court has been
brought in an inconvenient forum.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;<U>General Provisions</U>. This Agreement constitutes the entire agreement of the
parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral
agreements, understandings and negotiations with respect to the subject matter hereof. This
Agreement may be executed in two or more counterparts, each one of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. This
Agreement may not be amended or modified unless in writing by all of the parties hereto, and no
condition herein (express or implied) may be waived unless waived in writing by each party whom the
condition is meant to benefit. The Section headings, titled and captions herein are for the
convenience of the parties only and shall not affect the construction or interpretation of this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;<U>Waiver of Jury Trial</U>. The Fund, the Adviser and Jones each hereby irrevocably
waives any right it may have to a trial by jury in respect of any claim based upon or arising out
of this Agreement or any transaction contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;<U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all share
related numbers contained in this Agreement shall be adjusted to take into account any stock split,
stock dividend or similar event effected with respect to the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;<U>Absence of Fiduciary Relationship</U>. Each of the Fund and the Adviser acknowledges
and agrees that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Jones is acting solely as a placement agent in connection with the public offering of the
Placement Shares and no fiduciary, advisory or agency relationship between the Fund or the Adviser,
on the one hand, and Jones, on the other hand, has been or will be created in respect of any of the
transactions contemplated by this Agreement, irrespective of whether or not Jones has advised or is
advising the Fund or the Adviser on other matters and Jones has no obligations to the Fund or the
Adviser with respect to the transactions contemplated by this Agreement except the obligations
expressly set forth in this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the public offering price of the Placement Shares and the commission, discount or other
compensation received by Jones in connection with the offering of the Placement Shares set forth in
this Agreement were established by the Fund following discussions and arms-length negotiations with
the Representatives;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;it is capable of evaluating and understanding, and understands and accepts, the terms,
risks and conditions of the transactions contemplated by this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;in connection with each transaction contemplated by this Agreement and the process leading
to such transactions, Jones is and has been acting solely as principal and not as fiduciary,
advisor or agent of the Fund or the Adviser or any of their respective affiliates;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Jones has not provided any legal, accounting, regulatory or tax advice to the Fund or the
Adviser with respect to the transactions contemplated by this Agreement and it has consulted its
own legal, accounting, regulatory and tax advisers to the extent it has deemed appropriate; it is
aware that Jones and its affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Fund and the Adviser, and Jones has no
</DIV>

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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">obligation to disclose such interests and transactions to the Fund or the Adviser by virtue of
any fiduciary, advisory or agency relationship; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;it waives, to the fullest extent permitted by law, any claims it may have against Jones
for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that Jones shall not
have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of
such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or on
behalf of the Fund or the Adviser.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;Remainder of Page Intentionally Blank&#093;</B>
</DIV>








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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing correctly sets forth the understanding between the Fund, the Adviser and
Jones, please so indicate in the space provided below for that purpose, whereupon this letter shall
constitute a binding agreement between the Fund, the Adviser and Jones.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Very truly yours,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>CALAMOS GLOBAL TOTAL RETURN FUND</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Nimish S. Bhatt</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Nimish S. Bhatt
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>CALAMOS ADVISORS LLC</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ James J. Boyne</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James J. Boyne
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Distributions and Operations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>ACCEPTED as of the date</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>first-above written:</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>JONESTRADING INSTITUTIONAL SERVICES LLC</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Alan F. Hill</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Alan F. Hill
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE 1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>FORM OF PLACEMENT NOTICE</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">From:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">To:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Subject:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Capital On Demand &#151; Placement Notice</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the terms and subject to the conditions contained in the Capital On Demand&#153; Sales
Agreement among Calamos Global Total Return Fund (the &#147;<U>Fund</U>&#148;), Calamos Advisors LLC (the
&#147;<U>Adviser</U>&#148;) and JonesTrading Institutional Services LLC (&#147;<U>Jones</U>&#148;) dated September
30, 2011 (the &#147;<U>Agreement</U>&#148;), I hereby request on behalf of the Fund that Jones sell up to
&#95;&#95;&#95;&#95;&#95;&#95; shares of the Fund&#146;s common shares of beneficial interest, no par value per share, at a
minimum market price of $&#95;&#95;&#95;&#95;&#95;&#95;&#95; per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The time period during which sales are requested to be made shall be &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;No more than &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; shares may be sold in any one trading day.&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ADDITIONAL SALES PARAMETERS MAY BE ADDED, SUCH AS SPECIFIC DATES THE SHARES MAY NOT BE SOLD ON, THE
MANNER IN WHICH SALES ARE TO BE MADE BY JONES, AND/OR THE CAPACITY IN WHICH JONES MAY ACT IN
SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH).
</DIV>




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

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE 2</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amount of any discount, commission or other compensation (other than the Reimbursable Amounts)
to be paid by the Fund to Jones shall range between 100 and 250 basis points of the gross proceeds
with respect to sales actually effected by Jones, with the exact amount of such discount,
commission or other compensation to be mutually agreed upon by the parties from time to time.
</DIV>





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

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE 3</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>JONESTRADING INSTITUTIONAL SERVICES LLC</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shlomo &#147;Moe&#148; Cohen<BR>
Managing Director<BR>
JonesTrading Institutional Services LLC<BR>
780 Third Avenue, 3<SUP style="FONT-size: 85%; vertical-align: text-top">rd</SUP> Floor<BR>
New York, NY 10017<BR>
(212)&nbsp;907-5332<BR>
<U>moec@jonestrading.com</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Steven A. Chmielewski<BR>
Chief Operating Officer &#038; General Counsel<BR>
JonesTrading Institutional Services LLC<BR>
265 Franklin Street, 18<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
Boston, MA 02110<BR>
(781)&nbsp;416-2896<BR>
<U>steve@jonestrading.com</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Alan F. Hill<BR>
Chief Financial Officer<BR>
JonesTrading Institutional Services LLC<BR>
32133 Lindero Canyon Road Suite&nbsp;208<BR>
Westlake Village, CA 91361<BR>
(818)&nbsp;991-5500<BR>
<U>alanh@jonestrading.com</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>CALAMOS GLOBAL TOTAL RETURN FUND</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">David Butler<BR>
Senior Vice President and Head Trader<BR>
Calamos Advisors LLC<BR>
2020 Calamos Court<BR>
Naperville, IL 60563<BR>
(630)&nbsp;245-7227<BR>
<U>dbutler@calamos.com</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">J. Christopher Jackson<BR>
Calamos Investments<BR>
2020 Calamos Court<BR>
Naperville, IL 60563<BR>
(630)&nbsp;245-8394<BR>
<U>cjackson@calamos.com</U>

</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;7(k)(1)</B></U>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, the duly qualified and elected &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; of <B>CALAMOS GLOBAL
TOTAL RETURN FUND </B>(&#147;<U>Fund</U>&#148;), a Delaware statutory trust, does hereby certify in such
capacity and on behalf of the Fund, pursuant to <U>Section&nbsp;7(k)</U> of the Sales Agreement dated
September&nbsp;30, 2011 (the &#147;<U>Sales Agreement</U>&#148;) among the Fund, Calamos Advisors LLC and
JonesTrading Institutional Services LLC, that to the best of the knowledge of the undersigned:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Except for non-material exceptions as may be set forth on Annex A hereto, the
representations and warranties of the Fund in <U>Section&nbsp;6(a)</U> of the Sales Agreement are true
and correct on and as of the date hereof, with the same force and effect as if expressly made on
and as of the date hereof; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The Fund has complied with all agreements and satisfied all conditions on its part to be
performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>



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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;7(k)(1) (Cont&#146;d)</B></U>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, the duly qualified and elected &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; of <B>CALAMOS ADVISORS
LLC </B>(&#147;<U>Adviser</U>&#148;), a Delaware limited liability company, does hereby certify in such capacity
and on behalf of the Adviser, pursuant to <U>Section&nbsp;7(k)</U> of the Sales Agreement dated
September&nbsp;30, 2011 (the &#147;<U>Sales Agreement</U>&#148;) among the Adviser, Calamos Global Total Return
Fund and JonesTrading Institutional Services LLC, that to the best of the knowledge of the
undersigned:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Except for non-material exceptions as may be set forth on Annex A hereto, the
representations and warranties of the Adviser in <U>Section&nbsp;6(b)</U> of the Sales Agreement are
true and correct on and as of the date hereof, with the same force and effect as if expressly made
on and as of the date hereof; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The Adviser has complied with all agreements and satisfied all conditions on its part to
be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date:&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV>





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</DIV>

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;7(k)(2)</B></U>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JonesTrading Institutional Services LLC<BR>
780 Third Avenue, 3rd Floor<BR>
New York, New York 10017

</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This officer&#146;s certificate of Calamos Global Total Return Fund, a Delaware statutory trust
(the &#147;Fund&#148;), is being delivered on behalf of the Fund by &#091;Nimish S. Bhatt, Vice President and
Chief Financial Officer/Curtis Holloway, Treasurer&#093; of the Fund, in connection with the Amended and
Restated Sales Agreement, dated September&nbsp;30, 2011, among the Fund and JonesTrading Institutional
Services LLC (the &#147;Agent&#148;) in relation to the issuance and sale from time to time of shares of up
to &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; of the Fund&#146;s common shares of beneficial interest through the Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(1)&nbsp;I hereby certify that I am the duly elected &#091;Vice President and Chief Financial
Officer/Treasurer&#093; of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(2)&nbsp;For purposes of this certificate, I have read the information identified by you on the
attached copies of certain pages of the Fund&#146;s &#091;Post-Effective Amendment No. &#95;&#95; to its&#093;
Registration Statement on Form N-2 (File Nos. 333-174431 and 811-21547), and hereby certify
that the information contained in the items referenced in this paragraph is correct,
complete and accurate in all material respects.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Remainder of page intentionally blank&#093;
</DIV>


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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed by me this &#95;&#95;&#95;&#95;&#95; day of September, 2011.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;7(l)(1)</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORM OF OPINION OF K&#038;L GATES LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Fund has been duly formed and is validly existing in good standing as a statutory trust
under the Delaware Statutory Trust Act, with full power and authority to own, lease and operate its
properties and to conduct its business as described in the Registration Statement and the
Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Fund is duly registered with the Commission pursuant to Section&nbsp;8 of the Investment
Company Act as a closed-end, diversified management investment company and the Investment Company
Act Notification has been duly filed with the Commission; all action has been taken by the Fund as
required by the Securities Act and the Investment Company Act to permit the Fund to issue and sell
the Placement Shares to make the public offering and consummate the sale of the Placement Shares as
contemplated by the Sales Agreement; the Sales Agreement and each of the Fund Agreements complies
in all material respects with all applicable provisions of the Securities Act, the Investment
Company Act; and to the best knowledge of such counsel, the Fund has not received any notice from
the Commission pursuant to Section 8(e) of the Investment Company Act with respect to the
Investment Company Act Notification or the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Fund&#146;s Declaration of Trust and by-laws comply in all material respects with the
Investment Company Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The Fund has full power and authority to enter into the Sales Agreement and the Fund
Agreements; the execution and delivery of, and the performance by the Fund of its obligations under
the Sales Agreement and the Fund Agreements have been duly and validly authorized by the Fund; the
Sales Agreement and the Fund Agreements constitute valid and legally binding agreements of the
Fund, enforceable against the Fund in accordance with their terms, except as rights to indemnity
and contribution thereunder may be limited by federal or state securities laws and subject to the
qualification that the enforceability of the Fund&#146;s obligations hereunder and thereunder may be
limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other laws
relating to or affecting creditors&#146; rights generally and by general equitable principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Neither the issuance and sale of the Placement Shares in accordance with the Sales
Agreement, the execution, delivery or performance of the Sales Agreement or any of the Fund
Agreements by the Fund, nor the consummation by the Fund of the transactions contemplated herein or
therein or the adoption of the Fund&#146;s Dividend Reinvestment Plan (i)&nbsp;constitutes or will constitute
a breach of the Declaration of Trust or by-laws of the Fund, (ii)&nbsp;constitutes or will constitute a
breach of or a default under, any material contract of the Fund, as described in or included as an
exhibit to the Registration Statement or Prospectus, or (iii)&nbsp;violates or will violate any existing
United States of America or State of Illinois statute, law or regulation (assuming compliance with
all applicable state securities and blue sky laws, and except that, in the published opinion of the
Commission, the indemnification provisions in the Sales Agreement and the Fund Agreements, insofar
as they relate to indemnification for
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liabilities arising under the Securities Act, are against public policy as expressed in the Securities Act and therefore
unenforceable) or violates any filing or judgment, injunction, order or decree known to us to be
applicable to the Fund or any of its properties or will result in the creation or imposition of any
security interest, lien, charge or encumbrance upon any property or assets of the Fund pursuant to
the terms of any agreement or instrument to which the Fund is a party or by which the Fund may be
bound or to which any of the property or assets of the Fund is subject (except in each case for
such conflicts, violations, breaches or defaults of liens, charges or encumbrances that would not
have a material adverse effect on the ability of the Fund to perform its obligations under the
Sales Agreement and the Fund Agreements).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;None of the offering, issuance, sale or delivery of the Placement Shares pursuant to the
Sales Agreement, or the consummation of any of the other transactions contemplated by the Sales
Agreement or the Fund Agreements, in each case on the terms contemplated by the Registration
Statement and the Prospectus, requires any consent, approval, authorization or other order of or
registration or filing with, the Commission, FINRA, or any national securities exchange, or
governmental body or agency of the United States of America, or State of Illinois or State of
Delaware or, based solely on a review of our litigation docket and based solely on the Docket
Search (as that term is defined in the Morris Nichols Opinion the form of which is set forth on
Schedule&nbsp;II), an order of any court or arbitrator of the United States of America or State of
Illinois or any Delaware Court (as that term is defined in the Morris Nichols Opinion), except (1)
the absence of which, either individually or in the aggregate, would not have a material adverse
effect on the Fund or the offering of the Placement Shares as contemplated in the Sales Agreement;
(2)&nbsp;such as may have been obtained prior to the date hereof; and (3)&nbsp;such as may be required for
compliance with state securities or blue sky laws of various jurisdictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;The Fund has an authorized, issued and outstanding capitalization as set forth in the
Prospectus and the authorized capitalization of the Fund conforms to the description thereof
contained in the Registration Statement and the Prospectus; all of the outstanding common shares of
beneficial interest and preferred shares have been duly authorized and validly issued, and, subject
to the qualification in the last sentence of this paragraph, are fully paid and non-assessable; the
Placement Shares have been duly authorized by all necessary action of the Fund under the Delaware
Act and, when issued and delivered against payment therefor in accordance with the Sales Agreement,
will be validly issued, and, subject to the qualification in the last sentence of this paragraph,
fully paid and non-assessable representing undivided beneficial ownership interests in the assets
of the Fund and will not have been issued in violation of or subject to any preemptive right,
co-sale right, registration right, right of first refusal or other similar right; the Placement
Shares are duly listed, and admitted and authorized for trading, subject to official notice of
issuance and evidence of satisfactory distribution, on the NYSE; we express no opinion with respect
to the liability of any holder of Securities who is, was or may become a named trustee of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;No holders of outstanding common shares of beneficial interest are entitled as such to any
preemptive or other rights to subscribe for any common shares of beneficial interest under any
applicable contract, under the Fund&#146;s Declaration of Trust or the by-laws or under the Delaware
Act; and, except as set forth in the Prospectus, no options, warrants or other rights to purchase,
agreements or other obligations to issue, or rights to convert any obligations into or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exchange any securities for, shares of capital stock of or ownership interests in the Fund are
outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;The statements set forth under the headings &#147;Description of Securities&#148; in the Prospectus,
&#147;Certain Provisions of the Agreement and Declaration of Trust and Bylaws&#148; and &#147;Certain Federal
Income Tax Matters&#148; in the Prospectus and Statement of Additional Information, insofar as such
statements purport to summarize certain provisions of the Investment Company Act, the Delaware Act,
the common shares of beneficial interest or the Fund&#146;s Declaration of Trust, United States federal
income tax law and regulations or legal conclusions with respect thereto, fairly and accurately
summarize such provisions in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;To the knowledge of such counsel, there is no pending or threatened action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Fund or its property of a character required to be disclosed in the Registration
Statement which is not adequately disclosed in the Prospectus, and there are no agreements,
franchises, contracts, indentures, mortgages, loan agreements, notes, leases, permits or other
instruments that are required to be described in the Registration Statement and the Prospectus, or
to be filed as an exhibit thereto, which is not described or filed as required by the Securities
Act or the Investment Company Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;The Registration Statement has become effective under the Securities Act; any required
filing of the Prospectus, and any supplements thereto, pursuant to Rule&nbsp;497 have been made in the
manner and within the time period required by Rule&nbsp;497; to the knowledge of such counsel, no stop
order suspending the effectiveness of the Registration Statement has been issued, no proceedings
for that purpose have been instituted or threatened by the Commission, and at the time the
Registration Statement became effective and as of the date hereof, the Registration Statement and
the Prospectus and each amendment or supplement thereto (other than the financial statements and
other financial and statistical information contained therein, as to which such counsel need
express no statement) complied, and as of the date hereof, comply as to form in all material
respects with the applicable requirements of the Securities Act and the Investment Company Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have participated in conferences with officers and other representatives of
the Fund, representatives of the independent public accountants for the Fund, and your counsel and
representatives, at which the contents of the Registration Statement and the Prospectus and related
matters were discussed and, although we have not verified the accuracy or completeness of the
statements contained in the Registration Statement or the Prospectus, nothing has come to such
counsel&#146;s attention that would lead it to believe that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Registration Statement, at the time it became effective, contained an untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading (other than the financial statements and schedules
and any other financial or statistical information or calculations contained therein or
incorporated therein by reference and other than any exhibits, schedules or appendices included or
incorporated by reference therein, as to which such counsel expresses no opinion), or
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Prospectus, as of its date and as of the date hereof, contained or contains an untrue
statement of a material fact or omitted or omits to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not
misleading (other than the financial statements and schedules and any other financial or
statistical information or calculations contained therein or incorporated therein by reference and
other than any exhibits, schedules or appendices included or incorporated by reference therein, as
to which such counsel expresses no opinion).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering such opinion, such counsel may rely (A)&nbsp;as to matters involving the application
of the laws of any jurisdiction other than the State of Delaware (other than the Delaware Statutory
Trust Act), the State of Illinois or the Federal laws of the United States to the extent they deem
proper and specified in such opinion, upon the opinion of other counsel of good standing whom they
believe to be reliable and who are satisfactory to counsel for Jones, (B)&nbsp;as to matters involving
the application of the Delaware Statutory Trust Act to the extent they deem proper and specified in
such opinion, upon the opinion of Morris, Nichols, Arsht &#038; Tunnell LLP or other counsel of good
standing whom they believe to be reliable and who are satisfactory to counsel for Jones and (C)&nbsp;as
to matters of fact, to the extent they deem proper, on certificates of responsible officers of the
Fund and public officials. References to the Prospectus shall also include any supplements thereto
at the Settlement Date.
</DIV>

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</DIV>

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

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF OPINION OF MORRIS, NICHOLS, ARSHT &#038; TUNNELL LLP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Fund has been duly formed and is validly existing in good standing as a statutory trust
under the Delaware Statutory Trust Act (the &#147;Delaware Act&#148;). The Fund has the statutory trust power
and authority to own property and conduct its business as described in the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Under the Delaware Act and the Governing Instrument, the execution and delivery of the
Sales Agreement and each of the Fund Agreements by the Fund, and the performance by the Fund of its
obligations thereunder, have been duly authorized by all requisite statutory trust action on the
part of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The Placement Shares have been duly authorized for issuance by the Fund and, when issued
and delivered against payment therefor in accordance with the terms, conditions, requirements and
procedures set forth in the Sales Agreement, will be validly issued and, subject to the
qualifications below, fully paid and non-assessable beneficial interests in the Fund. The holders
of Placement Shares will be, subject to the terms of the Governing Instrument, entitled to the same
limitation of personal liability extended to stockholders of private corporations for profit
organized under the General Corporation Law of the State of Delaware; provided, however, that we
express no opinion with respect to liability of any holder of Placement Shares who is, was or may
become a named Trustee of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Under the Governing Instrument and the Delaware Act, the issuance of the Placement Shares
is not subject to preemptive rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The form of Placement Shares Certificate complies with all applicable requirements of the
Delaware Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;No authorization, approval, consent or order of any governmental authority or agency of the
State of Delaware or, based solely on the Docket Search, an order of any Delaware Court, is
required to be obtained by the Fund solely as a result of the issuance and sale of the Placement
Shares, the consummation by the Fund of the transactions contemplated by the Sales Agreement and
the Fund Agreements or the performance by the Fund of its obligations thereunder, or the adoption
of the Dividend Reinvestment Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;The execution and delivery by the Fund of the Sales Agreement and the Fund Agreements, the
consummation by the Fund of the transactions contemplated by the Sales Agreement and the Fund
Agreements, the performance by the Fund of its obligations thereunder, the issuance and sale by the
Fund of the Placement Shares and the adoption of the Dividend Reinvestment Plan will not violate
(i)&nbsp;the Certificate or the Governing Instrument or (ii)&nbsp;any applicable Delaware law or
administrative regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Based solely on the Docket Search, there is not in any Delaware Court any action, suit or
proceeding pending against the Fund.
</DIV>

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;7(l)(2) </B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Matters to be Covered by Subsequent Fund Counsel Opinions</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement, when it became effective, and the Prospectus and any amendment or
supplement thereto, on the date of filing thereof with the Commission, complied as to form in all
material respects with the requirements for registration statements on Form N-2 under the
Securities Act and the rules and regulations of the Commission thereunder; it being understood,
however, that we express no opinion with respect to the financial statements, schedules or other
financial data included in, or omitted from, the Registration Statement or the Prospectus. In
passing upon the compliance as to form of the Registration Statement and the Prospectus, we have
assumed that the statements made therein are correct and complete.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement has become effective under the Securities Act and, to the best of
our knowledge, no stop order suspending the effectiveness of the Registration Statement has been
issued and no proceeding for that purpose has been instituted by the Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have participated in conferences with officers and other representatives of
the Fund, representatives of the independent public accountants for the Fund, and your counsel and
representatives, at which the contents of the Registration Statement and the Prospectus and related
matters were discussed and, although we have not verified the accuracy or completeness of the
statements contained in the Registration Statement or the Prospectus, nothing has come to our
attention that has caused us to believe that (i)&nbsp;at the time the Registration Statement became
effective, the Registration Statement (other than the financial statements, including supporting
schedules and other financial and statistical information derived therefrom or included in the
Registration Statement, as to which we express no comment) contained any untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, or (ii)&nbsp;as of its date and the date hereof the
Prospectus (except as aforesaid) contained or contains any untrue statement of a material fact or
omitted to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading.
</DIV>

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;7(m)(1)</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORM OF OPINION OF ADVISER COUNSEL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Adviser is a limited liability company duly formed under the laws of the State of
Delaware and is in good standing and has a legal existence so far as the records of the office of
the Secretary of State of the State of Delaware show, and the Adviser is in good standing as a
foreign limited liability company admitted to transact business in the State of Illinois. The
Adviser has the limited liability company power to own and lease its properties and to conduct its
business as described in the Prospectus and to execute and deliver the Sales Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Adviser is duly registered with the Commission as an investment adviser under the
Advisers Act and to such counsel&#146;s knowledge is not prohibited by the Advisers Act or the
Investment Company Act from acting under the Advisory Agreement as investment adviser to the
Company, as contemplated by the Prospectus. To such counsel&#146;s knowledge, there is no proceeding,
inquiry or investigation pending that could reasonably be expected to result in the suspension or
revocation of the registration of the Adviser under the Advisers Act, or any censure or limitation
of its activities pursuant to Section 203(e) of the Advisers Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Each of the Sales Agreement, the Advisory Agreement and the Accounting Agreement has been
duly authorized, executed and delivered by the Adviser, and each of the Advisory Agreement and the
Accounting Agreement constitutes a valid and binding obligation of the Adviser, enforceable against
the Adviser in accordance with its respective terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The Sales Agreement, the Advisory Agreement and the Accounting Agreement comply in all
material respects with all applicable provisions of the Advisers Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The Adviser&#146;s execution and delivery of the Sales Agreement do not, and the Adviser&#146;s
performance of its obligations under the Sales Agreement and each Adviser Agreement will not (a)
violate any existing provisions of the Adviser&#146;s organizational documents, (b)&nbsp;constitute a
violation by the Adviser of any Applicable Law (except with respect to compliance with any
disclosure requirement or any prohibition against fraud or misrepresentation or as to whether
performance of the indemnification or contribution provisions in the Sales Agreement would be
permitted, as to which we express no opinion) or (c)&nbsp;with respect to the Sales Agreement, breach,
or result in a default under (nor constitute any event which with notice, lapse of time or both
would result in any breach or violation of or constitute a default under), the contracts of the
Adviser set forth on <U>Exhibit&nbsp;A</U> hereto (provided that we express no opinion with respect to
any financial test or cross-default provision in any such agreement), except in each case for such
conflicts, breaches, violations or defaults that would not have an Adviser Material Adverse Effect.
&#147;Applicable Law&#148; shall mean the Delaware Limited Liability Company Act, the statutory laws and
regulations of the State of Illinois, the Advisers Act, the Securities Act, the Investment Company
Act, and such other statutory laws and regulations of the United States of America which, in such
counsel&#146;s experience, are normally directly applicable to transactions of the type contemplated by
the Transaction Documents,
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">without such counsel having made any special investigation as to the applicability of any
specific law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;To such counsel&#146;s knowledge, based solely on a review of our litigation docket and a
certificate of an officer of the Adviser, there is no action, proceeding or investigation pending
or overtly threatened in writing against the Adviser before any United States, Delaware or Illinois
court, governmental agency or arbitrator that expressly: (a)&nbsp;asserts the invalidity of the Sales
Agreement and/or either Adviser Agreement or (b)&nbsp;seeks to prevent the consummation of the
transactions contemplated by the Sales Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Such counsel does not have actual knowledge that any provision in any court or
administrative order, writ, judgment or decree of a court or agency of the United States of
America, the State of Delaware or the State of Illinois would be breached or otherwise violated by
the Adviser&#146;s execution or delivery of the Sales Agreement or its performance of its obligations
under the Sales Agreement, the Advisory Agreement and the Accounting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;No Governmental Approval is required by the Adviser to perform its obligations under the
Sales Agreement or the Adviser Agreements, except for the registration of the offer and sale of the
Placement Shares under the Securities Act (as to which we express no opinion) and other
Governmental Approvals already obtained or made. &#147;Governmental Approval&#148; shall mean any consent,
approval, license or authorization of, or filing, recording or registration with, any governmental
authority required by the Applicable Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;To such counsel&#146;s knowledge, based solely on a review of its litigation docket and a
certificate of an officer of the Adviser, there is no pending action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator specifically against
the Adviser or its property of a character required to be disclosed in the Registration Statement
and which is not so disclosed in the Prospectus.
</DIV>

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

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

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


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

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;7(n)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; &#95;&#95;&#95;, 20&#95;&#95;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JonesTrading Institutional Services LLC<BR>
780 Third Avenue, 3<SUP style="FONT-size: 85%; vertical-align: text-top">rd</SUP> Floor<BR>
New York, New York 10017

</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This certificate of Calamos Global Total Return Fund, a Delaware statutory trust (the
&#147;<U>Fund</U>&#148;), is being delivered on behalf of the Fund by &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;, in connection with the
Sales Agreement, dated September&nbsp;30, 2011, among the Fund, Calamos Advisors LLC and JonesTrading
Institutional Services LLC (the &#147;<U>Agent</U>&#148;) in relation to the issuance and sale from time to
time of shares of up to 2,871,921 shares of the Fund&#146;s common stock through the Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">I hereby certify that I am the duly elected Chief Financial Officer of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">I have reviewed the Fund&#146;s unaudited semi-annual financial statements and financial
highlights as of and for the semi-annual period ended April&nbsp;30, 20&#95;&#95; attached hereto as
Exhibit&nbsp;A and included in the Fund&#146;s semi-annual report on Form N-CSRS (the &#147;<U>Semi-Annual
Financial Statements</U>&#148;) and for purposes of this certification, have inquired of other
officials of the Fund, as necessary, who have responsibility for certain financial and
accounting matters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Nothing has come to my attention based on my review of the Semi-Annual Financial Statements
and my inquiries of other Fund officials as stated above, that causes me to believe that:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any material modifications should be made to the Semi-Annual
Financial Statements for them to be in conformity with accounting principles
generally accepted in the United States of America; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Semi-Annual Financial Statements do not comply as to form
in all material respects with the applicable accounting requirements of the
Securities Act of 1933, as amended, and the Investment Company Act of 1940, as
amended, and the rules and regulations adopted thereunder by the Securities and
Exchange Commission.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Remainder of page intentionally blank&#093;
</DIV>




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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signed by me this &#95;&#95;&#95;&#95;&#95; day of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 20&#95;.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;7(o)</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FUND SECRETARY&#146;S CERTIFICATE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, certify that I am the Secretary of Calamos Global Total Return Fund, a
Delaware statutory trust (the &#147;Company&#148;), and that, as such, I am authorized to execute this
certificate on behalf of the Company, and in connection with the Sales Agreement dated as of
September&nbsp;30, 2011 (the &#147;Sales Agreement&#148;), among the Company, Calamos Advisors LLC and
JonesTrading Institutional Services LLC (&#147;JonesTrading&#148;), do hereby further certify that
(capitalized terms shall have the meanings ascribed to them in the Sales Agreement):
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attached as Exhibit&nbsp;A is a true and complete copy of the Amended and Restated Agreement
and Declaration of Trust of the Company as is in full force and effect as of the date
hereof and as has been in full force and effect at all times since &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;. No
proceedings for any amendment to such Amended and Restated Agreement and Declaration of
Trust have been instituted or are pending.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attached as Exhibit&nbsp;B is a true and complete copy of the By-Laws of the Company as are
in full force and effect as of the date hereof and as have been in full force and effect at
all times since &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attached as Exhibit&nbsp;C is a true copy of certain resolutions duly adopted by the Board
of Trustees of the Company on &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; &#95;&#95;, 2011 and &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; &#95;&#95;, 2011 authorizing,
among other things, (i)&nbsp;the issuance and sale of up to 2,871,921 shares of the Company&#146;s
common stock, (ii)&nbsp;filing a new shelf registration statement on Form N-2 with the
Securities and Exchange Commission, and (iii)&nbsp;the execution and delivery by the Company of
the Sales Agreement. Such resolutions have not been modified or revoked, are in full force
and effect and such resolutions are the only resolutions adopted by the Board of Trustees
or any committee thereof relating to the matters covered thereby.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; is and has been at all times since &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; &#95;&#95;, 2011, the Vice
President and Chief Financial Officer of the Company, and the signature of the above-named
officer set forth below immediately opposite his name is his true and correct signature:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Vice President and Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attached as Exhibit&nbsp;D is a specimen stock certificate for the Company&#146;s Common Stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All comments received by the Company or its representatives, accountants or counsel
from the Securities and Exchange Commission relating to the Registration Statement (whether
oral or written) have been communicated to counsel for JonesTrading.</TD>
</TR>




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

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except for any such records that are labeled or have otherwise been reasonably
identified as drafts, the corporate records of the Company that have been made available to
counsel for JonesTrading are true and complete copies thereof, and have not been modified
or revoked, are in full force and effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Page Follows&#093;
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, I have executed this Certificate as of the &#95;&#95;&#95; day of September, 2011.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CALAMOS GLOBAL TOTAL RETURN FUND<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, being the Vice President and Chief Financial Officer of the Company, does
hereby certify that &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; is and has been at all times since &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; &#95;&#95;, 20&#95;&#95;, a duly
elected and acting Secretary of the Company and the above signature of such officer is her true and
correct signature.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CALAMOS GLOBAL TOTAL RETURN FUND<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;7(o) (Cont&#146;d)</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CALAMOS ADVISORS LLC
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SECRETARY&#146;S CERTIFICATE
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">September &#95;&#95;, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned DOES HEREBY CERTIFY that he is the duly elected, qualified and acting
authorized Secretary of Calamos Advisors LLC, a limited liability company organized and existing
under the laws of the State of Delaware (the &#147;Company&#148;), and as such is authorized to execute this
Secretary&#146;s Certificate in connection with that certain Sales Agreement among the Adviser, Calamos
Global Total Return Fund (the &#147;Fund&#148;) and JonesTrading Institutional Services LLC, dated September
30, 2011. The term &#147;Transaction Agreements&#148; whenever it is used in this letter means the Sales
Agreement, the Advisory Agreement and the Accounting Agreement. Capitalized terms used and not
otherwise defined herein shall have the respective meanings as defined in the Sales Agreement. The
undersigned FURTHER CERTIFIES that:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attached hereto as Exhibit&nbsp;A is a true, correct and complete copy of the
Limited Liability Company Agreement, as amended, as in full force and effect as of the
date hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attached hereto as Exhibit&nbsp;B is a true, correct and complete copy of the
Advisory Agreement between the Company and the Fund, as amended, as in full force and
effect on the date hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attached hereto as Exhibit&nbsp;C is a true, correct and complete copy of the
Accounting Agreement, as amended, as in full force and effect on the date hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The representations and warranties of the Company set forth in the Transaction
Agreements are true and correct as of the date hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The persons listed below are duly elected, qualified and acting authorized
officers of the Company holding the respective offices set forth opposite their names
below and the signature of each such person set forth opposite his or her name below is
his or her genuine signature.</TD>
</TR>


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

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

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


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



</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Office</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Signature</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John P. Calamos, Sr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-Chief Investment</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J. Christopher Jackson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and General Counsel</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Page Follows&#093;
</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has caused this Secretary&#146;s Certificate to be duly
executed as of the date first written above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CALAMOS ADVISORS LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
J. Christopher Jackson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby certifies that James Boyne is the duly appointed Secretary of the
Company and that the signature appearing above is James Boyne&#146;s genuine signature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, I have hereunto set my hand as of this &#95;&#95;th day of September, 2011.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CALAMOS ADVISORS LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Nimish S. Bhatt
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President, Interim Chief</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.L.2
<SEQUENCE>3
<FILENAME>c64409exexv99wlw2.htm
<DESCRIPTION>EX-99.L.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wlw2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit l.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">K&#038;L Gates LLP<BR>
70 West Madison Street, Suite&nbsp;3100<BR>
Chicago, Illinois 60602<BR>
312-372-1121
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">September&nbsp;30, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Calamos Global Total Return Fund<BR>
2020 Calamos Court<BR>
Naperville, Illinois 60563

</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as your counsel in connection with the Registration Statement on Form N-2 (File
No.&nbsp;333- 174431), as amended by post-effective amendment no. 1 (the &#147;Registration Statement&#148;),
filed with the Securities and Exchange Commission under the Securities Act of 1933 (the &#147;1933 Act&#148;)
and the Investment Company Act of 1940, for the registration of up to 2,871,921 common shares of
beneficial interest, no par value per share (the &#147;Shares&#148;), of the Calamos Global Total Return
Fund, a Delaware statutory trust (the &#147;Fund&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You have requested our opinion as to the matters set forth below in connection with the
Registration Statement. For purposes of rendering that opinion, we have examined the Registration
Statement, the Fund&#146;s Amended and Restated Agreement and Declaration of Trust (the &#147;Declaration&#148;)
and Bylaws, and the statutory trust action of the Fund that provides for the issuance of the
Shares, and we have made such other investigation as we have deemed appropriate. We have examined
and relied upon certificates of public officials and, as to certain matters of fact that are
material to our opinion, we have also relied the opinion of Morris, Nichols, Arsht &#038; Tunnell LLP
expressed in their letter dated September&nbsp;30, 2011. In rendering our opinion, we also have made
the assumptions that are customary in opinion letters of this kind. We have not verified any of
those assumptions. Capitalized terms not defined in this opinion shall have the meanings ascribed
to them in the Declaration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon and subject to the foregoing, it is our opinion that the Shares have been duly
authorized for issuance by the Fund and, when issued and delivered against payment therefore as
described in the Prospectus included in the Registration Statement, will be validly issued and,
subject to the qualifications in the next paragraph, fully paid and nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We express no opinion with respect to the liability of any holder of Shares who is, was or may
become a named trustee of the Fund. With respect to the opinion expressed in the paragraph above,
we note that, pursuant to Section&nbsp;2 of Article&nbsp;VIII of the Declaration, the Trustees have the power
to cause each Shareholder, or each Shareholder of any particular Series, to pay directly, in
advance or arrears, for charges of the Fund&#146;s custodian or transfer, shareholder servicing or
similar agent, an amount fixed from time to time by the Trustees, by setting off such charges due
from such Shareholder from declared but unpaid dividends owed such Shareholder
</DIV>

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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and/or by reducing the number of Shares in the account of such Shareholder by that number of full
and/or fractional shares that represent the outstanding amount of such charges due from such
Shareholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement.
In giving our consent we do not thereby admit that we are in the category of persons whose consent
is required under Section&nbsp;7 of the 1933 Act or the rules and regulations thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Yours truly,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ K&#038;L Gates LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">K&#038;L Gates LLP

</DIV>


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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.L.3
<SEQUENCE>4
<FILENAME>c64409exexv99wlw3.htm
<DESCRIPTION>EX-99.L.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wlw3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit l.3
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">September&nbsp;30, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Calamos Global Total Return Fund<BR>
2020 Calamos Court<BR>
Naperville, Illinois 60563

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K&#038;L Gates LLP<BR>
70 W. Madison Street<BR>
Suite&nbsp;3100<BR>
Chicago, Illinois 60602

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: <U>Calamos Global Total Return Fund</U>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special Delaware counsel to Calamos Global Total Return Fund, a Delaware
statutory trust (the &#147;Trust&#148;), in connection with certain matters relating to the proposed issuance
and sale of up to 2,871,921 common shares (the &#147;Placement Shares&#148;) of beneficial interest of the
Calamos Global Total Return Fund, a series of the Trust (the &#147;Fund&#148;). Capitalized terms used
herein and not otherwise herein defined are used as defined in the Amended and Restated Agreement
and Declaration of Trust of the Trust dated as of September&nbsp;13, 2006 (the &#147;Governing Instrument&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering this opinion, we have examined and relied on copies of the following documents in
the forms provided to us: the Certificate of Trust of the Trust as filed in the Office of the
Secretary of State of the State of Delaware (the &#147;State Office&#148;) on March&nbsp;30, 2004 (the
&#147;Certificate&#148;); the Agreement and Declaration of Trust of the Trust dated as of March&nbsp;12, 2004 (the
&#147;Original Governing Instrument&#148;); the Governing Instrument; resolutions of the Board of Trustees of
the Trust (the &#147;Board&#148;) prepared for adoption at a meeting held on March&nbsp;12, 2004 (the &#147;March&nbsp;2004
Board Resolutions&#148;); resolutions of the Board prepared for adoption at a meeting held on October&nbsp;7,
2005 (the &#147;October&nbsp;2005 Board Resolutions&#148;); resolutions of the Board prepared for adoption at a
meeting held on March&nbsp;11, 2011 (the &#147;March&nbsp;2011 Resolutions&#148;); a Written Consent of the Executive
Committee of the Board of Trustees of the Trust dated September&nbsp;27, 2011 (the &#147;September&nbsp;2011
Resolutions&#148; and together with the March&nbsp;2004 Board Resolutions, the October&nbsp;2005 Board Resolutions
and the March&nbsp;2011 Resolutions, the &#147;Resolutions&#148;); the By-laws of the Trust (the &#147;By-laws&#148;);
Registration Statement on Form&nbsp;N-
</DIV>



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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Calamos Global Total Return Fund<BR>
K&#038;L Gates LLP<BR>
September&nbsp;30, 2011<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2 (File No.&nbsp;333-174431 under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;) and No.
811-21547 under the Investment Company Act of 1940) filed with the Securities and Exchange
Commission (the &#147;Commission&#148;) on May&nbsp;23, 2011 (the &#147;Initial Registration Statement&#148;), as amended
by Pre-Effective Amendment No. 1 thereto filed with the Commission on August 25, 2011 (&#147;Pre-Effective Amendment No. 1&#148;) and Post-Effective Amendment No.&nbsp;1 thereto filed with the Commission on or about the date hereof
(&#147;Post-Effective Amendment No.&nbsp;1&#148;) (the Initial Registration Statement as amended by Pre-Effective Amendment No. 1 and Post-Effective
Amendment No.&nbsp;1, the &#147;Amended Registration Statement&#148;); the Trust&#146;s base prospectus dated on or
about the date hereof (the &#147;Base Prospectus&#148;) together with the statement of additional information
dated on or about the date hereof (the &#147;SAI&#148;) and the Prospectus Supplement dated on or about the
date hereof (the &#147;Prospectus Supplement&#148;) filed with the Commission as part of the Amended
Registration Statement pursuant to Rule&nbsp;497 under the 1933 Act (the Base Prospectus, SAI and
Prospectus Supplement together, the &#147;Rule&nbsp;497 Filing&#148; and together with the Governing Instrument,
the Resolutions, the By-laws and the Amended Registration Statement, the &#147;Governing Documents&#148;);
the Sales Agreement relating to the Placement Shares dated on or about the date hereof (the &#147;Sales
Agreement&#148;) by and among Calamos Advisors LLC, the Trust and JonesTrading Institutional Services
LLC; the Terms and Conditions of the Dividend Reinvestment Plan; an Officer&#146;s Certificate of the
Trust dated on or about the date hereof; and a certificate of good standing of the Trust obtained
as of a recent date from the State Office. In such examinations, we have assumed the genuineness
of all signatures, the conformity to original documents of all documents submitted to us as drafts
or copies or forms of documents to be executed and the legal capacity of natural persons to
complete the execution of documents. We have further assumed for purposes of this opinion: (i)
the due formation or organization, valid existence and good standing of each entity (other than the
Trust) that is a party to any of the documents reviewed by us under the laws of the jurisdiction of
its respective formation or organization; (ii)&nbsp;the due authorization, adoption, execution and
delivery by, or on behalf of, each of the parties thereto of the above-referenced documents
(including, without limitation, the due execution and delivery of the Governing Instrument and the
Sales Agreement by the parties thereto prior to the first issuance of Placement Shares); (iii)&nbsp;that
the required consideration for the Placement Shares has been or will be, as applicable, paid in
accordance with the terms, conditions, requirements and procedures of the Governing Documents and
the Sales Agreement and that the Placement Shares have been or will be, as applicable, otherwise
issued and delivered in accordance with the terms, conditions, requirements and procedures set
forth in the Governing Documents and the Sales Agreement; (iv)&nbsp;that the activities of the Trust
have been and will be conducted in accordance with the Original Governing Instrument and the
Governing Instrument, as applicable, and the Delaware Statutory Trust Act, 12 <U>Del.</U>
<U>C.</U> &#167;&#167; 3801 <U>et</U> <U>seq.</U> (the &#147;Delaware Act&#148;); and (v)&nbsp;that the documents
examined by us express the entire understanding of the parties thereto with respect to the subject
matter thereof and have not been amended, supplemented or otherwise modified, except as herein
referenced. We have not reviewed any documents other than those identified above in connection
with this opinion, and we have assumed that there are no other documents that are contrary to or
inconsistent with the opinions expressed herein. No opinion is expressed with respect to the
requirements of, or compliance with, federal or state securities
 or blue sky laws. In addition, we
express no opinion with respect to the Amended Registration Statement, the Rule
</DIV>



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</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Calamos Global Total Return Fund<BR>
K&#038;L Gates LLP<BR>
September&nbsp;30, 2011<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">497 Filing or any other offering materials relating to any Shares. As to any fact material to
our opinions, other than those assumed, we have relied without independent investigation on the
above-referenced documents and on the accuracy, as of the date hereof, of the matters therein
contained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on and subject to the foregoing, and limited in all respects to matters of Delaware law,
it is our opinion that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust has been duly formed and is validly existing in good standing as a statutory
trust under the Delaware Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Placement Shares have been duly authorized for issuance and, when issued and delivered
against payment therefor in accordance with the terms, conditions, requirements and procedures set
forth in the Sales Agreement, will be validly issued and, subject to the qualifications below,
fully paid and non-assessable beneficial interests in the Fund. The holders of Placement Shares
will be, subject to the terms of the Governing Instrument, entitled to the same limitation of
personal liability extended to stockholders of private corporations for profit organized under the
General Corporation Law of the State of Delaware; provided, however, that we express no opinion
with respect to the liability of any holder of Placement Shares who is, was or may become a named
Trustee of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the opinion expressed in paragraph 2 above, we note that, pursuant to Section
2 of Article&nbsp;VIII of the Governing Instrument, the Trustees have the power to cause each
Shareholder, or each Shareholder of any particular Series, to pay directly, in advance or arrears,
for charges of the Trust&#146;s custodian or transfer, shareholder servicing or similar agent, an amount
fixed from time to time by the Trustees, by setting off such charges due from such Shareholder from
declared but unpaid dividends owed such Shareholder and/or by reducing the number of Shares in the
account of such Shareholder by that number of full and/or fractional Shares which represents the
outstanding amount of such charges due from such Shareholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of a copy of this opinion with the Commission as part of
Post-Effective Amendment No.&nbsp;1. In giving this consent, we do not thereby admit that we come
within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of
1933, as amended, or the rules and regulations of the Commission thereunder. This opinion speaks
only as of the date hereof and is based on our understandings and assumptions as to present facts,
and on our review of the above-referenced documents and the application of Delaware law as the same
exist on the date hereof, and we undertake no obligation to update or supplement this opinion after
the date hereof for the benefit of any person or entity with respect to any facts or circumstances
that may hereafter come to our attention or any changes in facts or law that may hereafter occur or
take effect. We understand that K&#038;L Gates LLP wishes to rely as to certain matters of Delaware law
on the opinions expressed herein in connection with the delivery of its opinion relating to the
Placement Shares on or about the date hereof, and we hereby consent to such reliance. Except as
provided in this paragraph, this
</DIV>



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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Calamos Global Total Return Fund<BR>
K&#038;L Gates LLP<BR>
September&nbsp;30, 2011<BR>
Page 4

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">opinion is intended solely for the benefit of the addressee hereof in connection with the
matters contemplated hereby and may not be relied on by any other person or entity or for any other
purpose without our prior written consent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">MORRIS, NICHOLS, ARSHT &#038; TUNNELL LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Louis G. Hering

</DIV>


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




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N
<SEQUENCE>5
<FILENAME>c64409exexv99wn.htm
<DESCRIPTION>EX-99.N
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wn</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit n</b></DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in this Post-Effective Amendment No.&nbsp;1 to Registration
Statement No.&nbsp;333-174431 on Form N-2 of our report dated December&nbsp;17, 2010, relating to
the financial statements and financial highlights of Calamos Global Total Return Fund, appearing in
the Annual Report on Form N-CSR for the year ended October&nbsp;31, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/ DELOITTE &#038; TOUCHE LLP
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chicago, Illinois<BR>
September&nbsp;30, 2011

</DIV>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.S
<SEQUENCE>6
<FILENAME>c64409exexv99ws.htm
<DESCRIPTION>EX-99.S
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99ws</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit s</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The person whose signature appears below hereby appoints John P. Calamos,
Sr., Nimish S. Bhatt, James J. Boyne and J. Christopher Jackson and each of them, any
of whom may act without the joinder of the others, as such person&#146;s attorney-in-fact to
sign and file on such person&#146;s behalf individually and in the capacity stated below such
registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other
regulatory authority as may be desirable or necessary in connection with the public
offering of securities of Calamos Global Total Return Fund.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John E. Neal
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John E. Neal
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;13, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

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




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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The person whose signature appears below hereby appoints John P. Calamos,
Sr., Nimish S. Bhatt, James J. Boyne and J. Christopher Jackson and each of them, any
of whom may act without the joinder of the others, as such person&#146;s attorney-in-fact to
sign and file on such person&#146;s behalf individually and in the capacity stated below such
registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other
regulatory authority as may be desirable or necessary in connection with the public
offering of securities of Calamos Global Total Return Fund.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Weston W. Marsh
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Weston W. Marsh
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;13, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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











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




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


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

The person whose signature appears below hereby appoints John P. Calamos,
Sr., Nimish S. Bhatt, James J. Boyne and J. Christopher Jackson and each of them, any
of whom may act without the joinder of the others, as such person&#146;s attorney-in-fact to
sign and file on such person&#146;s behalf individually and in the capacity stated below such
registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other
regulatory authority as may be desirable or necessary in connection with the public
offering of securities of Calamos Global Total Return Fund.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William R. Rybak
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William R. Rybak
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;13, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

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




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


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

The person whose signature appears below hereby appoints John P. Calamos,
Sr., Nimish S. Bhatt, James J. Boyne and J. Christopher Jackson and each of them, any
of whom may act without the joinder of the others, as such person&#146;s attorney-in-fact to
sign and file on such person&#146;s behalf individually and in the capacity stated below such
registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other
regulatory authority as may be desirable or necessary in connection with the public
offering of securities of Calamos Global Total Return Fund.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Stephen B. Timbers
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Stephen B. Timbers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;13, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

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




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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The person whose signature appears below hereby appoints John P. Calamos,
Sr., Nimish S. Bhatt, James J. Boyne and J. Christopher Jackson and each of them, any
of whom may act without the joinder of the others, as such person&#146;s attorney-in-fact to
sign and file on such person&#146;s behalf individually and in the capacity stated below such
registration statements, amendments, post-effective amendments, exhibits, applications
and other documents with the Securities and Exchange Commission or any other
regulatory authority as may be desirable or necessary in connection with the public
offering of securities of Calamos Global Total Return Fund.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ David D. Tripple
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
David D. Tripple
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;13, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

</BODY>
</HTML>
</TEXT>
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<SEQUENCE>8
<FILENAME>c64409exc6440916.gif
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>9
<FILENAME>filename9.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>cover</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="c64409exc6440916.gif" alt="(K&#038;L GATES LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 70%">K&#038;L Gates LLP<BR>
1601 K Street, NW<BR>
Washington, DC 20006-1600

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 70%">T 202.778.9000 www.klgates.com

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">September 30, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 60%">Eric S. Purple<BR>
D 202.778.9220<BR>
F 202.778.9220<BR>
eric.purple@klgates.com

</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, DC 20549

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Calamos Global Total Return Fund<BR>
333-174431<BR>
811-21547</B>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of Calamos Global Total Return Fund (the &#147;Fund&#148;), we are transmitting for electronic
filing a Post-Effective Amendment No.&nbsp;1 to the Registration Statement on Form N-2 under the
Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and each
exhibit being filed therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we may cooperate with you in any way in the processing of this filing, please telephone the
undersigned at (202)&nbsp;778-9220 or Stevens T. Kelly at (312)&nbsp;807-4240 with any questions or comments
concerning these materials.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Eric S. Purple
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Eric S. Purple
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Copies to: J. Christopher Jackson
</DIV>



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



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</DOCUMENT>
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