<SEC-DOCUMENT>0000950123-11-005301.txt : 20110802
<SEC-HEADER>0000950123-11-005301.hdr.sgml : 20110802

<ACCEPTANCE-DATETIME>20110125214312

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950123-11-005301

CONFORMED SUBMISSION TYPE:	N-2/A

PUBLIC DOCUMENT COUNT:		22

FILED AS OF DATE:		20110126

DATE AS OF CHANGE:		20110126


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Gabelli Natural Resources, Gold & Income Trust

		CENTRAL INDEX KEY:			0001438893

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-152424

		FILM NUMBER:		11547798



	BUSINESS ADDRESS:	

		STREET 1:		ONE CORPORATE CENTER

		CITY:			RYE

		STATE:			NY

		ZIP:			10580

		BUSINESS PHONE:		914-921-5100



	MAIL ADDRESS:	

		STREET 1:		ONE CORPORATE CENTER

		CITY:			RYE

		STATE:			NY

		ZIP:			10580



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Gabelli Gold & Income Trust

		DATE OF NAME CHANGE:	20080630




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Gabelli Natural Resources, Gold & Income Trust

		CENTRAL INDEX KEY:			0001438893

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2/A

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-22216

		FILM NUMBER:		11547799



	BUSINESS ADDRESS:	

		STREET 1:		ONE CORPORATE CENTER

		CITY:			RYE

		STATE:			NY

		ZIP:			10580

		BUSINESS PHONE:		914-921-5100



	MAIL ADDRESS:	

		STREET 1:		ONE CORPORATE CENTER

		CITY:			RYE

		STATE:			NY

		ZIP:			10580



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Gabelli Gold & Income Trust

		DATE OF NAME CHANGE:	20080630



</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>y89182a4nv2za.htm
<DESCRIPTION>FORM N-2/A
<TEXT>
<HTML>
<HEAD>
<TITLE>nv2za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>As filed with the Securities and Exchange Commission on
    January&#160;26, 2011</B>
</DIV>

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

</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Securities Act File
    <FONT style="white-space: nowrap">No.&#160;333-152424</FONT></B>
</DIV>

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

</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Investment Company Act File
    <FONT style="white-space: nowrap">No.&#160;811-22216</FONT></B>
</DIV>

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;N-2</FONT></FONT></B>
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Registration
    Statement under the Securities Act of 1933
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Pre-Effective
    Amendment No.&#160;4
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Post-Effective
    Amendment No.
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 12pt">and/or
    </FONT>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Registration
    Statement under the Investment Company Act of 1940
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Amendment
    No.&#160;4
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Check Appropriate Box or Boxes)
</DIV>

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

</DIV>

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

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

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 17pt">THE GABELLI NATURAL RESOURCES,
    GOLD&#160;&#038; INCOME TRUST</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(Exact Name of Registrant as
    Specified in Charter)</FONT></I>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">One Corporate Center</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(Address of Principal Executive
    Offices)</FONT></I>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">Registrant&#146;s Telephone
    Number, Including Area Code:
    <FONT style="white-space: nowrap">(800)&#160;422-3554</FONT></FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">Bruce N. Alpert</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">The Gabelli Natural Resources,
    Gold&#160;&#038; Income Trust</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">One Corporate Center</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt">Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 9pt"><FONT style="white-space: nowrap">(914)&#160;921-5100</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 8pt">(Name and Address of Agent for
    Service)</FONT></I>
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

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

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

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
    <B>Richard T. Prins,&#160;Esq.</B>&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Christopher J. Michailoff,&#160;Esq.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Sarah E. Cogan,&#160;Esq.</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B>Skadden, Arps, Slate, Meagher&#160;&#038;</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>The Gabelli Natural Resources,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Simpson Thacher &#038; Bartlett LLP</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B>Flom LLP</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Gold &#038; Income Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>425 Lexington Avenue</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B>4 Times Square</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>One Corporate Center</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>New York, New York 10017</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B>New York, New York 10036</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Rye, New York 10580-1422</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>(212) 455-2000</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B>(212)
    <FONT style="white-space: nowrap">735-3000</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>(914) 921-5100 </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Approximate date of proposed public
    offering:</B>&#160;&#160;From time to time after the effective
    date of this Registration Statement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any securities being registered on this form will be offered
    on a delayed or continuous basis in reliance on Rule&#160;415
    under the Securities Act of 1933, as amended, other than
    securities offered in connection with a dividend reinvestment
    plan, check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is proposed that this filing will become effective (check
    appropriate box)
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
    When declared effective pursuant to section&#160;8(c).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If appropriate, check the following box:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    This [post-effective] amendment designates a new effective date
    for a previously filed [post-effective amendment] [registration
    statement].
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    This form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act
    and the Securities Act registration number of the earlier
    effective registration statement for the same offering
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>

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

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount Being<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Securities</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Offering Price Per Share</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Offering Price(1)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration Fee</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Common Shares of Beneficial Interest
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    18,750,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    $20.00
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    $375,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    43,537.50(2)
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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



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

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    Estimated solely for the purpose of calculating the registration
    fee.
</TD>
</TR>


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


<TR valign="top" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    $78.60 of this amount was previously paid.
</TD>
</TR>

</TABLE>

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

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH
    DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE
    UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH
    SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL
    THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION&#160;8(a)
    OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION
    STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES
    AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID
    SECTION&#160;8(a), MAY DETERMINE.
</DIV>

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

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

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

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the Registration
Statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities and is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 11pt">PROSPECTUS
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 11pt">Subject to Completion</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 11pt">Preliminary Prospectus dated
    January&#160;26, 2011
    </FONT>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y89182a4y8918204.gif" alt="(GABELLI LOGO)"><FONT style="font-size: 11pt">
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B>
</DIV>

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">COMMON SHARES OF BENEFICIAL
    INTEREST</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">$20.00 per Share</FONT></B>
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

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

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

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

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

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

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Investment Adviser.</I> Gabelli Funds, LLC serves as
    &#147;Investment Adviser&#148; to the Fund. See &#147;Management
    of the Fund.&#148;
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Investment Policies and Strategy.</I> Under normal market
    conditions, the Fund will attempt to achieve its objectives by
    investing at least 80% of its assets in securities of companies
    principally engaged in the natural resources and gold
    industries. The Fund will invest at least 25% of its assets in
    the securities of companies principally engaged in the
    exploration, production or distribution of natural resources,
    such as base metals, metals, paper, food, agriculture, forestry
    products, water, gas, oil, sustainable energy and other
    commodities as well as related transportation companies and
    equipment manufacturers. The Fund will invest at least 25% of
    its assets in the securities of companies principally engaged in
    the exploration, mining, fabrication, processing, distribution
    or trading of gold or the financing, managing, controlling or
    operating of companies engaged in &#147;gold-related&#148;
    activities. The Fund may invest in the securities of companies
    located anywhere in the world. As part of its investment
    strategy, the Fund intends to generate current income from
    short-term gains through an option strategy of writing (selling)
    covered call options covering amounts up to between 90% to 100%,
    and generally at least 80%, of the equity securities assets in
    its portfolio and uncovered call options on related indices and
    securities not in its portfolio. When the Fund sells a covered
    call option, it generates current income from short-term gains
    in the form of the premium paid by the buyer of the call option,
    but the Fund forgoes the opportunity to participate in any
    increase in the value of the underlying equity security above
    the exercise price of the option. See &#147;Investment
    Objectives and Policies.&#148;
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>No Prior History.</I></B> The Fund&#146;s common shares
    have no history of public trading. Shares of closed-end funds
    often trade at a discount from net asset value. If our common
    shares trade at a discount to our net asset value, it may
    increase the risk of loss for purchasers in this offering. The
    Fund&#146;s common shares have been approved for listing on the
    New York Stock Exchange (&#147;NYSE&#148;), under the symbol
    &#147;GNT,&#148; subject to notice of issuance.
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Investing in the Fund&#146;s common shares involves risks.
    See &#147;Risk Factors and Special Considerations&#148; on
    page&#160;28 for factors that should be considered before
    investing in common shares of the Fund.</B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Per Share</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Total<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    20.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Sales
    load<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    0.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Estimated offering
    expenses<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    0.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Proceeds after expenses to the Fund
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    19.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $&#160;&#160;&#160;&#160;&#160;
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 9%;  align: left; border-bottom: 1pt solid #000000"></DIV>



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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 7pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">The Fund has granted the
    Underwriters an option to purchase up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    additional common shares at the public offering price, less the
    sales load, within 45&#160;days of the date of this prospectus
    solely to cover overallotments, if any. If such option is
    exercised in full, the total public offering price, sales load,
    estimated offering expenses and proceeds, after expenses, to the
    Fund will be $&#160;&#160;&#160;&#160;&#160;,
    $&#160;&#160;&#160;&#160;&#160;, $&#160;&#160;&#160;&#160;&#160;
    and $&#160;&#160;&#160;&#160;&#160;, respectively. See
    &#147;Underwriters.&#148;
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 7pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">Gabelli Funds, LLC (and not the
    Fund) has agreed to pay from its own assets a structuring fee to
    each of Morgan Stanley &#038; Co. Incorporated, Citigroup Global
    Markets Inc. and Merrill Lynch, Pierce, Fenner &#038; Smith
    Incorporated. These fees are not reflected under sales load in
    the table above. Gabelli Funds, LLC (and not the Fund) may also
    pay certain qualifying underwriters a structuring fee, sales
    incentive fee or additional compensation in connection with this
    offering. The sum of all compensation to the underwriters in
    connection with this public offering of common shares, including
    the sales load, the structuring fees or sales incentive fees and
    all forms of additional payments to the underwriters will not
    exceed 9.0% of the total public offering price of the common
    shares sold in this offering. See
    &#147;Underwriters&#151;Additional Compensation to be Paid by
    the Investment Adviser.&#148;
    </FONT></TD>
</TR>




<TR>
    <TD valign="top">
    <FONT style="font-size: 7pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 7pt">The Fund will pay offering expenses
    of the Fund (other than the sales load) up to an aggregate of
    $.04 per share of the Fund&#146;s common shares. Gabelli Funds,
    LLC has agreed to pay such offering expenses of the Fund to the
    extent those expenses exceed $.04 per share of the Fund&#146;s
    common shares.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission (the
    &#147;Commission&#148;) nor any state securities commission has
    approved or disapproved these securities or determined if this
    prospectus is truthful or complete. Any representation to the
    contrary is a criminal offense.</B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters expect to deliver the common shares to the
    purchasers on or about January&#160;&#160;, 2011.
</DIV>

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

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

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

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

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

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

<TR>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 13pt; font-family: 'Times New Roman', Times">Morgan
    Stanley</FONT></B></TD>
    <TD nowrap align="center">    <B><FONT style="font-size: 13pt; font-family: 'Times New Roman', Times">
    Citi</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 13pt; font-family: 'Times New Roman', Times">
    BofA Merrill Lynch</FONT></B></TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-family: 'Times New Roman', Times">Gabelli
    &#038; Company, Inc.</FONT></B></TD>
    <TD nowrap align="center">    <B><FONT style="font-family: 'Times New Roman', Times"> J.J.B.
    Hilliard, W.L. Lyons, LLC</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-family: 'Times New Roman', Times"> Janney
    Montgomery Scott</FONT></B></TD>
</TR>

</TABLE>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="35%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Ladenburg Thalmann &#038; Co. Inc.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    <B>Maxim Group LLC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="right" valign="bottom">
    <B>Stifel Nicolaus Weisel </B>
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 9pt">The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011.
    </FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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

<DIV style="width: 92%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus sets forth concisely the information about the
    Fund that a prospective investor should know before investing.
    You should read this prospectus, which contains important
    information about the Fund, before deciding whether to invest in
    the common shares, and retain it for future reference. A
    Statement of Additional Information (the &#147;SAI&#148;),
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011, containing additional information about the Fund, has been
    filed with the Commission and is incorporated by reference in
    its entirety into this prospectus. You may request a free copy
    of our annual and semi-annual reports and request a free copy of
    the SAI, the table of contents of which is on page&#160;59 of
    this prospectus, by calling toll-free (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554),</FONT>
    by visiting the Fund&#146;s website at www.gabelli.com or by
    writing to the Fund, or obtain a copy (and other information
    regarding the Fund) from the Commission&#146;s website
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
    You may also call this toll-free number to request other
    information about us and make shareholder inquiries.
</DIV>

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

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s common shares do not represent a deposit or
    obligation of, and are not guaranteed or endorsed by, any bank
    or other insured depository institution, and are not federally
    insured by the Federal Deposit Insurance Corporation, the
    Federal Reserve Board or any other government agency.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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

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

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

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

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Summary Of Fund&#160;Expenses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Risk Factors and Special Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Management of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Distributions And Dividends</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Automatic Dividend Reinvestment and Voluntary
    Cash Purchase Plan</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Description of the Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Anti-Takeover Provisions of the Fund&#146;s
    Governing Documents</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Closed-End Fund&#160;Structure</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Repurchase of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Net Asset Value</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>Limitation on Trustees&#146; and Officers&#146;
    Liability</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>Custodian, Transfer Agent and Dividend Disbursing
    Agent</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>Underwriters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>Independent Registered Public Accounting Firm</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#122'>Additional Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#123'>Privacy Principles of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#124'>Table Of Contents of SAI</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89182a4exv99wgwii.htm">EX-99.G.II</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89182a4exv99whwi.htm">EX-99.H.I</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89182a4exv99whwii.htm">EX-99.H.II</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89182a4exv99whwiii.htm">EX-99.H.III</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89182a4exv99whwivwi.htm">EX-99.H.IV.I</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89182a4exv99whwivwii.htm">EX-99.H.IV.II</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89182a4exv99whwivwiii.htm">EX-99.H.IV.III</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89182a4exv99wk.htm">EX-99.K</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89182a4exv99wl.htm">EX-99.L</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y89182a4exv99wnwi.htm">EX-99.N.I</A></FONT></TD></TR>
</TABLE>

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

</DIV>

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

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

<CENTER style="font-size: 1pt; width: 21%; border-bottom: 1pt solid #000000"></CENTER>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained or
    incorporated by reference in this prospectus. The Fund has not
    authorized anyone to provide you with different information. The
    Fund is not, and the underwriters are not, making an offer to
    sell these securities in any state where the offer or sale is
    not permitted. You should not assume that the information
    contained in this prospectus is accurate as of any date other
    than the date of this prospectus.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

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

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

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>This is only a summary. This summary may not contain all of
    the information that you should consider before investing in our
    shares. You should review the more detailed information
    contained in this prospectus and the SAI, especially the
    information set forth under the heading &#147;Risk Factors and
    Special Considerations.&#148;</I>
</DIV>

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>The Fund </B></TD>
    <TD></TD>
    <TD valign="top">
    The Gabelli Natural Resources, Gold&#160;&#038; Income Trust is
    a non-diversified, closed-end management investment company
    organized under the laws of the State of Delaware. Throughout
    this prospectus, we refer to The Gabelli Natural Resources,
    Gold&#160;&#038; Income Trust as the &#147;Fund&#148; or as
    &#147;we,&#148; &#147;us&#148; or &#147;our.&#148; See &#147;The
    Fund.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>The Offering </B></TD>
    <TD></TD>
    <TD valign="top">
    The Fund is
    offering&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    common shares of beneficial interest at an initial offering
    price of $20.00 per share through a group of underwriters (the
    &#147;Underwriters&#148;) led by Morgan Stanley &#038; Co.
    Incorporated, Citigroup Global Markets Inc. and Merrill Lynch,
    Pierce, Fenner &#038; Smith Incorporated. The common shares of
    beneficial interest are called &#147;common shares&#148; in the
    rest of this prospectus. You must purchase at least 100 common
    shares ($2,000) in order to participate in this offering. The
    Fund has given the Underwriters an option to purchase up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    additional common shares at the public offering price, less the
    sales load, within 45&#160;days from the date of this prospectus
    to cover orders in excess of&#160;&#160;&#160;&#160;&#160;
    common shares. The Investment Adviser has agreed to pay offering
    expenses (other than the sales load) that exceed $.04 per common
    share. See &#147;Underwriters.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Investment Objectives and Policies </B></TD>
    <TD></TD>
    <TD valign="top">
    The Fund&#146;s primary investment objective is to provide a
    high level of current income from interest, dividends and option
    premiums. The Fund&#146;s secondary investment objective is to
    seek capital appreciation consistent with the Fund&#146;s
    strategy and its primary objective.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    To meet the objective of providing a high level of current
    income, the Fund intends to invest in income producing
    securities such as equity securities, convertible securities and
    other securities and earn short-term gains from a strategy of
    writing covered call options on equity securities in its
    portfolio. The Fund will seek dividend income through
    investments in equity securities such as common stock or
    convertible preferred stock. The Fund will seek interest income
    through investments in convertible or corporate bonds. See
    &#147;Investment Objectives and Policies.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Under normal market conditions, the Fund will attempt to achieve
    its objectives by investing at least 80% of its assets, which
    includes the amount of any borrowings for investment purposes,
    in securities of companies principally engaged in the natural
    resources and gold industries. The Fund will invest at least 25%
    of its assets in the securities of companies principally engaged
    in the exploration, production or distribution of natural
    resources, such as base metals, metals, paper, food,
    agriculture, forestry products, water, gas, oil, sustainable
    energy and other commodities as well as </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    related transportation companies and equipment manufacturers
    (&#147;Natural Resources Companies&#148;). Related
    transportation companies and equipment manufacturers, such as
    agriculture transportation vehicles and farm equipment
    manufacturers, are vital components of the natural resource
    industry and are therefore included within the definition of
    Natural Resources Companies. The Fund will invest at least 25%
    of its assets in the securities of companies principally engaged
    in the exploration, mining, fabrication, processing,
    distribution or trading of gold or the financing, managing,
    controlling or operating of companies engaged in
    &#147;gold-related&#148; activities (&#147;Gold
    Companies&#148;). Companies principally engaged in the
    financing, managing, controlling or operating of companies
    engaged in &#147;gold-related&#148; activities include companies
    that own or receive royalties on the production of gold; such
    companies are vital components of the gold industry and are
    therefore included within the definition of Gold Companies.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Fund may invest without limitation in the securities of
    domestic and foreign issuers. The Fund expects that its assets
    will usually be invested in several countries. To the extent
    that the natural resources and gold industries are concentrated
    in any given geographic region, such as Europe, North America or
    Asia, a relatively high proportion of the Fund&#146;s assets may
    be invested in that particular region. See &#147;Investment
    Objectives and Policies.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Principally engaged, as used in this prospectus, means a company
    that derives at least 50% of its revenues or earnings from or
    devotes at least 50% of its assets to the indicated businesses.
    Equity securities may include common stocks, preferred stocks,
    convertible securities, warrants, depository receipts and equity
    interests in trusts and other entities. Other Fund investments
    may include investment companies, including exchange traded
    funds, securities of issuers subject to reorganization,
    derivative instruments, debt (including obligations of the
    U.S.&#160;government) and money market instruments. As part of
    its investment strategy, the Fund intends to provide current
    income from short-term gains earned through an option strategy
    which will normally consist of writing (selling) call options on
    equity securities in its portfolio (&#147;covered calls&#148;),
    but may, in amounts up to 5% of the Fund&#146;s assets, consist
    of writing uncovered call options on securities not held by the
    Fund and indices comprised of Natural Resources Companies or
    Gold Companies or exchange-traded funds comprised of such
    issuers and writing put options on securities of Natural
    Resource Companies or Gold Companies. When the Fund sells a call
    option, it generates current income from short-term gains in the
    form of the premium paid by the buyer of the call option, but
    the Fund forgoes the opportunity to participate in any increase
    in the value of the underlying equity security above the
    exercise price of the option. When the Fund sells a put option,
    it generates current income from short-term gains in the form of
    the premium paid by the buyer of the put option, but the Fund
    will have the obligation to buy the underlying security at the
    exercise price if the price of the security decreases below the
    exercise price of the option. Any premiums received by the Fund
    from writing options may result in short-term capital gains. See
    &#147;Investment Objectives and Policies.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Fund may invest up to 20% of its assets in &#147;convertible
    securities,&#148; <I>i.e.</I>, securities (bonds, debentures,
    notes, stocks and other similar securities) that are convertible
    into common stock or other equity securities, and &#147;income
    securities,&#148; <I>i.e.</I>, nonconvertible debt or equity
    securities having a history of regular payments or accrual of
    income to holders. Under normal market conditions, the Fund may
    invest up to 35% of its assets in fixed-income securities, not
    including short-term discounted Treasury Bills or certain
    short-term securities of U.S.&#160;government sponsored
    instrumentalities. The Fund may invest up to 25% of its assets
    in &#147;junk </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    bonds&#148; such as convertible debt securities (which generally
    are rated lower than investment grade) and fixed-income
    securities that are rated lower than investment grade, or not
    rated but of similar quality as determined by the Investment
    Adviser.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Fund is not intended for those who wish to exploit
    short-term swings in the stock market.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Investment Adviser&#146;s investment philosophy with respect
    to selecting investments in the natural resources and gold
    industries is to emphasize quality, value and favorable
    prospects for growth, as determined by such factors as asset
    quality, balance sheet leverage, management ability, reserve
    life, cash flow, and commodity hedging exposure. In addition, in
    making stock selections, the Investment Adviser looks for
    securities that it believes may provide attractive yields as
    well as capital gains potential and that allow the Fund to
    generate current income from short-term gains from writing
    covered calls on such stocks.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Leverage </B></TD>
    <TD></TD>
    <TD valign="top">
    The Fund does not currently anticipate borrowing from banks or
    other financial institutions, issuing preferred shares or
    otherwise leveraging the common shares. However, the Fund will
    monitor interest rates and market conditions and anticipates
    that it may leverage the common shares at some point in the
    future if the Board of Trustees determines that it is in the
    best interest of the common shareholders. The use of borrowing
    techniques or preferred shares to leverage the common shares may
    involve greater risk to common shareholders. The use of leverage
    may magnify the impact of changes in net asset value on the
    holders of common shares. In addition, the cost of leverage
    could exceed the return on the securities acquired with the
    proceeds of the leverage, thereby diminishing returns to the
    holders of the common shares.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Fund may also engage in certain investment management
    techniques which may be considered senior securities for
    purposes of the 1940 Act unless the Fund segregates cash or
    other liquid securities equal to the Fund&#146;s obligations in
    respect of such techniques. These segregation and coverage
    requirements could result in the Fund maintaining securities
    positions that it would otherwise liquidate, segregating assets
    at a time when it may be disadvantageous to do so or otherwise
    restricting portfolio management.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Distributions and Dividends </B></TD>
    <TD></TD>
    <TD valign="top">
    The Fund intends to make regular monthly cash distributions of
    all or a portion of its investment company taxable income (which
    includes ordinary income and short-term capital gains) to common
    shareholders. The Fund also intends to make annual distributions
    of its &#147;net capital gain&#148; (which is the excess of net
    long-term capital gains over net short-term capital losses).
    Various factors will affect the level of the Fund&#146;s
    investment company taxable income, such as its asset mix, and
    use of covered call strategies. To permit the Fund to maintain
    more stable monthly distributions, the Fund may from time to
    time distribute less than the entire amount of income earned in
    a particular period, which would be available to supplement
    future distributions. As a result, the distributions paid by the
    Fund for any particular monthly period may be more or less than
    the amount of income actually earned by the Fund during that
    period. Because the Fund&#146;s income will fluctuate and the
    Fund&#146;s distribution policy may be changed by the Board of
    Trustees at any time, there can be no assurance that the Fund
    will pay distributions or dividends at a particular rate. See
    &#147;Distributions and Dividends.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Distributions paid by the Fund are automatically reinvested in
    additional shares of the Fund unless a shareholder elects to
    receive cash or the shareholder&#146;s broker  </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    does not provide reinvestment services. See &#147;Automatic
    Dividend Reinvestment and Voluntary Cash Purchase Plan.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Use of Proceeds </B></TD>
    <TD></TD>
    <TD valign="top">
    The Fund will use the net proceeds from the offering to purchase
    portfolio securities in accordance with its investment
    objectives and policies. The investment of proceeds is expected
    to be substantially completed within three months; however,
    changes in market conditions could result in the Fund&#146;s
    anticipated investment period extending to as long as six
    months. See &#147;Use of Proceeds.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Exchange Listing </B></TD>
    <TD></TD>
    <TD valign="top">
    The Fund&#146;s common shares have been approved for listing on
    the New York Stock Exchange (&#147;NYSE&#148;), subject to
    notice of issuance, under the trading or &#147;ticker&#148;
    symbol &#147;GNT.&#148; See &#147;Description of the
    Shares.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Market Price of Shares </B></TD>
    <TD></TD>
    <TD valign="top">
    Common shares of closed-end investment companies often trade at
    prices lower than their net asset value. Common shares of
    closed-end investment companies may trade during some periods at
    prices higher than their net asset value and during other
    periods at prices lower than their net asset value. The Fund
    cannot assure you that its common shares will trade at a price
    higher than or equal to net asset value. The Fund&#146;s net
    asset value will be reduced immediately following this offering
    by the sales load and the amount of the offering expenses paid
    by the Fund. See &#147;Use of Proceeds.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    In addition to net asset value, the market price of the
    Fund&#146;s common shares may be affected by such factors as the
    Fund&#146;s dividend and distribution levels (which are affected
    by expenses) and stability, market liquidity, market supply and
    demand, unrealized gains, general market and economic conditions
    and other factors. See &#147;Risk Factors and Special
    Considerations,&#148; &#147;Description of the Shares&#148; and
    &#147;Repurchase of Common Shares.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The common shares are designed primarily for long-term
    investors, and you should not purchase common shares of the Fund
    if you intend to sell them shortly after purchase.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Risk Factors and Special Considerations </B></TD>
    <TD></TD>
    <TD valign="top">
    Risk is inherent in all investing. Therefore, before investing
    in common shares of the Fund you should consider the risks
    carefully.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Industry Risks.</I>&#160;&#160;The Fund&#146;s investments
    will be concentrated in the natural resources industries and
    gold industries. Because the Fund is concentrated in these
    industries, it may present more risks than if it were broadly
    diversified over numerous industries and sectors of the economy.
    A downturn in the natural resources or gold industries would
    have a larger impact on the Fund than on an investment company
    that does not concentrate in such industries.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Under normal market conditions the Fund will invest at least 25%
    of its assets in securities of Natural Resources Companies. A
    downturn in the indicated natural resources industries would
    have a larger impact on the Fund than on an investment company
    that does not invest significantly in such industries. Such
    industries can be significantly affected by the supply of and
    demand for the indicated commodities and related services,
    exploration and production spending, government regulations,
    world events and economic conditions. The base metals, metals,
    paper, food and agriculture, forestry products, water, gas, oil,
    sustainable energy and other commodities industries can be
    significantly affected by events relating to international
    political developments, the success of exploration projects,
    commodity prices, and tax and government regulations. The stock
    prices of Natural Resources Companies, some of which have
    experienced substantial price increases in recent periods, may
    also experience greater price volatility than other types of
    common stocks. Securities issued by Natural Resources Companies
    are sensitive to changes </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    in the prices of, and in supply and demand for, the indicated
    commodities. The value of securities issued by Natural Resources
    Companies may be affected by changes in overall market
    movements, changes in interest rates, or factors affecting a
    particular industry or commodity, such as weather, embargoes,
    tariffs, policies of commodity cartels and international
    economic, political and regulatory developments. The Investment
    Adviser&#146;s judgments about trends in the prices of these
    securities and commodities may prove to be incorrect. It is
    possible that the performance of securities of Natural Resources
    Companies may lag the performance of other industries or the
    broader market as a whole.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Under normal market conditions the Fund will invest at least 25%
    of its assets in securities of Gold Companies. Securities of
    Gold Companies may experience greater volatility than companies
    not involved in the gold industries. Investments related to gold
    are considered speculative and are affected by a variety of
    worldwide economic, financial and political factors. The price
    of gold, which has experienced substantial increases in recent
    periods, may fluctuate sharply, including substantial decreases,
    over short periods of time due to changes in inflation or
    expectations regarding inflation in various countries, the
    availability of supplies of gold, changes in industrial and
    commercial demand, gold sales by governments, central banks or
    international agencies, investment speculation, monetary and
    other economic policies of various governments and government
    restrictions on private ownership of gold. The Investment
    Adviser&#146;s judgments about trends in the prices of
    securities of Gold Companies may prove to be incorrect. It is
    possible that the performance of securities of Gold Companies
    may lag the performance of other industries or the broader
    market as a whole. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Industry Risks&#160;&#151; Industry
    Risks.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Supply and Demand Risk.</I>&#160;&#160;A decrease in the
    production of, or exploration of, gold, base metals, metals,
    paper, food and agriculture, forestry products, gas, oil and
    other commodities or a decrease in the volume of such
    commodities available for transportation, mining, processing,
    storage or distribution may adversely impact the financial
    performance of the Fund&#146;s investments. Production declines
    and volume decreases could be caused by various factors,
    including catastrophic events affecting production, depletion of
    resources, labor difficulties, environmental proceedings,
    increased regulations, equipment failures and unexpected
    maintenance problems, import supply disruption, increased
    competition from alternative energy sources or commodity prices.
    Sustained declines in demand for the indicated commodities could
    also adversely affect the financial performance of Natural
    Resources Companies and Gold Companies over the long-term.
    Factors which could lead to a decline in demand include economic
    recession or other adverse economic conditions, higher fuel
    taxes or governmental regulations, increases in fuel economy,
    consumer shifts to the use of alternative fuel sources, changes
    in commodity prices, or weather. See &#147;Risk Factors and
    Special Considerations&#160;&#151; Industry Risks&#160;&#151;
    Supply and Demand Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Depletion and Exploration Risk.</I>&#160;&#160;Many Natural
    Resources Companies and Gold Companies are either engaged in the
    production or exploration of particular commodities or are
    engaged in transporting, storing, distributing and processing
    such commodities. To maintain or increase their revenue level,
    these companies or their customers need to maintain or expand
    their reserves through exploration of new sources of supply, the
    development of existing sources, acquisitions, or long-term
    contracts to acquire reserves. The financial performance of
    Natural Resources Companies and Gold Companies may be adversely
    affected if they, or the companies to whom they provide products
    or services, are unable to cost </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    effectively acquire additional products or reserves sufficient
    to replace the natural decline. See &#147;Risk Factors and
    Special Considerations&#160;&#151; Industry Risks&#160;&#151;
    Depletion and Exploration Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Regulatory Risk.</I>&#160;&#160;Natural Resources Companies
    and Gold Companies may be subject to extensive government
    regulation in virtually every aspect of their operations,
    including how facilities are constructed, maintained and
    operated, environmental and safety controls, and in some cases
    the prices they may charge for the products and services they
    provide. Various governmental authorities have the power to
    enforce compliance with these regulations and the permits issued
    under them, and violators are subject to administrative, civil
    and criminal penalties, including civil fines, injunctions or
    both. Stricter laws, regulations or enforcement policies could
    be enacted in the future, which would likely increase compliance
    costs and may adversely affect the financial performance of
    Natural Resources Companies and Gold Companies. See &#147;Risk
    Factors and Special Considerations&#160;&#151; Industry
    Risks&#160;&#151; Regulatory Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Commodity Pricing Risk.</I>&#160;&#160;The operations and
    financial performance of Natural Resources Companies and Gold
    Companies may be directly affected by the prices of the
    indicated commodities, especially those Natural Resources
    Companies and Gold Companies for whom the commodities they own
    are significant assets. Commodity prices fluctuate for several
    reasons, including changes in market and economic conditions,
    levels of domestic production, impact of governmental regulation
    and taxation, the availability of transportation systems and, in
    the case of oil and gas companies in particular, conservation
    measures and the impact of weather. Volatility of commodity
    prices which may lead to a reduction in production or supply,
    may also negatively affect the performance of Natural Resources
    Companies and Gold Companies which are solely involved in the
    transportation, processing, storing, distribution or marketing
    of commodities. Volatility of commodity prices may also make it
    more difficult for Natural Resources Companies and Gold
    Companies to raise capital to the extent the market perceives
    that their performance may be directly or indirectly tied to
    commodity prices. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Industry Risks&#160;&#151; Commodity
    Pricing Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Risks Associated with Covered Calls and Other Option
    Transactions.</I>&#160;&#160;There are several risks associated
    with transactions in options on securities. For example, there
    are significant differences between the securities and options
    markets that could result in an imperfect correlation between
    these markets, causing a given covered call option transaction
    not to achieve its objectives. A decision as to whether, when
    and how to use covered calls (or other options) involves the
    exercise of skill and judgment, and even a well-conceived
    transaction may be unsuccessful because of market behavior or
    unexpected events. The use of options may require the Fund to
    sell portfolio securities at inopportune times or for prices
    other than current market values, may limit the amount of
    appreciation the Fund can realize on an investment, or may cause
    the Fund to hold a security it might otherwise sell. As the
    writer of a covered call option, the Fund forgoes, during the
    option&#146;s life, the opportunity to profit from increases in
    the market value of the security covering the call option above
    the exercise price of the call option, but has retained the risk
    of loss should the price of the underlying security decline.
    Although such loss would be offset in part by the option premium
    received, in a situation in which the price of a particular
    stock on which the Fund has written a covered call option
    declines rapidly and materially or in which prices in general on
    all or a substantial portion of the stocks on which the Fund </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    has written covered call options decline rapidly and materially,
    the Fund could sustain material depreciation or loss in its net
    assets to the extent it does not sell the underlying securities
    (which may require it to terminate, offset or otherwise cover
    its option position as well).</TD>
</TR>

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

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Limitation on Covered Call Writing Risk.</I>&#160;&#160;The
    number of covered call options the Fund can write is limited by
    the number of shares of the corresponding common stock the Fund
    holds. Furthermore, the Fund&#146;s covered call options and
    other options transactions will be subject to limitations
    established by each of the exchanges, boards of trade or other
    trading facilities on which such options are traded. As a
    result, the number of covered call options that the Fund may
    write or purchase may be affected by options written or
    purchased by it and other investment advisory clients of the
    Investment Adviser. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Risks Associated with Covered Calls
    and Other Option Transactions&#160;&#151; Limitation on Covered
    Call Writing Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Risks Associated with Uncovered Calls.</I>&#160;&#160;There
    are special risks associated with uncovered option writing which
    expose the Fund to potentially significant loss. As the writer
    of an uncovered call option, the Fund has no risk of loss should
    the price of the underlying security decline, but bears
    unlimited risk of loss should the price of the underlying
    security increase above the exercise price until the Fund covers
    its exposure. As with writing uncovered calls, the risk of
    writing uncovered put options is substantial. The writer of an
    uncovered put option bears a risk of loss if the value of the
    underlying instrument declines below the exercise price. Such
    loss could be substantial if there is a significant decline in
    the value of the underlying instrument. See &#147;Risk Factors
    and Special Considerations&#160;&#151; Risks Associated with
    Uncovered Calls.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Common Stock Risk.</I>&#160;&#160;Common stock of an issuer
    in the Fund&#146;s portfolio may decline in price for a variety
    of reasons including if the issuer fails to make anticipated
    dividend payments. Common stock in which the Fund will invest is
    structurally subordinated as to income and residual value to
    preferred stock, bonds and other debt instruments in a
    company&#146;s capital structure, in terms of priority to
    corporate income, and therefore will be subject to greater
    dividend risk than preferred stock or debt instruments of such
    issuers. In addition, while common stock has historically
    generated higher average returns than fixed income securities,
    common stock has also experienced significantly more volatility
    in those returns. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Common Stock Risk.&#148;</TD>
</TR>

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Foreign Securities Risk.</I>&#160;&#160;Because many of the
    world&#146;s Natural Resources Companies and Gold Companies are
    located outside of the U.S., the Fund may have a significant
    portion of its investments in securities that are traded in
    foreign markets and that are not subject to the requirements of
    the U.S.&#160;securities laws, markets and accounting
    requirements (&#147;Foreign Securities&#148;). Investments in
    Foreign Securities involve certain considerations and risks not
    ordinarily associated with investments in securities of
    U.S.&#160;issuers. Foreign companies are not generally subject
    to the same accounting, auditing and financial standards and
    requirements as those applicable to U.S.&#160;companies. Foreign
    securities exchanges, brokers and listed companies may be
    subject to less government supervision and regulation than
    exists in the U.S.&#160;Dividend and interest income may be
    subject to withholding and other foreign taxes, which may
    adversely affect the net return on such investments. There may
    be difficulty in obtaining or enforcing a court judgment abroad,
    and it may be difficult to effect repatriation of capital
    invested in certain countries. In addition, with respect to
    certain countries, there are risks of expropriation,
    confiscatory taxation, political or social instability or
    diplomatic developments that could affect assets of the Fund
    held in foreign countries. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Foreign Securities Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Convertible Securities Risk.</I>&#160;&#160;Convertible
    securities generally offer lower interest or dividend yields
    than non-convertible securities of similar quality. The market
    values of convertible securities tend to decline as interest
    rates increase and conversely, to increase as interest rates
    decline. In the absence of adequate anti-dilutive provisions in
    a convertible security, dilution in the value of the Fund&#146;s
    holding may occur in the event the underlying stock is
    subdivided, additional equity securities are issued for below
    market value, a stock dividend is declared, or the issuer enters
    into another type of corporate transaction that has a similar
    effect. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Convertible Securities Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Income Risk.</I>&#160;&#160;The income shareholders receive
    from the Fund is expected to be based primarily on income from
    short-term gains that the Fund earns from its investment
    strategy of writing covered calls and dividends and other
    distributions received from its investments. If the Fund&#146;s
    covered call strategy fails to generate sufficient income from
    short-term gains or the distribution rates or yields of the
    Fund&#146;s holdings decrease, shareholders&#146; income from
    the Fund could decline. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Income Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Dilution Risk for Convertible Securities.</I>&#160;&#160;In
    the absence of adequate anti-dilution provisions in a
    convertible security, dilution in the value of the Fund&#146;s
    holding may occur in the event the underlying stock is
    subdivided, additional equity securities are issued for below
    market value, a stock dividend is declared, or the issuer enters
    into another type of corporate transaction that has a similar
    effect. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Dilution Risk for Convertible
    Securities.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Lower Grade Securities Risk.</I>&#160;&#160;The Fund may
    invest up to 25% of its assets in fixed-income and convertible
    securities rated in the lower rating categories of recognized
    statistical rating agencies, such as securities rated
    &#147;CCC&#148; or lower by Standard&#160;&#038; Poor&#146;s
    Ratings Services (&#147;S&#038;P&#148;) or &#147;Caa&#148; by
    Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;),
    or non-rated securities of comparable quality. These high yield
    securities, also sometimes referred to as &#147;junk
    bonds,&#148; generally pay a premium above the yields of
    U.S.&#160;government securities or debt securities of investment
    grade issuers because they are subject to greater risks than
    these </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    securities. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Lower Grade Securities Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Emerging Markets Risk.</I>&#160;&#160;The Fund may invest
    without limit in securities of issuers whose primary operations
    or principal trading market is in an &#147;emerging
    market.&#148; An &#147;emerging market&#148; country is any
    country that is considered to be an emerging or developing
    country by the International Bank for Reconstruction and
    Development (the &#147;World Bank&#148;). Investing in
    securities of companies in emerging markets may entail special
    risks relating to potential political and economic instability
    and the risks of expropriation, nationalization, confiscation or
    the imposition of restrictions on foreign investment, the lack
    of hedging instruments and restrictions on repatriation of
    capital invested. Emerging securities markets are substantially
    smaller, less developed, less liquid and more volatile than the
    major securities markets. The limited size of emerging
    securities markets and limited trading value compared to the
    volume of trading in U.S.&#160;securities could cause prices to
    be erratic for reasons apart from factors that affect the
    quality of the securities. For example, limited market size may
    cause prices to be unduly influenced by traders who control
    large positions. Adverse publicity and investors&#146;
    perceptions, whether or not based on fundamental analysis, may
    decrease the value and liquidity of portfolio securities,
    especially in these markets. Other risks include high
    concentration of market capitalization and trading volume in a
    small number of issuers representing a limited number of
    industries, as well as a high concentration of investors and
    financial intermediaries; overdependence on exports, including
    natural resources and gold exports, making these economies
    vulnerable to changes in commodity prices; overburdened
    infrastructure and obsolete or unseasoned financial systems;
    environmental problems; less developed legal systems; and less
    reliable securities custodial services and settlement practices.
    See &#147;Risk Factors and Special Considerations&#160;&#151;
    Emerging Markets Risk.&#148;</TD>
</TR>

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

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Market Discount Risk.</I>&#160;&#160;Whether investors will
    realize gains or losses upon the sale of common shares of the
    Fund will depend upon the market price of the </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    shares at the time of sale, which may be less or more than the
    Fund&#146;s net asset value per share. Since the market price of
    the common shares will be affected by various factors such as
    the Fund&#146;s dividend and distribution levels (which are in
    turn affected by expenses), dividend and distribution stability,
    net asset value, market liquidity, the relative demand for and
    supply of the common shares in the market, unrealized gains,
    general market and economic conditions and other factors beyond
    the control of the Fund, we cannot predict whether the common
    shares will trade at, below or above net asset value or at,
    below or above the public offering price. Common shares of
    closed-end funds often trade at a discount from their net asset
    values and the Fund&#146;s common shares may trade at such a
    discount. This risk may be greater for investors expecting to
    sell their common shares of the Fund soon after completion of
    the public offering. The common shares of the Fund are designed
    primarily for long-term investors, and investors in the common
    shares should not view the Fund as a vehicle for trading
    purposes. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Market Discount Risk.&#148;</TD>
</TR>

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

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Commodities-Linked Equity Derivative Instrument
    Risk.</I>&#160;&#160;The Fund may invest in structured notes
    that are linked to one or more underlying commodities. Such
    structured notes provide exposure to the investment returns of
    physical commodities without actually investing directly in
    physical commodities. Such structured notes in which the Fund
    may invest are hybrid instruments that have substantial risks,
    including risk of loss of all or a significant portion of their
    principal value. Because the payments on these notes are linked
    to the price change of the underlying commodities, these
    investments are subject to market risks that relate to the
    movement of prices in the commodities markets. They may also be
    subject to additional special risks that do not affect
    traditional equity and debt securities that may be greater than
    or in addition to the risks of derivatives in general, including
    risk of loss of interest, risk of loss of principal, lack of
    liquidity and risk of greater volatility. See &#147;Risk Factors
    and Special Considerations&#160;&#151; Commodities-Linked Equity
    Derivative Instrument Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Distribution Risk for Equity Income Portfolio
    Securities.</I>&#160;&#160;The Fund intends to invest in the
    shares of issuers that pay dividends or other distributions.
    Such dividends or other distributions are not guaranteed and an
    issuer may forego paying dividends or other distributions at any
    time and for any reason. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Distribution Risk for Equity Income
    Portfolio Securities.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Interest Rate Risk.</I>&#160;&#160;Rising interest rates may
    adversely affect the financial performance of Natural Resources
    Companies and Gold Companies by increasing </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    their costs of capital. This may reduce their ability to execute
    acquisitions or expansion projects in a cost-effective manner.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    During periods of declining interest rates, the issuer of a
    preferred stock or fixed income security may be able to exercise
    an option to prepay principal earlier than scheduled, forcing
    the Fund to reinvest in lower yielding securities. This is known
    as call or prepayment risk. During periods of rising interest
    rates, the average life of certain types of securities may be
    extended because of slower than expected principal payments.
    This may prolong the length of time the security pays a below
    market interest rate, increase the security&#146;s duration and
    reduce the value of the security. This is known as extension
    risk. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Interest Rate Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Interest Rate Risk for Fixed Income
    Securities.</I>&#160;&#160;The primary risk associated with
    fixed income securities is interest rate risk. A decrease in
    interest rates will generally result in an increase in the value
    of a fixed income security, while increases in interest rates
    will generally result in a decline in its value. This effect is
    generally more pronounced for fixed rate securities than for
    securities whose income rate is periodically reset. See
    &#147;Risk Factors and Special Considerations&#160;&#151;
    Interest Rate Risk for Fixed Income Securities.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Inflation Risk.</I>&#160;&#160;Inflation risk is the risk
    that the value of assets or income from investments will be
    worth less in the future as inflation decreases the value of
    money. As inflation increases, the real value of the Fund&#146;s
    shares and distributions thereon can decline. In addition,
    during any periods of rising inflation, dividend rates of any
    variable rate preferred shares or debt securities issued by the
    Fund would likely increase, which would tend to further reduce
    returns to common shareholders. See &#147;Risk Factors and
    Special Considerations&#160;&#151; Inflation Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Illiquid Investments Risk.</I>&#160;&#160;The Fund may invest
    in unregistered securities and otherwise illiquid investments.
    Unregistered securities are securities that cannot be sold
    publicly in the United States without registration under the
    Securities Act of 1933. An illiquid investment is a security or
    other investment that cannot be disposed of within seven days in
    the ordinary course of business at approximately the value at
    which the Fund has valued the investment. Unregistered
    securities often can be resold only in privately negotiated
    transactions with a limited number of purchasers or in a public
    offering registered under the Securities Act of 1933.
    Considerable delay could be encountered in either event and,
    unless otherwise contractually provided for, the Fund&#146;s
    proceeds upon sale may be reduced by the costs of registration
    or underwriting discounts. The difficulties and delays
    associated with such transactions could result in the
    Fund&#146;s inability to realize a favorable price upon
    disposition of unregistered securities, and at times might make
    disposition of such securities impossible. In addition, the Fund
    may be unable to sell other illiquid investments when it desires
    to do so, resulting in the Fund obtaining a lower price or being
    required to retain the investment. Illiquid investments
    generally must be valued at fair value, which is inherently less
    precise than utilizing market values for liquid investments, and
    may lead to differences between the price a security is valued
    for determining the Fund&#146;s net asset value and the price
    the Fund actually receives upon sale. See &#147;Risk Factors and
    Special Considerations&#160;&#151; Illiquid Investments
    Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Investment Companies.</I>&#160;&#160;The Fund may invest in
    the securities of other investment companies, including
    exchange-traded funds, to the extent permitted by law. To the
    extent the Fund invests in the common equity of investment
    companies, </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    the Fund will bear its ratable share of any such investment
    company&#146;s expenses, including management fees. The Fund
    will also remain obligated to pay management fees to the
    Investment Adviser with respect to the assets invested in the
    securities of other investment companies. In these
    circumstances, holders of the Fund&#146;s common shares will be
    in effect subject to duplicative investment expenses. See
    &#147;Risk Factors and Special Considerations&#160;&#151;
    Investment Companies.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Special Risks of Derivative Transactions.</I>&#160;&#160;The
    Fund may participate in derivative transactions. Such
    transactions entail certain execution, market, liquidity,
    hedging and tax risks. Participation in the options or futures
    markets, in other derivatives transactions, or in currency
    exchange transactions involves investment risks and transaction
    costs to which the Fund would not be subject absent the use of
    these strategies. If the Investment Adviser&#146;s prediction of
    movements in the direction of the securities, foreign currency,
    interest rate or other referenced instruments or markets is
    inaccurate, the consequences to the Fund may leave the Fund in a
    worse position than if it had not used such strategies. See
    &#147;Risk Factors and Special Considerations&#160;&#151;
    Special Risks of Derivative Transactions.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Swaps and Related Derivatives.</I>&#160;&#160;The Fund may
    enter into total rate of return, credit default or other types
    of swaps and related derivatives for the purpose of hedging and
    risk management. These transactions generally provide for the
    transfer from one counterparty to another of certain risks
    inherent in the ownership of a financial asset such as a common
    stock or debt instrument. Such risks include, among other
    things, the risk of default and insolvency of the obligor of
    such asset, the risk that the credit of the obligor or the
    underlying collateral will decline or the risk that the common
    stock of the underlying issuer will decline in value. The
    transfer of risk pursuant to a derivative of this type may be
    complete or partial, and may be for the life of the related
    asset or for a shorter period. These derivatives may be used for
    investment purposes or as a risk management tool for a pool of
    financial assets, providing the Fund with the opportunity to
    gain or reduce exposure to one or more reference securities or
    other financial assets (each, a &#147;Reference Asset&#148;)
    without actually owning or selling such assets in order, for
    example, to increase or reduce a concentration risk or to
    diversify a portfolio. Conversely, these derivatives may be used
    by the Fund to reduce exposure to an owned asset without selling
    it. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Swaps and Related Derivatives.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Dependence on Key Personnel.</I>&#160;&#160;The Investment
    Adviser is dependent upon the expertise of Mr.&#160;Mario J.
    Gabelli. If the Investment Adviser were to lose the services of
    Mr.&#160;Gabelli, it could be adversely affected. There can be
    no assurance that a suitable replacement could be found for
    Mr.&#160;Gabelli in the event of his death, resignation,
    retirement or inability to act on behalf of the Investment
    Adviser.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    The Fund is dependent upon the expertise of Vincent
    Hugonnard-Roche as the sole option strategist on the Fund&#146;s
    portfolio management team. If the Fund were to lose the services
    of Mr.&#160;Roche, it could be temporarily adversely affected
    until a suitable replacement could be found. See &#147;Risk
    Factors and Special Considerations&#160;&#151; Dependence on Key
    Personnel.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Long-Term Objective; Not a Complete Investment
    Program.</I>&#160;&#160;The Fund is intended for investors
    seeking a high level of current income. The Fund is not meant to
    provide a vehicle for those who wish to exploit short-term
    swings in the stock market. An investment in shares of the Fund
    should not be considered a </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    complete investment program. Each shareholder should take into
    account the Fund&#146;s investment objectives as well as the
    shareholder&#146;s other investments when considering an
    investment in the Fund. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Long-Term Objective; Not a Complete
    Investment Program.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Portfolio Turnover Risk.</I>&#160;&#160;The Fund will buy and
    sell securities to accomplish its investment objectives. The
    investment policies of the Fund, including its strategy of
    writing covered call options on securities in its portfolio, are
    expected to result in portfolio turnover that is higher than
    that of many investment companies, may initially be higher than
    100% and may result in the Fund paying higher commissions than
    many investment companies. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Portfolio Turnover Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Management Risk.</I>&#160;&#160;The Fund is subject to
    management risk because its portfolio will be actively managed.
    The Investment Adviser will apply investment techniques and risk
    analyses in making investment decisions for the Fund, but there
    can be no guarantee that these will produce the desired results.
    See &#147;Risk Factors and Special Considerations&#160;&#151;
    Management Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>No Operating History.</I>&#160;&#160;The Fund is a
    non-diversified, closed-end management investment company with
    no operating history.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Non-Diversified Status.</I>&#160;&#160;The Fund is classified
    as a &#147;non-diversified&#148; investment company under the
    1940 Act, which means the Fund is not limited by the
    1940&#160;Act in the proportion of its assets that may be
    invested in the securities of a single issuer. As a
    non-diversified investment company, the Fund may invest in the
    securities of individual issuers to a greater degree than a
    diversified investment company. As a result, the Fund may be
    more vulnerable to events affecting a single issuer and
    therefore, subject to greater volatility than a fund that is
    more broadly diversified. Accordingly, an investment in the Fund
    may present greater risk to an investor than an investment in a
    diversified company. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Non-Diversified Status.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Market Disruption and Geopolitical Risk.</I>&#160;&#160;The
    terrorist attacks on domestic U.S.&#160;targets on
    September&#160;11, 2001, the wars in Iraq and Afghanistan and
    other geopolitical events have led to, and may in the future
    lead to, increased short-term market volatility and may have
    long-term effects on U.S.&#160;and world economies and markets.
    The nature, scope and duration of the war and occupation cannot
    be predicted with any certainty. Similar events in the future or
    other disruptions of financial markets could affect interest
    rates, securities exchanges, auctions, secondary trading,
    ratings, credit risk, inflation, energy prices and other factors
    relating to the common shares. See &#147;Risk Factors and
    Special Considerations&#160;&#151; Market Disruption and
    Geopolitical Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Recent Economic Events.</I>&#160;&#160;While the
    U.S.&#160;and global markets had experienced extreme volatility
    and disruption for an extended period of time, the first, second
    and third quarters of 2010 witnessed more stabilized economic
    activity as expectations for an economic recovery increased.
    However, risks to a robust resumption of growth persist: a weak
    consumer weighed down by too much debt and increasing
    joblessness, the growing size of the federal budget deficit and
    national debt, and the threat of inflation. A return to
    unfavorable economic conditions could impair the Fund&#146;s
    ability to execute its investment strategies. See &#147;Risk
    Factors and Special Considerations&#160;&#151; Recent Economic
    Developments.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>2011 U.S.&#160;Federal Budget.</I>&#160;&#160;The proposed
    U.S. federal budget for fiscal year 2011 calls for the
    elimination of approximately $40&#160;billion in tax incentives </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    widely used by oil, gas and coal companies and the imposition of
    new fees on certain energy producers. The elimination of such
    tax incentives and imposition of such fees could adversely
    affect Natural Resources Companies in which the Fund invests
    <FONT style="white-space: nowrap">and/or</FONT> the
    natural resources sector generally. See &#147;Risk Factors and
    Special Considerations&#160;&#151; 2011 U.S.&#160;Federal
    Budget.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Government Intervention in Financial Markets
    Risk.</I>&#160;&#160;The recent instability in the financial
    markets has led the U.S.&#160;government and foreign governments
    to take a number of unprecedented actions designed to support
    certain financial institutions and segments of the financial
    markets that have experienced extreme volatility, and in some
    cases a lack of liquidity. U.S.&#160;federal and state
    governments and foreign governments, their regulatory agencies
    or self regulatory organizations may take additional actions
    that affect the regulation of the securities in which the Fund
    invests, or the issuers of such securities, in ways that are
    unforeseeable. Issuers of corporate securities might seek
    protection under the bankruptcy laws. Legislation or regulation
    may also change the way in which the Fund itself is regulated.
    Such legislation or regulation could limit or preclude the
    Fund&#146;s ability to achieve its investment objectives. See
    &#147;Risk Factors and Special Considerations&#160;&#151;
    Government Intervention in Financial Markets Risk.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <I>Anti-Takeover Provisions.</I>&#160;&#160;The Fund&#146;s
    governing documents include provisions that could limit the
    ability of other entities or persons to acquire control of the
    Fund or convert the Fund to an open-end fund. See &#147;Risk
    Factors and Special Considerations&#160;&#151; Anti-Takeover
    Provisions&#148; and &#147;Anti-Takeover Provisions of the
    Fund&#146;s Governing Documents.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    See &#147;Risk Factors and Special Considerations&#148; and the
    other information included in this prospectus for a discussion
    of factors you should carefully consider before deciding to
    invest in the common shares of the Fund.</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Management and Fees </B></TD>
    <TD></TD>
    <TD valign="top">
    Gabelli Funds, LLC serves as the Fund&#146;s Investment Adviser
    and is compensated for its services and its related expenses at
    an annual rate of 1.00% of the Fund&#146;s average weekly
    managed assets payable monthly in arrears. Managed assets
    consist of all the assets of the Fund without deduction for
    borrowings, repurchase transactions and other leveraging
    techniques, the liquidation value of any outstanding preferred
    shares or other liabilities except for certain ordinary course
    expenses. The Investment Adviser is responsible for
    administration of the Fund and currently utilizes and pays the
    fees of a third party
    <FONT style="white-space: nowrap">sub-administrator.</FONT>
    See &#147;Management of the Fund.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Repurchase of Common Shares and Anti-Takeover Provisions</B></TD>
    <TD></TD>
    <TD valign="top">
    The Fund&#146;s Board of Trustees has authorized the Fund to
    consider the repurchase of its common shares in the open market
    when the common shares are trading at a discount of 10% or more
    from net asset value (or such other percentage as the Board of
    Trustees may determine from time to time). Although the Board of
    Trustees has authorized such repurchases, the Fund is not
    required to repurchase its common shares. Such repurchases are
    subject to certain notice and other requirements under the 1940
    Act. See &#147;Repurchase of Common Shares.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    Certain provisions of the Fund&#146;s Agreement and Declaration
    of Trust and By-Laws (collectively, the &#147;Governing
    Documents&#148;) may be regarded as &#147;anti-takeover&#148;
    provisions. Pursuant to these provisions, only one of three
    classes of Trustees is elected each year, and the affirmative
    vote of the holders of 75% of the outstanding shares of the Fund
    are necessary to authorize the conversion of the Fund from a
    closed-end to an open-end investment company or to authorize
    certain transactions between the Fund and a beneficial owner of
    more than 5% of any class of the Fund&#146;s capital stock. The
    overall effect of these provisions is to </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

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

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

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

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

<TR>
    <TD width="23%"></TD>
    <TD width="1%"></TD>
    <TD width="76%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    render more difficult the accomplishment of a merger with, or
    the assumption of control by, a principal shareholder. These
    provisions may have the effect of depriving Fund&#146;s common
    shareholders of an opportunity to sell their shares at a premium
    to the prevailing market price. The issuance of preferred shares
    could make it more difficult for the holders of common shares to
    avoid the effect of these provisions. See &#147;Anti-Takeover
    Provisions of the Fund&#146;s Governing Documents.&#148;</TD>
</TR>

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

<TR>
    <TD valign="top">
    <B>Custodian, Transfer Agent and Dividend Disbursing Agent </B></TD>
    <TD></TD>
    <TD valign="top">
    The Bank of New York Mellon, located at 135 Santilli Highway,
    Everett, Massachusetts 02149, serves as the custodian (the
    &#147;Custodian&#148;) of the Fund&#146;s assets pursuant to a
    custody agreement. Under the custody agreement, the Custodian
    holds the Fund&#146;s assets in compliance with the 1940 Act.
    For its services, the Custodian will receive a monthly fee paid
    by the Fund based upon, among other things, the average value of
    the total assets of the Fund, plus certain charges for
    securities transactions and out of pocket expenses.</TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    American Stock Transfer &#038; Trust Company, located at
    59&#160;Maiden Lane, New&#160;York, New York 10038, serves as
    the Fund&#146;s distribution disbursing agent, as agent under
    the Fund&#146;s Automatic Dividend Reinvestment and Voluntary
    Cash Purchase Plan (the &#147;Plan&#148;), and as transfer agent
    and registrar with respect to the common shares of the Fund.</TD>
</TR>

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

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

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

<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table shows Fund expenses as a percentage of net
    assets attributable to common shares and is intended to assist
    you in understanding the various costs and expenses directly or
    indirectly associated with investing in common shares of the
    Fund. Because the Fund has no operating history, the following
    tables are based on estimated amounts for the first fiscal year
    of operations and assume that the Fund has issued 15,000,000
    common shares. The Fund&#146;s actual expenses may vary from the
    estimated expenses shown in the table and may increase as a
    percentage of net assets attributable to common shares if the
    Fund issues less than 15,000,000 common shares.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="93%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Shareholder Transaction Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales Load Paid By You (as a percentage of offering price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Expenses Borne by the Fund (as a percentage of offering
    price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .20%
</TD>
<TD nowrap align="left" valign="bottom">
    (*)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividend Reinvestment Plan Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
    (**)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="79%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Percentage of Net<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Assets Attributable<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">to Common Shares</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Annual Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Management Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.20
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Annual Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.20
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(*)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Gabelli Funds, LLC, the Fund&#146;s
    Investment Adviser, has agreed to pay the amount of the
    Fund&#146;s offering expenses (other than the sales load) that
    exceed $.04 per common share (.20% of the offering price).
    </FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(**)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">You will be charged a $1.00 service
    charge and pay brokerage charges if you direct the plan agent to
    sell your common shares held in a dividend reinvestment account.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purpose of the table above and the example below is to help
    you understand all fees and expenses that you, as a holder of
    common shares, would bear directly or indirectly. The expenses
    shown in the table under &#147;Other Expenses&#148; and
    &#147;Total Annual Expenses&#148; are based on estimated amounts
    for the Fund&#146;s first year of operations and assumes that
    the Fund issues 15,000,000 common shares. If the Fund issues
    fewer common shares, all other things being equal, these
    expenses would increase as a percentage of net assets
    attributable to common shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following example illustrates the expenses (including the
    sales load of $45 and estimated offering expenses of this
    offering of $2) that an investor would pay on a $1,000
    investment in common shares, assuming (1)&#160;net annual
    expenses of 1.20% of net assets attributable to common shares
    and (2)&#160;a 5% annual portfolio total
    return.<SUP style="font-size: 85%; vertical-align: top">*</SUP>

</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="63%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">1&#160;Year</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">3&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">5&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">10&#160;Years</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Expenses Incurred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    186
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>
<!-- XBRL Pagebreak Begin -->
<!-- XBRL Footnotes Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    *&#160;<B>The example should not be considered a representation
    of future expenses. </B>The example assumes that the amounts set
    forth in the Shareholder Transaction Expenses and Annual
    Expenses table are accurate and that all distributions are
    reinvested at net asset value. <B>Actual expenses may be greater
    or less than those assumed. </B>Moreover, the Fund&#146;s actual
    rate of return may be greater or less than the hypothetical 5%
    return shown in the example.
</DIV>
<!-- XBRL Footnotes End -->

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

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

<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The net proceeds of the offering will be approximately
    $&#160;&#160;&#160;&#160;&#160; or
    $&#160;&#160;&#160;&#160;&#160; if the underwriters exercise the
    overallotment option in full, after payment of the underwriting
    discounts and commissions and estimated offering costs. The
    Investment Adviser expects that it will initially invest the
    proceeds of the offering in high quality short-term debt
    securities and instruments. The Investment Adviser anticipates
    that the investment of the proceeds will be made in accordance
    with the Fund&#146;s investment objectives and policies as
    appropriate investment opportunities are identified, which is
    expected to substantially be completed within three months;
    however, changes in market conditions could result in the
    Fund&#146;s anticipated investment period extending to as long
    as six months.
</DIV>
<!-- XBRL Pagebreak Begin -->

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

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

<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is a non-diversified, closed-end management investment
    company registered under the 1940&#160;Act. The Fund was
    organized as a Delaware statutory trust on June&#160;26, 2008,
    pursuant to a Certificate of Trust governed by the laws of the
    State of Delaware. The Fund&#146;s principal office is located
    at One Corporate Center, Rye, New York,
    <FONT style="white-space: nowrap">10580-1422</FONT>
    and its telephone number is (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554).</FONT>
</DIV>

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s primary investment objective is to provide a
    high level of current income from interest, dividends and option
    premiums. The Fund&#146;s secondary investment objective is to
    seek capital appreciation consistent with the Fund&#146;s
    strategy and its primary objective. To meet the objective of
    providing a high level of current income, the Fund intends to
    invest in income producing securities such as equity securities,
    convertible securities and other securities and earn short-term
    gains from a strategy of writing covered call options on equity
    securities in its portfolio. The Fund will seek dividend income
    through investments in equity securities such as common stock or
    convertible preferred stock. The Fund will seek interest income
    through investments in convertible or corporate bonds. Under
    normal market conditions, the Fund will attempt to achieve its
    objectives by investing at least 80% of its assets, which
    includes the amount of any borrowing for investment purposes, in
    securities of companies principally engaged in the natural
    resources and gold industries. The Fund will invest at least 25%
    of its assets in the securities of companies principally engaged
    in the exploration, production or distribution of natural
    resources, such as base metals, metals, paper, food and
    agriculture, forestry products, water, gas, oil, sustainable
    energy and other commodities as well as related transportation
    companies and equipment manufacturers. The Fund will invest at
    least 25% of its assets in the securities of companies
    principally engaged in the exploration, mining, fabrication,
    processing, distribution or trading of gold or the financing,
    managing, controlling or operating of companies engaged in
    &#147;gold-related&#148; activities. The Fund may invest without
    limitation in the securities of domestic and foreign issuers.
    The Fund expects that its assets will usually be invested in
    several countries. To the extent that the natural resources and
    gold industries are concentrated in any given geographic region,
    such as Europe, North America or Asia, a relatively high
    proportion of the Fund&#146;s assets may be invested in that
    particular region. Equity securities may include common stocks,
    preferred stocks, convertible securities, warrants, depository
    receipts and equity interests in trusts and other entities.
    Other Fund investments may include investment companies,
    securities of issuers subject to reorganization or other risk
    arbitrage investments, certain derivative instruments, debt
    (including obligations of the U.S.&#160;government) and money
    market instruments.
</DIV>

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

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

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

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

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

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

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

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

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


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


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


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


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


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


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


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


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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

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


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


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


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


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

</TABLE>

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Gold Industry Concentration.</I>&#160;&#160;Under normal
    market conditions the Fund will invest at least 25% of its
    assets in the securities of Gold Companies. &#147;Gold
    Companies&#148; are those that are principally engaged in the
    exploration, mining, fabrication, processing, distribution or
    trading of gold, or the financing, managing, controlling or
    operating of companies engaged in &#147;gold-related&#148;
    activities. Companies principally engaged in the financing,
    managing, controlling or operating of companies engaged in
    &#147;gold-related&#148; activities include companies that own
    or receive royalties on the production of gold; such companies
    are vital components of the gold industry and are therefore
    included within the definition of Gold Companies. The
    Fund&#146;s investments in Gold Companies will generally be in
    the common equity of Gold Companies, but the Fund may also
    invest in other securities of Gold Companies, such as preferred
    stocks, securities convertible into common stocks, and
    securities such as rights and warrants that have common stock
    characteristics. The Fund will not invest in gold bullion and
    therefore the Fund&#146;s performance will not track directly
    the price of gold.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In selecting investments in Gold Companies for the Fund, the
    Investment Adviser will focus on stocks that are undervalued,
    but which appear to have favorable prospects for growth. Factors
    considered in this determination will include capitalization per
    ounce of gold production, capitalization per ounce of
    recoverable reserves, quality of management and ability to
    create shareholder wealth. Because most of the world&#146;s gold
    production is outside of the United States, the Fund may have a
    significant portion of its investments in Gold Companies in
    securities of foreign issuers, including those located in
    developed as well as emerging markets. The percentage of Fund
    assets invested in particular countries or regions will change
    from time to time based on the Investment Adviser&#146;s
    judgment. Among other things, the Investment Adviser will
    consider the economic stability and economic outlook of these
    countries and regions. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Industry Risks.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Covered Calls and Other Option
    Transactions.</I>&#160;&#160;The Fund intends to provide current
    income from short-term gains earned through an option strategy
    which will normally consist of writing (selling) call options on
    equity securities in its portfolio (&#147;covered calls&#148;),
    but may, in amounts up to 5% of the Fund&#146;s assets, consist
    of writing uncovered call options on additional amounts of such
    securities beyond the amounts held in its portfolio, on other
    securities not held in its portfolio and on indices comprised of
    Natural Resources Companies or Gold Companies or on exchange
    traded funds comprised of such issuers and also may consist of
    writing put options on securities of Natural Resource Companies
    or Gold Companies. Any premiums received by the Fund from
    writing options may result in short-term capital gains. Writing
    a covered call is the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    selling of an option contract entitling the buyer to purchase an
    underlying security that the Fund owns, while writing an
    uncovered call is the selling of such a contract entitling the
    buyer to purchase a security the Fund does not own or in an
    amount in excess of the amount the Fund owns. When the Fund
    sells a call option, it generates current income from short-term
    gains in the form of the premium paid by the buyer of the call
    option, but the Fund forgoes the opportunity to participate in
    any increase in the value of the underlying equity security
    above the exercise price of the option. The writer of the call
    option has the obligation, upon exercise of the option, to
    deliver the underlying security or currency upon payment of the
    exercise price during the option period.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Uncovered Calls.</I>&#160;&#160;When the Fund writes an
    uncovered call option or put option, it will segregate liquid
    assets with its custodian in an amount equal to the amount,
    adjusted daily, by which such option is in the money or will
    treat the unsegregated amount as borrowings. See &#147;Risk
    Factors and Special Considerations&#160;&#151; Risks Associated
    with Uncovered Calls.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Foreign Securities.</I>&#160;&#160;Because many of the
    world&#146;s Natural Resources Companies and Gold Companies are
    located outside of the U.S., the Fund may have a significant
    portion of its investments in securities of foreign
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    issuers, which are generally denominated in foreign currencies.
    See &#147;Risk Factors and Special Considerations&#160;&#151;
    Foreign Securities Risk.&#148;
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Emerging Markets.</I>&#160;&#160;The Fund may invest without
    limit in securities of emerging market issuers. These securities
    may be U.S.&#160;dollar denominated or
    <FONT style="white-space: nowrap">non-U.S.&#160;dollar</FONT>
    denominated, including emerging market country currency
    denominated. An &#147;emerging market&#148; country is any
    country that is considered to be an emerging or developing
    country by the International Bank for Reconstruction and
    Development (the &#147;World Bank&#148;). Emerging market
    countries generally include every nation in the world except the
    U.S., Canada, Japan, Australia, New Zealand and most countries
    located in Western Europe.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Illiquid Investments.</I>&#160;&#160;The Fund may invest in
    securities for which there is no readily available trading
    market or that are otherwise illiquid. Illiquid securities
    include, among other things, securities legally restricted as to
    resale such as commercial paper issued pursuant to
    Section&#160;4(2) of the Securities Act, securities traded
    pursuant to Rule 144A of the Securities Act, written
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    options, repurchase agreements with maturities in excess of
    seven days, certain loan participation interests, fixed time
    deposits which are not subject to prepayment or provide for
    withdrawal penalties upon prepayment (other than overnight
    deposits), and other securities whose disposition is restricted
    under the federal securities laws. Section&#160;4(2) and
    Rule&#160;144A securities may, however, be treated as liquid by
    the Investment Adviser pursuant to procedures adopted by the
    Board of Trustees (each member of the Board of Trustees
    individually a &#147;Trustee&#148;), which require consideration
    of factors such as trading activity, availability of market
    quotations and number of dealers willing to purchase the
    security. If the Fund invests in Rule&#160;144A securities, the
    level of portfolio illiquidity may be increased to the extent
    that eligible buyers exhibit weak demand for such securities.
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Fund also may invest in fixed income securities
    such as convertible securities, bonds, debentures, notes, stock,
    short-term discounted Treasury Bills or certain securities of
    the U.S.&#160;government sponsored instrumentalities, as well as
    affiliated or unaffiliated money market mutual funds that invest
    in those securities. Under normal market conditions, the Fund
    may invest up to 35% of its assets in fixed income securities,
    not including short-term discounted Treasury Bills or certain
    short-term securities of U.S. government sponsored
    instrumentalities. Fixed income securities obligate the issuer
    to pay to the holder of the security a specified return, which
    may be either fixed or reset periodically in accordance with the
    terms of the security. Fixed income securities generally are
    senior to an issuer&#146;s common stock and their holders
    generally are entitled to receive amounts due before any
    distributions are made to common stockholders. Common stocks, on
    the other hand, generally do not obligate an issuer to make
    periodic distributions to holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The market value of fixed income securities, especially those
    that provide a fixed rate of return, may be expected to rise and
    fall inversely with interest rates and in general is affected by
    the credit rating of the issuer, the issuer&#146;s performance
    and perceptions of the issuer in the market place. The market
    value of callable or redeemable fixed
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    income securities may also be affected by the issuer&#146;s call
    and redemption rights. In addition, it is possible that the
    issuer of fixed income securities may not be able to meet its
    interest or principal obligations to holders. Further, holders
    of non-convertible fixed income securities do not participate in
    any capital appreciation of the issuer.
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund believes that the characteristics of convertible
    securities make them appropriate investments for an investment
    company seeking a high level of total return on its assets.
    These characteristics include the potential for capital
    appreciation if the value of the underlying common stock
    increases, the relatively high yield received from dividend or
    interest payments as compared to common stock dividends and
    decreased risks of decline in value, relative to the underlying
    common stock due to their fixed income nature. As a result of
    the conversion feature, however, the interest rate or dividend
    preference on a convertible security is generally less than
    would be the case if the securities were not convertible. During
    periods of rising interest rates, it is possible that the
    potential for capital gain on a convertible security may be less
    than that of a common stock equivalent if the yield on the
    convertible security is at a level that causes it to sell at a
    discount.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Every convertible security may be valued, on a theoretical
    basis, as if it did not have a conversion privilege. This
    theoretical value is determined by the yield it provides in
    comparison with the yields of other securities of comparable
    character and quality that do not have a conversion privilege.
    This theoretical value, which may change with prevailing
    interest rates, the credit rating of the issuer and other
    pertinent factors, often referred to as the &#147;investment
    value,&#148; represents the security&#146;s theoretical price
    support level.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;Conversion value&#148; is the amount a convertible
    security would be worth in market value if it were to be
    exchanged for the underlying equity security pursuant to its
    conversion privilege. Conversion value fluctuates directly with
    the price of the underlying equity security, usually common
    stock. If, because of low prices for the common stock, the
    conversion value is substantially below the investment value,
    the price of the convertible security is governed principally by
    the factors described in the preceding paragraph. If the
    conversion value rises near or above its investment value, the
    price of the convertible security generally will rise above its
    investment value and, in addition, will sell at some premium
    over its conversion value. This premium represents the price
    investors are willing to pay for the privilege of purchasing a
    fixed-income security with a possibility of capital appreciation
    due to the conversion privilege. Accordingly, the conversion
    value of a convertible security is subject to equity risk, that
    is, the risk that the price of an equity security will fall due
    to general market and economic conditions, perceptions regarding
    the industry in which the issuer participates or the issuing
    company&#146;s particular circumstances. If the appreciation
    potential of a convertible security is not realized, its
    conversion value premium may not be recovered.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In its selection of convertible securities for the Fund, the
    Investment Adviser will not emphasize either investment value or
    conversion value, but will consider both in light of the
    Fund&#146;s overall investment objectives.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may convert a convertible security that it holds:
</DIV>

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    when necessary to permit orderly disposition of the investment
    when a convertible security approaches maturity or has been
    called for redemption;
</TD>
</TR>


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    if the dividend rate on the underlying common stock increases
    above the yield on the convertible security;
</TD>
</TR>

</TABLE>

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

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

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    whenever the Investment Adviser believes it is otherwise in the
    best interests of the Fund.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Convertible securities are generally not investment grade, that
    is, not rated within the four highest categories by S&#038;P and
    Moody&#146;s. To the extent that such convertible securities and
    other nonconvertible debt securities, which are acquired by the
    Fund consistent with the factors considered by the Investment
    Adviser as described in this prospectus, are rated lower than
    investment grade or are not rated, there would be a greater risk
    as to the timely repayment of the principal of, and timely
    payment of interest or dividends on, those securities. It is
    expected that not more than 25% of the Fund&#146;s portfolio
    will consist of securities rated CCC or lower by S&#038;P or Caa
    or lower by Moody&#146;s or, if unrated, would be of comparable
    quality as determined by the Investment Adviser. Those
    securities and securities rated BB or lower by S&#038;P or Ba or
    lower by Moody&#146;s are often referred to in the financial
    press as &#147;junk bonds&#148; and may include securities of
    issuers in default. &#147;Junk bonds&#148; are considered by the
    rating agencies to be predominantly speculative with respect to
    the issuer&#146;s capacity to pay interest and repay principal,
    and may involve major risk exposure to adverse conditions.
    Securities rated BBB by S&#038;P or Baa by Moody&#146;s, in the
    opinion of the rating agencies, also have speculative
    characteristics. Securities need not meet a minimum rating
    standard in order to be acceptable for investment by the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s investments in securities of issuers in default
    at the time of investment will be limited to not more than 5% of
    the total assets of the Fund. Further, the Fund will invest in
    securities of issuers in default only when the Investment
    Adviser believes that such issuers will emerge from bankruptcy
    (if applicable) and the value of such securities will
    appreciate. By investing in securities of issuers in default the
    Fund bears the risk that such issuers will not emerge from
    bankruptcy (if applicable), that the value of such securities
    will not appreciate and that such issuers may not be able to
    satisfy their obligations in the future.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has no independent limit on the amount of its net
    assets it may invest in unregistered and otherwise illiquid
    securities and other investments. The current intention of the
    Investment Adviser is not to invest in excess of 15% of the
    Fund&#146;s net assets in illiquid convertible securities or
    income securities. Shareholders will be notified if the
    Investment Adviser changes its intention. Investments in
    unregistered or otherwise illiquid securities entail certain
    risks related to the fact that they cannot be sold publicly in
    the United States without registration under the Securities Act
    of 1933. See &#147;Risk Factors and Special
    Considerations&#160;&#151; Convertible Securities Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Lower Grade Securities.</I>&#160;&#160;The Fund may invest up
    to 25% of its net assets in fixed-income and convertible
    securities rated in the lower rating categories of recognized
    statistical rating agencies, generally securities rated
    &#147;CCC&#148; or lower by S&#038;P or &#147;Caa&#148; by
    Moody&#146;s, or non-rated securities of comparable quality as
    determined by the Investment Adviser. These securities are
    predominantly speculative with respect to the issuer&#146;s
    capacity to pay interest and repay principal, and involve major
    risk exposure to adverse conditions. Debt securities that are
    not rated or rated lower than &#147;BBB&#148; by S&#038;P or
    lower than &#147;Baa&#148; by Moody&#146;s (or unrated
    securities of comparable quality) are referred to in the
    financial press as &#147;junk bonds.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, such lower grade securities and unrated securities of
    comparable quality offer a higher current yield than is offered
    by higher rated securities, but also (i)&#160;will likely have
    some quality and protective characteristics that, in the
    judgment of the rating organizations, are outweighed by large
    uncertainties or major risk exposures to adverse conditions and
    (ii)&#160;are predominantly speculative with respect to the
    issuer&#146;s capacity to pay interest and repay principal in
    accordance with the terms of the obligation. The market values
    of certain of these securities also tend to be more sensitive to
    individual corporate developments and changes in economic
    conditions than
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    higher quality bonds. In addition, such lower grade securities
    and comparable unrated securities generally present a higher
    degree of credit risk. The risk of loss due to default by these
    issuers is significantly greater because such lower grade
    securities and unrated securities of comparable quality
    generally are unsecured and frequently are subordinated to the
    prior payment of senior indebtedness. In light of these risks,
    the Investment Adviser, in evaluating the creditworthiness of an
    issue, whether rated or unrated, will take various factors into
    consideration, which may include, as applicable, the
    issuer&#146;s operating history, financial resources and its
    sensitivity to economic conditions and trends, the market
    support for the facility financed by the issue, the perceived
    ability and integrity of the issuer&#146;s management and
    regulatory matters.
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As part of its investments in lower grade securities, the Fund
    may invest not more than 5% of the total assets of the Fund in
    securities of issuers in default. The Fund will make an
    investment in securities of issuers in default only when the
    Investment Adviser believes that such issuers will honor their
    obligations or emerge from bankruptcy protection and the value
    of these securities will appreciate. By investing in securities
    of issuers in default, the Fund bears the risk that these
    issuers will not continue to honor their obligations or emerge
    from bankruptcy protection or that the value of the securities
    will not appreciate.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to using statistical rating agencies and other
    sources, the Investment Adviser will also perform its own
    analysis of issues in seeking investments that it believes to be
    underrated (and thus higher yielding) in light of the financial
    condition of the issuer. Its analysis of issuers may include,
    among other things, current and anticipated cash flow and
    borrowing requirements, value of assets in relation to
    historical cost, strength of management, responsiveness to
    business conditions, credit standing and current anticipated
    results of operations. In selecting investments for the Fund,
    the Investment Adviser may also consider general business
    conditions, anticipated changes in interest rates and the
    outlook for specific industries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subsequent to its purchase by the Fund, an issue of securities
    may cease to be rated or its rating may be reduced. In addition,
    it is possible that statistical rating agencies might change
    their ratings of a particular issue to reflect subsequent events
    on a timely basis. Moreover, such ratings do not assess the risk
    of a decline in market value. None of these events will require
    the sale of the securities by the Fund, although the Investment
    Adviser will consider these events in determining whether the
    Fund should continue to hold the securities.
</DIV>

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

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

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risk Arbitrage.</I>&#160;&#160;The Fund may invest up to 15%
    of its assets at the time of investment in securities pursuant
    to &#147;risk arbitrage&#148; strategies or in other investment
    funds managed pursuant to such strategies. Risk arbitrage
    investments are made in securities of companies for which a
    tender or exchange offer has been made or announced and in
    securities of companies for which a merger, consolidation,
    liquidation or reorganization proposal has been announced if, in
    the judgment of the Investment Adviser, there is a reasonable
    prospect of total return significantly greater than the
    brokerage and other transaction expenses involved. Risk
    arbitrage strategies attempt to exploit merger activity to
    capture the spread between current market values of securities
    and their values after successful completion of a merger,
    restructuring or similar corporate transaction. Transactions
    associated with risk arbitrage strategies typically involve the
    purchases or sales of securities in connection with announced
    corporate actions which may include, but are not limited to,
    mergers, consolidations, acquisitions, transfers of assets,
    tender offers, exchange offers, re-capitalizations,
    liquidations, divestitures, spin-offs and similar transactions.
    However, a merger or other restructuring or tender or exchange
    offer anticipated by the Fund and in which it holds an arbitrage
    position may not be completed on the terms contemplated or
    within the time frame anticipated, resulting in losses to the
    Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, securities which are the subject of such an offer or
    proposal sell at a premium to their historic market price
    immediately prior to the announcement of the offer but may trade
    at a discount or premium to what the stated or appraised value
    of the security would be if the contemplated transaction were
    approved or consummated. Such investments may be advantageous
    when the discount significantly overstates the risk of the
    contingencies involved; significantly undervalues the
    securities, assets or cash to be received by shareholders as a
    result of the contemplated transaction; or fails adequately to
    recognize the possibility that the offer or proposal may be
    replaced or superseded by an offer or proposal of greater value.
    The evaluation of such contingencies requires unusually broad
    knowledge and experience on the part of the Investment Adviser
    which must appraise not only the value of the issuer and its
    component businesses as well as the assets or securities to be
    received as a result of the contemplated transaction but also
    the financial resources and business motivation behind the offer
    <FONT style="white-space: nowrap">and/or</FONT> the
    dynamics and business climate when the offer or proposal is in
    process. Since such investments are ordinarily short-term in
    nature, they will tend to increase the turnover ratio of the
    Fund, thereby increasing its brokerage and other transaction
    expenses. Risk arbitrage strategies may also involve short
    selling, options hedging and other arbitrage techniques to
    capture price differentials.
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Short Sales.</I>&#160;&#160;The Fund may make short sales as
    a form of hedging to offset potential declines in long positions
    in the same or similar securities, including short sales of
    securities in the Fund&#146;s portfolio at the time of sale
    (shorting &#147;against the box&#148;). The short sale of a
    security is considered a speculative investment technique. At
    the time of the sale, the Fund will own, or have the immediate
    and unconditional right to acquire at no additional
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    cost, identical or similar securities or establish a hedge
    against a security of the same issuer which may involve
    additional cost, such as an &#147;in the money&#148; warrant.
</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Registered Investment Companies.</I>&#160;&#160;The Fund may
    invest in registered investment companies in accordance with the
    1940 Act to the extent consistent with the Fund&#146;s
    investment objectives, including exchange traded funds that
    concentrate in investments in securities of companies in the
    natural resources or gold industries. The 1940 Act generally
    prohibits the Fund from investing more than 5% of its assets in
    any one other investment company or more than 10% of its assets
    in all other investment companies. However, many exchange-traded
    funds are exempt from these limitations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Borrowings and Issuance of Preferred
    Shares.</I>&#160;&#160;Although the Fund does not currently
    anticipate doing so, the Fund may, with the approval of the
    Board of Trustees, borrow money or issue preferred shares in an
    effort to earn incremental total return for the holders of the
    Fund&#146;s common shares. The 1940 Act permits the Fund to
    issue a single class of debt and a single class of preferred
    stock. Under the 1940 Act, such debt or preferred shares may be
    issued only if immediately after such issuance the value of the
    Fund&#146;s total assets (less ordinary course liabilities) is
    at least 300% of the amount of any debt outstanding and at least
    200% of the amount of any preferred stock and debt outstanding.
    Under the 1940 Act the holders of any such debt or preferred
    stock have certain mandatory voting rights and other protections
    of their senior rights to the assets of the Fund.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Portfolio Turnover.</I>&#160;&#160;The Fund will buy and sell
    securities to accomplish its investment objectives. The
    investment policies of the Fund, including its strategy of
    writing covered call options on securities in its portfolio, are
    expected
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    to result in portfolio turnover that is higher than that of many
    investment companies, may initially be higher than 100% and may
    result in the Fund paying higher commissions than many
    investment companies.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    require it to terminate, offset or otherwise cover its option
    position as well). The writer of an option has no control over
    the time when it may be required to fulfill its obligation as a
    writer of the option. Once an option writer has received an
    exercise notice, it cannot effect a closing purchase transaction
    in order to terminate its obligation under the option and must
    deliver the underlying security at the exercise price.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund also may purchase sponsored ADRs or U.S.&#160;dollar
    denominated securities of foreign issuers. ADRs are receipts
    issued by U.S.&#160;banks or trust companies in respect of
    securities of foreign issuers held on deposit for use in the
    U.S.&#160;securities markets. While ADRs may not necessarily be
    denominated in the same currency as the securities into which
    they may be converted, many of the risks associated with Foreign
    Securities may also apply to ADRs. In addition, the underlying
    issuers of certain depositary receipts, particularly unsponsored
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or unregistered depositary receipts, are under no obligation to
    distribute shareholder communications to the holders of such
    receipts, or to pass through to them any voting rights with
    respect to the deposited securities.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may invest up to 25% of its assets in fixed-income and
    convertible securities rated in the lower rating categories of
    recognized statistical rating agencies, such as securities rated
    &#147;CCC&#148; or lower by S&#038;P or &#147;Caa&#148; by
    Moody&#146;s, or non-rated securities of comparable quality.
    These high yield securities, also sometimes referred to as
    &#147;junk bonds,&#148; generally pay a premium above the yields
    of U.S.&#160;government securities or debt securities of
    investment grade issuers because they are subject to greater
    risks than these securities. These risks, which reflect their
    speculative character, include the following:
</DIV>

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

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


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


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


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


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


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


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


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


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

</TABLE>

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

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

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Whether investors will realize gains or losses upon the sale of
    common shares of the Fund will depend upon the market price of
    the shares at the time of sale, which may be less or more than
    the Fund&#146;s net asset value
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    33
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may invest in structured notes that are linked to one
    or more underlying commodities. Such structured notes provide
    exposure to the investment returns of physical commodities
    without actually investing directly in physical commodities.
    Such structured notes in which the Fund may invest are hybrid
    instruments that have substantial risks, including risk of loss
    of all or a significant portion of their principal value.
    Because the payments on these notes are linked to the price
    change of the underlying commodities, these investments are
    subject to market risks that relate to the movement of prices in
    the commodities markets. They may also be subject to additional
    special risks that do not affect traditional equity and debt
    securities that may be greater than or in addition to the risks
    of derivatives in general, including risk of loss of interest,
    risk of loss of principal, lack of liquidity and risk of greater
    volatility.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In selecting equity income securities in which the Fund will
    invest, the Investment Adviser will consider the issuer&#146;s
    history of making regular periodic distributions (<I>i.e.</I>,
    dividends) to its equity holders. An issuer&#146;s history of
    paying dividends or other distributions, however, does not
    guarantee that the issuer will continue to pay dividends&#160;or
    other distributions in the future. The dividend income stream
    associated with equity income securities generally is not
    guaranteed and will be subordinate to payment obligations of the
    issuer on its debt and other liabilities. Accordingly, an issuer
    may forgo paying dividends on its equity securities. In
    addition, because in most instances issuers are not obligated to
    make periodic distributions to the holders of their equity
    securities, such distributions or dividends generally may be
    discontinued at the issuer&#146;s discretion.
</DIV>

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    During periods of declining interest rates, the issuer of a
    preferred stock or fixed income security may be able to exercise
    an option to prepay principal earlier than scheduled, forcing
    the Fund to reinvest in lower yielding securities. This is known
    as call or prepayment risk. Preferred stock and debt securities
    frequently have call
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    34
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The primary risk associated with fixed income securities is
    interest rate risk. A decrease in interest rates will generally
    result in an increase in the value of a fixed income security,
    while increases in interest rates will generally result in a
    decline in its value. This effect is generally more pronounced
    for fixed rate securities than for securities whose income rate
    is periodically reset.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Further, while longer term fixed rate securities may pay higher
    interest rates than shorter term securities, longer term fixed
    rate securities, like fixed rate securities, also tend to be
    more sensitive to interest rate changes and, accordingly, tend
    to experience larger changes in value as a result of interest
    rate changes.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    35
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

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

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

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

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


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


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


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


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


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


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


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


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


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


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


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


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

</TABLE>

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

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

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Swaps and
    Related Derivatives</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may enter into total rate of return, credit default or
    other types of swaps and related derivatives for the purpose of
    hedging and risk management. These transactions generally
    provide for the transfer from one counterparty to another of
    certain risks inherent in the ownership of a financial asset
    such as a common stock or debt instrument. Such risks include,
    among other things, the risk of default and insolvency of the
    obligor of such asset, the risk that the credit of the obligor
    or the underlying collateral will decline or the risk that the
    common stock of the underlying issuer will decline in value. The
    transfer of risk pursuant to a derivative of this type may be
    complete or partial, and may be for the life of the related
    asset or for a shorter period. These derivatives may be used for
    investment purposes or as a risk management tool for a pool of
    financial assets, providing the Fund with the opportunity to
    gain or reduce exposure to one or more reference securities or
    other financial assets (each, a &#147;Reference Asset&#148;)
    without actually owning or selling such assets in order, for
    example, to increase or reduce a concentration risk or to
    diversify a portfolio. Conversely, these derivatives may be used
    by the Fund to reduce exposure to an owned asset without
    selling&#160;it.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because the Fund would not own the Reference Assets, the Fund
    may not have any voting rights with respect to the Reference
    Assets, and in such cases all decisions related to the obligors
    or issuers of the Reference Assets, including whether to
    exercise certain remedies, will be controlled by those who do
    hold the Reference Assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total rate of return swaps and similar derivatives are subject
    to many risks, including the possibility that the market will
    move in a manner or direction that would have resulted in gain
    for the Fund had the swap or other derivative not been utilized
    (in which case it would have been better had the Fund not
    engaged in the interest rate hedging transactions), the risk of
    imperfect correlation between the risk sought to be hedged and
    the derivative transactions utilized, the possible inability of
    the counterparty to fulfill its obligations under the swap and
    potential illiquidity of the derivative instrument utilized,
    which may make it difficult for the Fund to close out or unwind
    one or more swap or related transactions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total rate of return swaps and related derivatives are a
    relatively recent development in the financial markets.
    Consequently, there are certain legal, tax and market
    uncertainties that present risks in entering into such
    arrangements. There is currently little or no case law or
    litigation characterizing total rate of return swaps or related
    derivatives, interpreting their provisions, or characterizing
    their tax treatment. In addition, additional regulations and
    laws may apply to these types of derivatives that have not
    previously been applied. There can be no assurance that future
    decisions construing similar provisions to those in any swap
    agreement or other related documents or additional regulations
    and laws will not have an adverse effect on the Fund that
    utilizes these instruments.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The investment policies of the Fund, including its strategy of
    writing covered call options on securities in its portfolio, are
    expected to result in portfolio turnover that is higher than
    that of many investment companies, and may initially be higher
    than 100%. Increased portfolio turnover rates will result in
    higher costs from brokerage commissions, dealer-mark-ups and
    other transaction costs and may also may decrease the after-tax
    return to individual investors in the Fund to the extent it
    results in a decrease in the portion of the Fund&#146;s
    distributions that is attributable to long-term capital gain.
</DIV>

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

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

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

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">No
    Operating History</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is a non-diversified, closed-end management investment
    company with no operating history.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    37
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    While the U.S.&#160;and global markets had experienced extreme
    volatility and disruption for an extended period of time, the
    first, second and third quarters of 2010 witnessed more
    stabilized economic activity as expectations for an economic
    recovery increased. However, risks to a robust resumption of
    growth persist: a weak consumer weighed down by too much debt
    and increasing joblessness, the growing size of the federal
    budget deficit and national debt, and the threat of inflation. A
    return to unfavorable economic conditions could impair the
    Fund&#146;s ability to execute its investment strategies.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">2011 U.S.
    Federal Budget</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The proposed U.S.&#160;federal budget for fiscal year 2011 calls
    for the elimination of approximately $40&#160;billion in tax
    incentives widely used by oil, gas and coal companies and the
    imposition of new fees on certain energy producers. The
    elimination of such tax incentives and imposition of such fees
    could adversely affect Natural Resources Companies in which the
    Fund invests
    <FONT style="white-space: nowrap">and/or</FONT> the
    natural resources sector generally.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has adopted certain investment limitations designed to
    limit investment risk and maintain portfolio diversification.
    These limitations are fundamental and may not be changed without
    the approval of the holders of a majority, as defined in the
    1940 Act, of the outstanding common shares and preferred shares,
    if any,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    38
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    voting together as a single class. See &#147;Investment
    Restrictions&#148; in the SAI for a complete list of the
    fundamental investment policies of the Fund. Should the Fund
    decide to issue preferred shares in the future, it may become
    subject to rating agency guidelines that are more limiting than
    its fundamental investment restrictions in order to obtain and
    maintain a desired rating on its preferred shares.
</DIV>

<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s Board of Trustees (who, with its officers, are
    described in the SAI) has overall responsibility for the
    management of the Fund. The Board of Trustees decides upon
    matters of general policy and reviews the actions of the
    Investment Adviser, Gabelli Funds, LLC, located at One Corporate
    Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    and the
    <FONT style="white-space: nowrap">Sub-Administrator</FONT>
    (as defined below). Pursuant to an investment advisory agreement
    with the Fund, the Investment Adviser, under the supervision of
    the Board of Trustees, provides a continuous investment program
    for the Fund&#146;s portfolio; provides investment research and
    makes and executes recommendations for the purchase and sale of
    securities; and provides all facilities and personnel, including
    officers required for its administrative management, and pays
    the compensation of Trustees of the Fund who are officers or
    employees of the Investment Adviser or its affiliates (the
    &#147;Investment Advisory Agreement&#148;). As compensation for
    its services and the related expenses borne by the Investment
    Adviser, the Fund pays the Investment Adviser a fee, computed
    weekly and payable monthly, equal, on an annual basis, to 1.00%
    of the Fund&#146;s average weekly net assets. The Fund&#146;s
    average weekly net assets will be deemed to be the average
    weekly value of the Fund&#146;s total assets minus the sum of
    the Fund&#146;s liabilities (such liabilities exclude the
    aggregate liquidation preference of outstanding preferred shares
    and accumulated dividends, if any, on those shares and the
    outstanding principal amount of any debt securities the proceeds
    of which were used for investment purposes, plus accrued and
    unpaid interest thereon). For purposes of the calculation of the
    fees payable to the Investment Adviser by the Fund, average
    weekly net assets of the Fund are determined at the end of each
    month on the basis of its average net assets for each week
    during the month. The assets for each weekly period are
    determined by averaging the net assets at the end of a week with
    the net assets at the end of the prior week. A discussion
    regarding the basis for the most recent approval of the
    Investment Advisory Agreement by the Board of Trustees will be
    available in the Fund&#146;s annual or semi-annual report to
    shareholders after the Fund commences operations.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC serves as the Fund&#146;s Investment Adviser
    pursuant to the Investment Advisory Agreement with the Fund. The
    Investment Adviser is a New York limited liability company with
    principal offices located at One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
    and is registered under the Investment Advisers Act of 1940 (the
    &#147;Advisers Act&#148;). The Investment Adviser was organized
    in 1999 and is the successor to Gabelli Funds, Inc., which was
    organized in 1980. As of September&#160;30, 2010, the Investment
    Adviser acts as registered investment adviser to 25 management
    investment companies with aggregate net assets of
    $16.6&#160;billion. The Investment Adviser, together with the
    other affiliated investment advisers noted below had assets
    under management totaling approximately $30.2&#160;billion as of
    September&#160;30, 2010. GAMCO Asset Management Inc., an
    affiliate of the Investment Adviser, acts as investment adviser
    for individuals, pension trusts, profit sharing trusts and
    endowments, and as a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to management investment companies having aggregate assets of
    $12.4&#160;billion under management as of September&#160;30,
    2010. Gabelli Securities, Inc., an affiliate of the Investment
    Adviser, acts as investment adviser for investment partnerships
    and entities having aggregate assets of approximately
    $466&#160;million as of September&#160;30, 2010. Teton Advisors,
    Inc., an affiliate of the Investment Adviser, acts as investment
    manager to the GAMCO Westwood Funds and separately managed
    accounts having aggregate assets of approximately
    $667&#160;million under management as of September&#160;30, 2010.
</DIV>

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    39
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement contains provisions relating
    to the selection of securities brokers to effect the portfolio
    transactions of the Fund. Under those provisions, the Investment
    Adviser may (i)&#160;direct Fund portfolio brokerage to
    Gabelli&#160;&#038; Company, Inc. (&#147;Gabelli&#160;&#038;
    Company&#148;) or other broker-dealer affiliates of the
    Investment Adviser and (ii)&#160;pay commissions to brokers
    other than Gabelli&#160;&#038; Company that are higher than
    might be charged by another qualified broker to obtain brokerage
    <FONT style="white-space: nowrap">and/or</FONT>
    research services considered by the Investment Adviser to be
    useful or desirable for its investment management of the Fund
    <FONT style="white-space: nowrap">and/or</FONT> its
    other investment advisory accounts or those of any investment
    adviser affiliated with it. The SAI contains further information
    about the Investment Advisory Agreement, including a more
    complete description of the investment advisory and expense
    arrangements, exculpatory and brokerage provisions, as well as
    information on the brokerage practices of the Fund.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Vincent Hugonnard-Roche serves as a Co-Lead Portfolio Manager
    for the Fund and is primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the Fund&#146;s option strategy. Mr.&#160;Roche
    has served as
    <FONT style="white-space: nowrap">Co-Lead</FONT>
    Portfolio Manager for The Gabelli Global Gold, Natural
    Resources&#160;&#038; Income Trust, a registered closed-end
    investment company, since 2005. Mr.&#160;Roche joined GAMCO
    Investors, Inc. in 2000 as Director of Quantitative Strategies
    and Head of Risk Management. Prior thereto, Mr.&#160;Roche
    worked at Credit Lyonnais in New York as a proprietary equity
    analyst focused on Risk Arbitrage.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Caesar M.P. Bryan serves as a Co-Lead Portfolio Manager for the
    Fund and is primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the Gold Companies portion of the Fund&#146;s
    portfolio. Mr.&#160;Bryan joined GAMCO Investors, Inc. in 1994
    and has been primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    investment management of the GAMCO Gold Fund, Inc. a registered
    open-end investment company, since its inception in 1994.
    Mr.&#160;Bryan has been Portfolio Manager of the GAMCO
    International Growth Fund, Inc. a registered open-end investment
    company, since 1995 and Co-Portfolio Manager of The GAMCO Global
    Opportunity Fund, a registered open-end investment company,
    since 1998. Mr.&#160;Bryan is also a Portfolio Manager for The
    GAMCO Global Growth Fund, a registered open-end investment
    company, and Co-Lead Portfolio Manager for The Gabelli Global
    Gold, Natural Resources&#160;&#038; Income Trust, a registered
    closed-end investment company.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    40
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Christopher J. Marangi serves as a Co-Lead Portfolio Manager for
    the Fund and is responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the Natural Resources Companies portion of the
    Fund&#146;s portfolio. Mr.&#160;Marangi joined
    Gabelli&#160;&#038; Company in 2003 as a research analyst and
    currently leads the digital research team covering the global
    media and telecommunications industries. Mr.&#160;Marangi
    currently serves as the Associate Portfolio Manager of the
    Gabelli Value Fund, a registered open-end investment company, as
    the Associate Portfolio Manager of the Gabelli Asset Fund, a
    registered open-end investment company, and as the Associate
    Portfolio Manager for The Gabelli Global Multimedia Trust, a
    registered closed-end investment company. Prior to joining the
    firm, Mr.&#160;Marangi was an investment banking analyst at
    J.P.&#160;Morgan&#160;&#038; Co., and then an Associate at
    Wellspring Capital Management, a private equity firm. He
    graduated magna cum laude and Phi Beta Kappa from Williams
    College and holds an MBA from Columbia Business School.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Kevin V. Dreyer serves as a Co-Lead Portfolio Manager for the
    Fund and is responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the Natural Resources Companies portion of the
    Fund&#146;s portfolio. Mr.&#160;Dreyer joined
    Gabelli&#160;&#038; Company in 2005 as a research analyst and
    currently leads the consumer research team. Mr.&#160;Dreyer
    currently serves as the Associate Portfolio Manager of the
    Gabelli Asset Fund, a registered open-end investment company,
    and as the Associate Portfolio Manager for The Gabelli
    Healthcare&#160;&#038;
    Wellness<SUP style="font-size: 85%; vertical-align: top">Rx</SUP>

    Trust, a registered closed-end investment company. He holds an
    MBA from Columbia Business School. Mr.&#160;Dreyer previously
    worked as an investment banking analyst at Banc of America
    Securities following his graduation from the University of
    Pennsylvania.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The SAI provides additional information about the Portfolio
    Managers&#146; compensation, other accounts managed by the
    Portfolio Managers, and the Portfolio Managers&#146; ownership
    of securities of the Fund.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;24, 2008, the Investment Adviser entered into a
    settlement with the SEC to resolve an inquiry regarding prior
    frequent trading activity in shares of the GAMCO Global Growth
    Fund (the &#147;Global Growth Fund&#148;) by one investor who
    was banned from the Global Growth Fund in August 2002. In the
    administrative settlement order, the SEC found that the
    Investment Adviser had willfully violated Section&#160;206(2) of
    the Advisers Act Section&#160;17(d) of the 1940 Act and
    <FONT style="white-space: nowrap">Rule&#160;17d-1</FONT>
    thereunder, and had willfully aided and abetted and caused
    violations of Section&#160;12(d)(1)(B)(i) of the 1940 Act. Under
    the terms of the settlement, the Investment Adviser, while
    neither admitting nor denying the SEC&#146;s findings and
    allegations, paid $16&#160;million
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    41
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (which included a $5&#160;million civil monetary penalty),
    approximately $12.8&#160;million of which is in the process of
    being paid to shareholders of the Global Growth Fund in
    accordance with a plan developed by an independent distribution
    consultant and approved by the independent directors of the
    Global Growth Fund and acceptable to the staff of the SEC, and
    agreed to cease and desist from future violations of the
    above-referenced federal securities laws and rule. The SEC order
    also noted the cooperation that the Investment Adviser had given
    the staff of the SEC during its inquiry. The settlement did not
    have a material adverse impact on the Investment Adviser. On the
    same day, the SEC filed a civil action against the Executive
    Vice President and Chief Operating Officer of the Investment
    Adviser, alleging violations of certain federal securities laws
    arising from the same matter. The officer is also an officer of
    the Fund, the Global Growth Fund and other funds in the
    Gabelli/GAMCO fund complex. The officer denied the allegations
    and is continuing in his positions with the Investment Adviser
    and the funds. The court dismissed certain claims and found that
    the SEC was not entitled to pursue various remedies against the
    officer while leaving one remedy in the event the SEC were able
    to prove violations of law. The court subsequently dismissed
    without prejudice the remaining remedy against the officer,
    which would allow the SEC to appeal the court&#146;s rulings. On
    October&#160;29, 2010, the SEC filed its appeal with the
    U.S.&#160;Court of Appeals for the Second Circuit regarding the
    lower court&#146;s orders. The Investment Adviser currently
    expects that any resolution of the action against the officer
    will not have a material adverse impact on the Investment
    Adviser or its ability to fulfill its obligations under the
    Investment Advisory Agreement.
</DIV>

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund intends to make regular monthly cash distributions of
    all or a portion of its investment company taxable income (which
    includes ordinary income and short-term capital gains) to common
    shareholders. The Fund also intends to make annual distributions
    of its &#147;net capital gain&#148; (which is the excess of net
    long-term capital gains over net short-term capital losses). The
    Fund will pay common shareholders annually all, or at least 90%,
    of its investment company taxable income. Various factors will
    affect the level of the Fund&#146;s investment company taxable
    income, such as its asset mix, and use of covered call
    strategies. To permit the Fund to maintain more stable monthly
    distributions, the Fund may from time to time distribute less
    than the entire amount of income earned in a particular period,
    which would be available to supplement future distributions. As
    a result, the distributions paid by the Fund for any particular
    monthly period may be more or less than the amount of income
    actually earned by the Fund during that period. However, as the
    Fund is covered by an exemption from the 1940 Act which allows
    the Board of Trustees to implement a managed distribution
    policy, the Board of Trustees in the future may determine to
    cause the Fund to distribute a fixed percentage of the
    Fund&#146;s average net asset value or market price per common
    share over a specified period of time at or about the time of
    distribution or to distribute a fixed dollar amount. The Board
    of Trustees has no present intention to implement such a policy.
    Because the Fund&#146;s income will fluctuate and the
    Fund&#146;s distribution policy may be changed by the Board of
    Trustees at any time, there can be no assurance that the Fund
    will pay distributions or dividends at a particular rate. See
    &#147;Distributions and Dividends&#148; in the SAI.
</DIV>

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    42
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Automatic Dividend Reinvestment and Voluntary Cash
    Purchase Plan (the &#147;Plan&#148;), a shareholder whose common
    shares are registered in his or her own name will have all
    distributions reinvested automatically by the transfer agent,
    which is agent under the Plan, unless the shareholder elects to
    receive cash. Distributions with respect to shares registered in
    the name of a broker-dealer or other nominee (that is, in
    &#147;street name&#148;) will be reinvested by the broker or
    nominee in additional shares under the Plan, unless the service
    is not provided by the broker or nominee or the shareholder
    elects to receive distributions in cash. Investors who own
    common shares registered in street name should consult their
    broker-dealers for details regarding reinvestment. All
    distributions to investors who do not participate in the Plan
    will be paid by check mailed directly to the record holder by
    the transfer agent as dividend disbursing agent. A participant
    in the Plan may elect to receive all dividends in cash by
    contacting the Plan agent in writing at the address specified
    below or by calling the Plan agent at
    <FONT style="white-space: nowrap">(800)&#160;937-5449.</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Plan, whenever the market price of the common shares
    is equal to or exceeds net asset value at the time shares are
    valued for purposes of determining the number of shares
    equivalent to the cash distribution, participants in the Plan
    will receive newly issued common shares. The number of shares to
    be issued will be computed at a per share rate equal to the
    greater of (i)&#160;the net asset value as most recently
    determined or (ii)&#160;95% of the then-current market price of
    the common shares. The valuation date is the distribution
    payment date or, if that date is not a trading day on the NYSE,
    the next trading day. If the net asset value of the common
    shares at the time of valuation exceeds the market price of the
    common shares, participants will receive shares purchased by the
    Plan agent in the open market. If the Fund should declare a
    distribution payable only in cash, the Plan agent will buy the
    common shares for such Plan in the open market, on the NYSE or
    elsewhere, for the participants&#146; accounts, except that the
    Plan agent will terminate purchases in the open market and
    instead the Fund will distribute newly issued shares at a per
    share rate equal to the greater of net asset value or 95% of
    market value if, following the commencement of such purchases,
    the market value of the common shares plus estimated brokerage
    commissions exceeds net asset value.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Participants in the Plan have the option of making additional
    cash payments to the Plan agent, semi-monthly, for investment in
    the shares at the then current market price. Such payments may
    be made in any amount from $250 to $10,000. The Plan agent will
    use all funds received from participants to purchase shares of
    the Fund in the open market on or about the 15th&#160;of each
    month. The Plan agent will charge each shareholder who
    participates $.75, plus a pro rata share of the brokerage
    commissions. Brokerage charges for such purchases are expected
    to be less than the usual brokerage charge for such
    transactions. It is suggested that participants send voluntary
    cash payments to the Plan agent in a manner that ensures that
    the Plan agent will receive these payments approximately ten
    (10)&#160;days before the 15th&#160;of each month. A participant
    may without charge withdraw a voluntary cash payment by written
    notice, if the notice is received by the Plan agent at least
    48&#160;hours before such payment is to be invested.
</DIV>

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund reserves the right to amend or terminate its Plan as
    applied to any voluntary cash payments made and any distribution
    paid subsequent to written notice of the change sent to the
    members of such Plan at least 90&#160;days before the record
    date for such distribution. The Plan also may be amended or
    terminated by the Plan agent on at least 90&#160;days written
    notice to the participants in such Plan.
</DIV>

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

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

<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is an unincorporated statutory trust organized under
    the laws of Delaware pursuant to a Certificate of Trust dated as
    of June&#160;26, 2008. The Fund is authorized to issue an
    unlimited number of common shares of beneficial interest, par
    value $.001 per share. Each common share of beneficial interest
    has one vote and, when issued and paid for in accordance with
    the terms of this offering, will be fully paid and
    non-assessable. Though the Fund expects to pay distributions
    monthly on the common shares of beneficial interest, it is not
    obligated to do so. All common shares of beneficial interest are
    equal as to distributions, assets and voting privileges and have
    no conversion, preemptive or other subscription rights. The Fund
    will send annual and semi-annual reports, including financial
    statements, to all holders of its shares.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s common shares of beneficial interest are
    expected to be approved for listing on the NYSE, subject to
    notice of issuance, under the symbol &#147;GNT.&#148;
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares of closed-end investment companies often trade on an
    exchange at prices lower than net asset value. Because the
    market value of the common shares may be influenced by such
    factors as dividend and distribution levels (which are in turn
    affected by expenses), dividend and distribution stability, net
    asset value, market liquidity, relative demand for and supply of
    such shares in the market, unrealized gains, general market and
    economic conditions and other factors beyond the control of the
    Fund, the Fund cannot assure you that
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    44
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    common shares will trade at a price equal to or higher than net
    asset value in the future. The common shares are designed
    primarily for long-term investors and you should not purchase
    the common shares if you intend to sell them soon after purchase.
</DIV>

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

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

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

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

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

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

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund does not currently anticipate borrowing from banks or
    other financial institutions, issuing preferred shares or
    otherwise levering the common shares. However, the Fund will
    monitor interest rates and market conditions and anticipates
    that it may leverage the common shares at some point in the
    future if the Board of Trustees determines that it is in the
    best interest of the common shareholders. Subject to market
    conditions and such determinations by the Board of Trustees, the
    Fund may issue preferred shares in an aggregate amount of up to
    50% of the Fund&#146;s assets under management. There can be no
    assurance that preferred shares representing such percentage, or
    any percentage, of the assets of the Fund will actually be
    issued.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As provided in the 1940 Act and subject to certain exceptions,
    the Fund may issue debt or preferred shares with the condition
    that immediately after issuance the value of its total assets,
    less certain ordinary course liabilities, exceed 300% of the
    amount of the debt outstanding and exceed 200% of the sum of the
    amount of debt and preferred shares outstanding. Any such debt
    or preferred shares may be convertible in accordance with
    Commission guidelines, which may permit the Fund to obtain
    leverage at attractive rates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The concept of leveraging is based on the premise that so long
    as the cost of the leverage on the assets to be obtained by the
    leverage is lower than the return earned by the Fund on these
    leveraged assets, the common shareholders will benefit from the
    incremental return. Should the differential between the return
    produced by the underlying assets and the cost of leverage
    narrow, the incremental return will be reduced.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Furthermore, if the cost of the leverage on the leveraged assets
    exceeds the return earned by the Fund on these leveraged assets,
    the net asset value of the Fund will be diminished.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An issuance of preferred shares may subject the Fund to certain
    restrictions on investments imposed by guidelines of one or more
    rating agencies that may issue ratings for any preferred shares
    issued by the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Liquidation Preference.</I>&#160;&#160;In the event of any
    voluntary or involuntary liquidation, dissolution or winding up
    of the Fund, the holders of preferred shares will be entitled to
    receive a preferential liquidating distribution, which is
    expected to equal the original purchase price per preferred
    share plus accrued and unpaid dividends, whether or not
    declared, before any distribution of assets is made to holders
    of common shares. After payment of the full amount of the
    liquidating distribution to which they are entitled, the holders
    of preferred shares will not be entitled to any further
    participation in any distribution of assets by the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Voting Rights.</I>&#160;&#160;The 1940 Act requires that the
    holders of any preferred shares, voting separately as a single
    class, have the right to elect at least two trustees at all
    times. The remaining trustees will be elected by holders of
    common shares and preferred shares, voting together as a single
    class. In addition, subject to the prior rights, if any, of the
    holders of any other class of senior securities outstanding, the
    holders of any preferred shares have the right to elect a
    majority of the Board of Trustees at any time dividends on any
    preferred shares are unpaid for two years. The 1940 Act also
    requires that, in addition to any approval by shareholders that
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    45
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    might otherwise be required, the approval of the holders of a
    majority of any outstanding preferred shares, voting separately
    as a class, would be required to (1)&#160;adopt any plan of
    reorganization that would adversely affect the preferred shares,
    and (2)&#160;take any action requiring a vote of security
    holders under Section&#160;13(a) of the 1940 Act, including,
    among other things, changes in the Fund&#146;s classification as
    a closed-end investment company or changes in its fundamental
    investment restrictions. As a result of these voting rights, the
    Fund&#146;s ability to take any such actions may be impeded to
    the extent that there are any preferred shares outstanding. The
    Board of Trustees presently intends that, except as otherwise
    indicated in this Prospectus and except as otherwise required by
    applicable law, holders of preferred shares will have equal
    voting rights with holders of common shares (one vote per share,
    unless otherwise required by the 1940 Act) and will vote
    together with holders of common shares as a single class.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The affirmative vote of the holders of a majority of the
    outstanding preferred shares, voting as a separate class, will
    be required to amend, alter or repeal any of the preferences,
    rights or powers of holders of preferred shares so as to affect
    materially and adversely such preferences, rights or powers, or
    to increase or decrease the authorized number of preferred
    shares. The class vote of holders of preferred shares described
    above will in each case be in addition to any other vote
    required to authorize the action in question.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mandatory Redemption&#160;Relating to Asset Coverage
    Requirements.</I>&#160;&#160;The Fund will be mandatorily
    required to redeem preferred shares within a specified time
    frame in the event that:
</DIV>

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the Fund fails to maintain the asset coverage requirements
    specified under the 1940 Act on a quarterly valuation date and
    such failure is not cured within a specified time frame
    following such failure;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the Fund fails to maintain the asset coverage requirements as
    calculated in accordance with the applicable rating agency
    guidelines as of any monthly valuation date, and such failure is
    not cured within a specified time frame.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The redemption price for preferred shares subject to mandatory
    redemption will be the liquidation preference plus an amount
    equal to any accumulated but unpaid distributions (whether or
    not earned or declared) to the date fixed for redemption, plus
    (in the case of fixed rate preferred shares or variable rate
    preferred shares having a dividend period of more than one year)
    any applicable redemption premium determined by the Board of
    Trustees and included in the Statement of Preferences.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The number of preferred shares that will be redeemed in the case
    of a mandatory redemption will equal the minimum number of
    outstanding preferred shares, the redemption of which, if such
    redemption had occurred immediately prior to the opening of
    business on the applicable cure date, would have resulted in the
    relevant asset coverage requirement having been met or, if the
    required asset coverage cannot be so restored, all of the
    preferred shares. In the event that preferred shares are
    redeemed due to a failure to satisfy the 1940 Act asset coverage
    requirements, the Fund may, but is not required to, redeem a
    sufficient number of preferred shares so that the Fund&#146;s
    assets exceed the asset coverage requirements under the 1940 Act
    after the redemption by 10% (that is, 220% asset coverage). In
    the event that preferred shares are redeemed due to a failure to
    satisfy applicable rating agency guidelines, the Fund may, but
    is not required to, redeem a sufficient number of preferred
    shares so that the Fund&#146;s discounted portfolio value (as
    determined in accordance with the applicable rating agency
    guidelines) after redemption exceeds the asset coverage
    requirements of each applicable rating agency by up to 10% (that
    is, 110% rating agency asset coverage). In addition, as
    discussed under &#147;&#151; Optional Redemption of the
    preferred shares&#148; below, the Fund generally may redeem
    variable rate preferred shares subject to a variable rate, in
    whole or in part, at its option at any time (usually on a
    dividend or distribution payment date), other than during a
    non-call period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund does not have funds legally available for the
    redemption of, or is otherwise unable to redeem, all the
    preferred shares to be redeemed on any redemption date, the Fund
    will redeem on such redemption date that number of shares for
    which it has legally available funds, or is otherwise able to
    redeem, from the holders whose shares are to be redeemed ratably
    on the basis of the redemption price of such shares, and the
    remainder of those shares to be redeemed will be redeemed on the
    earliest practicable date on which the Fund will have funds
    legally available for the redemption of, or is otherwise able to
    redeem, such shares upon written notice of redemption.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    46
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If fewer than all of the Fund&#146;s outstanding preferred
    shares are to be redeemed, the Fund, at its discretion and
    subject to the limitations of the Governing Documents and 1940
    Act, will select one or more series of preferred shares from
    which shares will be redeemed and the amount of preferred shares
    to be redeemed from each such series. If less than all preferred
    shares of a series are to be redeemed, such redemption will be
    made as among the holders of that series pro rata in accordance
    with the respective number of shares of such series held by each
    such holder on the record date for such redemption (or by such
    other equitable method as the Fund may determine). If fewer than
    all the preferred shares held by any holder are to be redeemed,
    the notice of redemption mailed to such holder will specify the
    number of shares to be redeemed from such holder, which may be
    expressed as a percentage of shares held on the applicable
    record date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Optional Redemption of fixed rate preferred
    shares.</I>&#160;&#160;Fixed rate preferred shares will not be
    subject to optional redemption by the Fund until the date, if
    any, specified in the terms of such preferred shares. Commencing
    on such date and thereafter, the Fund may at any time redeem
    such fixed rate preferred shares in whole or in part for cash at
    a redemption price per share equal to the initial liquidation
    preference per share plus accumulated and unpaid distributions
    (whether or not earned or declared) to the redemption date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Optional Redemption of variable rate preferred
    shares.</I>&#160;&#160;The Fund generally may redeem variable
    rate preferred shares, if issued, in whole or in part, at its
    option at any time (usually on a dividend or distribution
    payment date), other than during a non-call period. The Fund may
    designate a non-call period in certain circumstances. In the
    case of such preferred shares having a dividend period of one
    year or less, the redemption price per share will equal the
    initial liquidation preference plus an amount equal to any
    accumulated but unpaid distributions thereon (whether or not
    earned or declared) to the redemption date, and in the case of
    such preferred shares having a dividend period of more than one
    year, the redemption price per share will equal the initial
    liquidation preference plus any redemption premium applicable
    during such dividend period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The discussion above describes the possible offering of
    preferred shares by the Fund. If the Board of Trustees
    determines to proceed with such an offering, the terms of the
    preferred shares may be the same as, or different from, the
    terms described above, subject to applicable law and the
    Fund&#146;s Agreement and Declaration of Trust. The Board of
    Trustees, without the approval of the holders of common shares,
    may authorize an offering of preferred shares or may determine
    not to authorize such an offering, and may fix the terms of the
    preferred shares to be offered.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event the Fund issues preferred shares, the Fund intends
    to apply for ratings for any preferred shares from Moody&#146;s
    <FONT style="white-space: nowrap">and/or</FONT>
    S&#038;P. In order to obtain and maintain the required ratings,
    the Fund will be required to comply with investment quality,
    diversification and other guidelines established by Moody&#146;s
    <FONT style="white-space: nowrap">and/or</FONT>
    S&#038;P. Such guidelines will likely be more restrictive than
    the restrictions set forth above. The Fund does not anticipate
    that such guidelines would have a material adverse effect on the
    Fund&#146;s holders of common shares or its ability to achieve
    its investment objectives. No minimum rating is required for the
    issuance of preferred shares by the Fund. Moody&#146;s and
    S&#038;P receive fees in connection with their ratings issuances.
</DIV>

<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">ANTI-TAKEOVER
    PROVISIONS OF THE FUND&#146;S GOVERNING DOCUMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund presently has provisions in its Governing Documents
    which could have the effect of limiting, in each case,
    (i)&#160;the ability of other entities or persons to acquire
    control of the Fund, (ii)&#160;the Fund&#146;s freedom to engage
    in certain transactions or (iii)&#160;the ability of the
    Fund&#146;s Trustees or shareholders to amend the Governing
    Documents or effectuate changes in the Fund&#146;s management.
    These provisions of the Governing Documents of the Fund may be
    regarded as &#147;anti-takeover&#148; provisions. The Board of
    Trustees is divided into three classes, each having a term of no
    more than three years (except, to ensure that the term of a
    class of the Fund&#146;s Trustees expires each year, one class
    of the Fund&#146;s Trustees will serve an initial one-year term
    and three-year terms thereafter and another class of its
    Trustees will serve an initial two-year term and three-year
    terms thereafter). Each year the term of one class of Trustees
    will expire. Accordingly, only those Trustees in one class may
    be changed in any one year, and it would require a minimum of
    two years to change a majority of the Board of Trustees. Such
    system of electing Trustees may have the effect of maintaining
    the continuity of management and, thus, make it more difficult
    for the shareholders of the Fund to change the majority of
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    47
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Trustees. See &#147;Management of the Fund&#160;&#151; Trustees
    and Officers&#148; in the SAI. A trustee of the Fund may be
    removed with cause by a majority of the remaining Trustees and,
    without cause, by two-thirds of the remaining Trustees or by no
    less than two-thirds of the aggregate number of votes entitled
    to be cast for the election of such Trustee. Special voting
    requirements of 75% of the outstanding voting shares (in
    addition to any required class votes) apply to certain mergers
    or a sale of all or substantially all of the Fund&#146;s assets,
    liquidation, conversion of the Fund into an open-end fund or
    interval fund and amendments to several provisions of the
    Declaration of Trust, including the foregoing provisions. In
    addition, after completion of the offering, 80% of the holders
    of the outstanding voting securities of the Fund voting as a
    class is generally required in order to authorize any of the
    following transactions:
</DIV>

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    merger or consolidation of the Fund with or into any other
    entity;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    issuance of any securities of the Fund to any person or entity
    for cash, other than pursuant to the Plan or any offering if
    such person or entity acquires no greater percentage of the
    securities offered than the percentage beneficially owned by
    such person or entity immediately prior to such offering or, in
    the case of a class or series not then beneficially owned by
    such person or entity, the percentage of common shares
    beneficially owned by such person or entity immediately prior to
    such offering;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    sale, lease or exchange of all or any substantial part of the
    assets of the Fund to any entity or person (except assets having
    an aggregate fair market value of less than $5,000,000);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    sale, lease or exchange to the Fund, in exchange for securities
    of the Fund, of any assets of any entity or person (except
    assets having an aggregate fair market value of less than
    $5,000,000);&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    the purchase of the Fund&#146;s common shares by the Fund from
    any person or entity other than pursuant to a tender offer
    equally available to other shareholders in which such person or
    entity tenders no greater percentage of common shares than are
    tendered by all other shareholders.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If such person or entity is directly, or indirectly through
    affiliates, the beneficial owner of more than 5% of the
    outstanding shares of the Fund, however, such vote would not be
    required when, under certain conditions, the Board of Trustees
    approves the transaction.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, shareholders have no authority to adopt, amend or
    repeal the Fund&#146;s By-Laws. The Trustees have authority to
    adopt, amend and repeal the Fund&#146;s By-Laws consistent with
    the Declaration of Trust (including to require approval by the
    holders of a majority of the outstanding shares for the election
    of Trustees).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The provisions of the Governing Documents described above could
    have the effect of depriving the owners of shares in the Fund of
    opportunities to sell their shares at a premium over prevailing
    market prices by discouraging a third party from seeking to
    obtain control of the Fund in a tender offer or similar
    transaction. The overall effect of these provisions is to render
    more difficult the accomplishment of a merger or the assumption
    of control by a principal shareholder.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Governing Documents of the Fund are on file with the
    Commission. For the full text of these provisions see
    &#147;Additional Information.&#148;
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    48
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is a non-diversified, closed-end management investment
    company (commonly referred to as a closed-end fund). Closed-end
    funds differ from open-end funds (which are generally referred
    to as mutual funds) in that closed-end funds generally list
    their shares for trading on a stock exchange and do not redeem
    their shares at the request of the shareholder. This means that
    if you wish to sell your shares of a closed-end fund you must
    trade them on the market like any other stock at the prevailing
    market price at that time. In a mutual fund, if the shareholder
    wishes to sell shares of the fund, the mutual fund will redeem
    or buy back the shares at &#147;net asset value.&#148; Also,
    mutual funds generally offer new shares on a continuous basis to
    new investors, and closed-end funds generally do not. The
    continuous inflows and outflows of assets in a mutual fund can
    make it difficult to manage the fund&#146;s investments. By
    comparison, closed-end funds are generally able to stay more
    fully invested in securities that are consistent with their
    investment objectives, to have greater flexibility to make
    certain types of investments and to use certain investment
    strategies such as financial leverage and investments in
    illiquid securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares of closed-end funds often trade at a discount to their
    net asset value. Because of this possibility and the recognition
    that any such discount may not be in the interest of
    shareholders, the Board of Trustees might consider from time to
    time engaging in open-market repurchases, tender offers for
    shares or other programs intended to reduce a discount. We
    cannot guarantee or assure, however, that the Board of Trustees
    will decide to engage in any of these actions. Nor is there any
    guarantee or assurance that such actions, if undertaken, would
    result in the shares trading at a price equal or close to net
    asset value per share. The Board of Trustees might also consider
    converting the Fund to an open-end mutual fund, which would also
    require a supermajority vote of the shareholders of the Fund and
    a separate vote of any outstanding preferred shares. We cannot
    assure you that the Fund&#146;s common shares will not trade at
    a discount.
</DIV>

<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is a non-diversified, closed-end management investment
    company and as such its shareholders do not, and will not, have
    the right to require the Fund to repurchase their shares. The
    Fund, however, may repurchase its common shares from time to
    time as and when it deems such a repurchase advisable. The Board
    of Trustees has authorized the consideration of such repurchases
    to be made when the Fund&#146;s common shares are trading at a
    discount from net asset value of 10% or more (or such other
    percentage as the Board of Trustees may determine from time to
    time). Pursuant to the 1940 Act, the Fund may repurchase its
    common shares on a securities exchange (provided that the Fund
    has informed its shareholders within the preceding six months of
    its intention to repurchase such shares) or pursuant to tenders
    and may also repurchase shares privately if the Fund meets
    certain conditions regarding, among other things, distribution
    of net income for the preceding fiscal year, status of the
    seller, price paid, brokerage commissions, prior notice to
    shareholders of an intention to purchase shares and purchasing
    in a manner and on a basis that does not discriminate against
    the other shareholders through their interest in the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When the Fund repurchases its common shares for a price below
    net asset value, the net asset value of the common shares that
    remain outstanding shares will be enhanced, but this does not
    necessarily mean that the market price of the outstanding common
    shares will be affected, either positively or negatively. The
    repurchase of common shares will reduce the total assets of the
    Fund available for investment and may increase the Fund&#146;s
    expense ratio.
</DIV>

<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The net asset value of the Fund&#146;s shares is computed based
    on the market value of the securities it holds and is determined
    daily as of the close of the regular trading day on the NYSE.
    For purposes of determining the Fund&#146;s net asset value per
    share, portfolio securities listed or traded on a nationally
    recognized securities exchange or traded in the
    <FONT style="white-space: nowrap">U.S.&#160;over-the-counter</FONT>
    market for which market quotations are readily available are
    valued at the last quoted sale price or a market&#146;s official
    closing price as of the close of business on the day the
    securities are being valued. If there were no sales that day,
    the security is valued at the average of the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    49
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    closing bid and asked prices, or, if there were no asked prices
    quoted on that day, then the security is valued at the closing
    bid price on that day. If no bid or asked prices are quoted on
    such day, the security is valued at the most recently available
    price, or, if the Board of Trustees so determines, by such other
    method as the Board of Trustees shall determine in good faith to
    reflect its fair market value. Portfolio securities traded on
    more than one national securities exchange or market are valued
    according to the broadest and most representative market, as
    determined by the Investment Adviser.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Portfolio securities primarily traded on a foreign market are
    generally valued at the preceding closing values of such
    securities on the relevant market, but may be fair valued
    pursuant to procedures established by the Board of Trustees if
    market conditions change significantly after the close of the
    foreign market but prior to the close of business on the day the
    securities are being valued. Debt instruments with remaining
    maturities of 60&#160;days or less that are not credit impaired
    are valued at amortized cost, unless the Board of Trustees
    determines such amount does not reflect fair value, in which
    case these securities will be fair valued as determined by the
    Board of Trustees. Debt instruments having a maturity greater
    than 60&#160;days for which market quotations are readily
    available are valued at the latest average of the bid and asked
    prices. If there were no asked prices quoted on such day, the
    security is valued using the closing bid price. Futures
    contracts are valued at the closing settlement price of the
    exchange or board of trade on which the applicable contract is
    traded.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Options are valued using market quotations. When market
    quotations are not readily available, options are valued from
    broker quotes. In limited circumstances when neither market
    quotations nor broker quotes are readily available, options are
    valued using a Black-Scholes model.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities and assets for which market quotations are not
    readily available are fair valued as determined by the Board of
    Trustees. Fair valuation methodologies and procedures may
    include, but are not limited to: analysis and review of
    available financial and non-financial information about the
    company; comparisons to the valuation and changes in valuation
    of similar securities, including a comparison of foreign
    securities to the equivalent U.S.&#160;dollar value ADR
    securities at the close of the U.S.&#160;exchange; and
    evaluation of any other information that could be indicative of
    the value of the security.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund obtains valuations on the basis of prices provided by a
    pricing service approved by the Board of Trustees. All other
    investment assets, including restricted and not readily
    marketable securities, are valued in good faith at fair value
    under procedures established by and under the general
    supervision and responsibility of the Fund&#146;s Board of
    Trustees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, whenever developments in one or more securities
    markets after the close of the principal markets for one or more
    portfolio securities and before the time as of which the Fund
    determines its net asset value would, if such developments had
    been reflected in such principal markets, likely have more than
    a minimal effect on the Fund&#146;s net asset value per share,
    the Fund may fair value such portfolio securities based on
    available market information as of the time the Fund determines
    its net asset value.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>NYSE Closings.</I>&#160;&#160;The holidays (as observed) on
    which the NYSE is closed, and therefore days upon which
    shareholders cannot purchase or sell shares, currently are: New
    Year&#146;s Day, Martin Luther King,&#160;Jr. Day,
    Presidents&#146; Day, Good Friday, Memorial Day, Independence
    Day, Labor Day, Thanksgiving Day and Christmas Day and on the
    preceding Friday or subsequent Monday when a holiday falls on a
    Saturday or Sunday, respectively.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    50
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">LIMITATION
    ON TRUSTEES&#146; AND OFFICERS&#146; LIABILITY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Governing Documents provide that the Fund will indemnify its
    Trustees and officers and may indemnify its employees or agents
    against liabilities and expenses incurred in connection with
    litigation in which they may be involved because of their
    positions with the Fund, to the fullest extent permitted by
    applicable law. However, nothing in the Governing Documents
    protects or indemnifies a Trustee, officer, employee or agent of
    the Fund against any liability to which such person would
    otherwise be subject in the event of such person&#146;s willful
    misfeasance, bad faith, gross negligence or reckless disregard
    of the duties involved in the conduct of his or her position.
</DIV>

<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion is a brief summary of certain
    U.S.&#160;federal income tax considerations affecting the Fund
    and its shareholders. A more complete discussion of the tax
    rules applicable to the Fund and its shareholders can be found
    in the SAI that is incorporated by reference into this
    prospectus. This discussion assumes you are a U.S.&#160;person
    (as defined for U.S.&#160;federal income tax purposes) and that
    you hold your common shares as capital assets. This discussion
    is based upon current provisions of the Internal Revenue Code of
    1986, as amended (the &#147;Code&#148;), the Treasury
    regulations promulgated thereunder and judicial and
    administrative authorities, all of which are subject to change
    or differing interpretations by the courts or the Internal
    Revenue Service (the &#147;IRS&#148;), possibly with retroactive
    effect. No assurance can be given that the IRS would not assert,
    or that a court would not sustain, a position different from any
    of the tax aspects set forth below. No attempt is made to
    discuss state, local or foreign tax consequences to investors in
    the Fund, nor to present a detailed explanation of all
    U.S.&#160;federal tax concerns affecting the Fund and its
    shareholders (including shareholders owning large positions in
    the Fund).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The discussion set forth herein does not constitute tax
    advice and potential investors are urged to consult their own
    tax advisers to determine the tax consequences to them of
    investing in the Fund.</B>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund intends to elect to be treated, and to qualify
    annually, as a regulated investment company under Subchapter M
    of the Code. Accordingly, the Fund must, among other things,
    meet the following requirements regarding the source of its
    income and the diversification of its assets:
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;derive in each taxable year at least 90% of its gross
    income from the following sources, which are referred to herein
    as &#147;Qualifying Income&#148;: (a)&#160;dividends, interest
    (including tax-exempt interest), payments with respect to
    certain securities loans, and gains from the sale or other
    disposition of stock, securities or foreign currencies, or other
    income (including but not limited to gain from options, futures
    and forward contracts) derived with respect to its business of
    investing in such stock, securities or foreign currencies; and
    (b)&#160;interests in publicly traded partnerships that are
    treated as partnerships for U.S.&#160;federal income tax
    purposes and that derive less than 90% of their gross income
    from the items described in clause&#160;(a) above (each a
    &#147;Qualified Publicly Traded Partnership&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;diversify its holdings so that, at the end of each
    quarter of each taxable year, (a)&#160;at least 50% of the
    market value of the Fund&#146;s total assets is represented by
    cash and cash items (including receivables),
    U.S.&#160;government securities, the securities of other
    regulated investment companies and other securities, with such
    other securities limited, in respect of any one issuer, to an
    amount not greater than 5% of the value of the Fund&#146;s total
    assets and not more than 10% of the outstanding voting
    securities of such issuer and (b)&#160;not more than 25% of the
    market value of the Fund&#146;s total assets is invested in the
    securities (other than U.S.&#160;government securities and the
    securities of other regulated investment companies) of
    (I)&#160;any one issuer, (II)&#160;any two or more issuers that
    the Fund controls and that are determined to be engaged in the
    same business or similar or related trades or businesses or
    (III)&#160;any one or more Qualified Publicly Traded
    Partnerships.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Income from the Fund&#146;s investments in grantor trusts that
    are not Qualified Publicly Traded Partnerships (if any) will be
    Qualifying Income to the extent it is attributable to items of
    income of such trust that would be Qualifying Income if earned
    directly by the Fund.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    51
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s investments in partnerships, including in
    Qualified Publicly Traded Partnerships, may result in the
    Fund&#146;s being subject to state, local or foreign income,
    franchise or withholding tax liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a regulated investment company, the Fund generally will not
    be subject to U.S.&#160;federal income tax on income and gains
    that the Fund distributes to its shareholders, provided that it
    distributes each taxable year at least the sum of (i)&#160;90%
    of the Fund&#146;s investment company taxable income (which
    includes, among other items, dividends, interest and the excess
    of any net short-term capital gain over net long-term capital
    loss and other taxable income, other than any net capital gain
    (as defined below), reduced by deductible expenses) determined
    without regard to the deduction for dividends paid and
    (ii)&#160;90% of the Fund&#146;s net tax-exempt interest (the
    excess of its gross tax-exempt interest over certain disallowed
    deductions). The Fund intends to distribute substantially all of
    such income at least annually. The Fund will be subject to
    income tax at regular corporate rates on any taxable income or
    gains that it does not distribute to its shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Code imposes a 4% nondeductible excise tax on the Fund to
    the extent the Fund does not distribute by the end of any
    calendar year an amount at least equal to the sum of
    (i)&#160;98% of its ordinary income (not taking into account any
    capital gain or loss) for the calendar year and (ii)&#160;98.2%
    of its capital gain in excess of its capital loss (adjusted for
    certain ordinary losses) for a one-year period generally ending
    on October 31 of the calendar year (unless an election is made
    to use the Fund&#146;s fiscal year). In addition, the minimum
    amounts that must be distributed in any year to avoid the excise
    tax will be increased or decreased to reflect any
    under-distribution or over-distribution, as the case may be,
    from previous years. While the Fund intends to distribute any
    income and capital gain in the manner necessary to minimize
    imposition of the 4% excise tax, there can be no assurance that
    sufficient amounts of the Fund&#146;s taxable income and capital
    gain will be distributed to entirely avoid the imposition of the
    excise tax. In that event, the Fund will be liable for the
    excise tax only on the amount by which it does not meet the
    foregoing distribution requirement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If for any taxable year the Fund does not qualify as a regulated
    investment company, all of its taxable income (including its net
    capital gain) will be subject to tax at regular corporate rates
    without any deduction for distributions to shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions paid to you by the Fund from its net capital gain
    (i.e., the excess of net long-term capital gain over net
    short-term capital loss), if any, that the Fund reports as
    capital gains dividends (&#147;capital gain dividends&#148;) are
    taxable as long-term capital gains, regardless of how long you
    have held your common shares. All other dividends paid to you by
    the Fund (including dividends from short-term capital gains)
    from its current or accumulated earnings and profits
    (&#147;ordinary income dividends&#148;) are generally subject to
    tax as ordinary income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Special rules apply, however, to ordinary income dividends paid
    to individuals with respect to taxable years beginning on or
    before December&#160;31, 2012. If you are an individual, any
    such ordinary income dividend that you receive from the Fund
    generally will be eligible for taxation at the reduced federal
    rates applicable to long-term capital gains to the extent that
    (i)&#160;the ordinary income dividend is attributable to
    &#147;qualified dividend income&#148; (i.e., generally dividends
    paid by U.S.&#160;corporations and certain foreign corporations)
    received by the Fund, (ii)&#160;the Fund satisfies certain
    holding period and other requirements with respect to the stock
    on which such qualified dividend income was paid and
    (iii)&#160;you satisfy certain holding period and other
    requirements with respect to your common shares. There can be no
    assurance as to what portion of the Fund&#146;s ordinary income
    dividends will constitute qualified dividend income. In
    addition, the favorable treatment currently afforded to
    qualified dividend income will not apply to taxable years
    beginning after December&#160;31, 2012, unless extended by
    legislation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any distributions you receive that are in excess of the
    Fund&#146;s current or accumulated earnings and profits will be
    treated as a tax-free return of capital to the extent of your
    adjusted tax basis in your common shares, and thereafter as
    capital gain from the sale of common shares. The amount of any
    Fund distribution that is treated as a tax-free return of
    capital will reduce your adjusted tax basis in your common
    shares, thereby increasing your potential gain or reducing your
    potential loss on any subsequent sale or other disposition of
    your common shares.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    52
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dividends and other taxable distributions are taxable to you
    even though they are reinvested in additional common shares of
    the Fund. Dividends and other distributions paid by the Fund are
    generally treated under the Code as received by you at the time
    the dividend or distribution is made. If, however, the Fund pays
    you a dividend in January that was declared in the previous
    October, November or December to shareholders of record on a
    specified date in one of such months, then such dividend will be
    treated for tax purposes as being paid by the Fund and received
    by you on December 31 of the year in which the dividend was
    declared.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will send you information after the end of each year
    setting forth the amount and tax status of any distributions
    paid to you by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The sale or other disposition of common shares of the Fund will
    generally result in capital gain or loss to you, and will be
    long-term capital gain or loss if you have held such common
    shares for more than one year at the time of sale. Any loss upon
    the sale or exchange of common shares held for six months or
    less will be treated as long-term capital loss to the extent of
    any capital gain dividends received (including amounts credited
    as an undistributed capital gain dividend) by you with respect
    to such common shares. Any loss you realize on a sale or
    exchange of common shares will be disallowed if you acquire
    other common shares (whether through the automatic reinvestment
    of dividends or otherwise) within a
    <FONT style="white-space: nowrap">61-day</FONT>
    period beginning 30&#160;days before and ending 30&#160;days
    after your sale or exchange of the common shares. In such case,
    your tax basis in the common shares acquired will be adjusted to
    reflect the disallowed loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may be required to withhold, for federal backup
    withholding tax purposes, a portion of the dividends,
    distributions and redemption proceeds payable to shareholders
    who fail to provide the Fund (or its agent) with their correct
    taxpayer identification number (in the case of individuals,
    generally, their social security number) or to make required
    certifications, or who have been notified by the IRS that they
    are subject to backup withholding. Certain shareholders are
    exempt from backup withholding. Backup withholding is not an
    additional tax and any amount withheld may be refunded or
    credited against your federal income tax liability, if any,
    provided that you timely furnish the required information to the
    IRS. In addition, the Fund may be required to withhold on
    distributions to
    <FONT style="white-space: nowrap">non-U.S.&#160;shareholders.</FONT>
</DIV>

<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CUSTODIAN,
    TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Bank of New York Mellon, located at 135 Santilli Highway,
    Everett, Massachusetts 02149, serves as the custodian of the
    Fund&#146;s assets pursuant to a custody agreement. Under the
    custody agreement, the Custodian holds the Fund&#146;s assets in
    compliance with the 1940 Act. For its services, the Custodian
    will receive a monthly fee paid by the Fund based upon, among
    other things, the average value of the total assets of the Fund,
    plus certain charges for securities transactions and out of
    pocket expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    American Stock Transfer &#038; Trust Company, located at 59
    Maiden Lane, New York, New York 10038, serves as the Fund&#146;s
    dividend disbursing agent, as agent under the Fund&#146;s Plan
    and as transfer agent and registrar for the common shares of the
    Fund.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    53
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='119'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the terms and subject to the conditions contained in an
    underwriting agreement dated the date of this prospectus, the
    underwriters named below, for whom Morgan Stanley &#038; Co.
    Incorporated, Citigroup Global Markets Inc. and Merrill Lynch,
    Pierce, Fenner &#038; Smith Incorporated are acting as
    representatives, have severally agreed to purchase, and the Fund
    has agreed to sell to them, severally, the number of common
    shares indicated below:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="89%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Common<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Name</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Shares</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Morgan Stanley&#160;&#038; Co. Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Citigroup Global Markets Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith<BR>
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Gabelli &#038; Company, Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    J.J.B. Hilliard, W.L. Lyons, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Janney Montgomery Scott LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ladenburg Thalmann&#160;&#038; Co. Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Maxim Group LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stifel, Nicolaus&#160;&#038; Company, Incorporated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wunderlich Securities, Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters are offering the common shares subject to their
    acceptance of the common shares from the Fund and subject to
    prior sale. The underwriting agreement provides that the
    obligations of the several underwriters to pay for and accept
    delivery of the common shares offered by this prospectus are
    subject to the approval of certain legal matters by their
    counsel and to certain other conditions. The underwriters are
    obligated to take and pay for all of the common shares offered
    by this prospectus if any such common shares are taken. However,
    the underwriters are not required to take or pay for the shares
    covered by the underwriters&#146; over-allotment option
    described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters initially propose to offer part of the common
    shares directly to the public at the public offering price
    listed on the cover page of this prospectus and part of the
    common shares to certain dealers at a price that represents a
    concession not in excess of $&#160;&#160;&#160;&#160;&#160; per
    common share under the public offering price. Any underwriter
    may allow, and such dealers may reallow, a concession not in
    excess of $&#160;&#160;&#160;&#160;&#160; per common share to
    other underwriters or to certain dealers. After the initial
    offering of the common shares, the offering price and other
    selling terms may from time to time be varied by the
    representatives. The underwriting discounts and commissions
    (sales load) of $.90 per common share are equal to 4.5% of the
    public offering price. Investors must pay for any common shares
    purchased on or
    before&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has granted the underwriters an option, exercisable for
    45&#160;days from the date of this prospectus, to purchase up to
    an aggregate
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    additional common shares at the public offering price listed on
    the cover page of this prospectus, less underwriting discounts
    and commissions. The underwriters may exercise this option
    solely for the purpose of covering over-allotments, if any, made
    in connection with the offering of the common shares offered by
    this prospectus. To the extent the option is exercised, each
    underwriter will become obligated, subject to certain
    conditions, to purchase approximately the same percentage of the
    additional common shares as the number listed next to the
    underwriter&#146;s name in the preceding table bears to the
    total number of common shares listed next to the names of all
    underwriters in the preceding table. If the underwriters&#146;
    option is exercised in full, the total price to the public would
    be $&#160;&#160;&#160;&#160;&#160;, the total underwriting
    discounts and commissions would be
    $&#160;&#160;&#160;&#160;&#160; and total proceeds to the Fund
    would be $&#160;&#160;&#160;&#160;&#160;.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    54
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table shows the underwriting discounts and
    commissions the Fund will pay in connection with this offering.
    The information assumes either no exercise or full exercise by
    the underwriters of their over-allotment option. However, the
    underwriters are not required to take or pay for the common
    shares covered by the underwriters over-allotment option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Common Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Without<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>With<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Without<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>With<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Over-allotment</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Over-allotment</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Over-allotment</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Over-allotment</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales load
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to the Fund
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Offering expenses paid by the Fund (other than sales load) will
    not exceed $.04 per share of common stock sold in this offering.
    The Investment Adviser has agreed to pay the amount of the
    Fund&#146;s offering expenses (other than sales load) that
    exceed $.04 per common share. The aggregate offering expenses
    (excluding sales load) are estimated to be
    $&#160;&#160;&#160;&#160;&#160; in total,
    $&#160;&#160;&#160;&#160;&#160; of which will be borne by the
    Fund (or $&#160;&#160;&#160;&#160;&#160;&#160;if the
    Underwriters exercise their over-allotment option in full). See
    &#147;Summary of Fund&#160;Expenses.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The fees described below under &#147;&#160;&#151; Additional
    Compensation to Be Paid by the Investment Adviser&#148; are not
    reimbursable to the Investment Adviser by the Fund, and are
    therefore not reflected in expenses payable by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Underwriters have informed us that they do not intend sales
    to discretionary accounts to exceed five percent of the total
    number of common shares offered by them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our common stock is expected to be approved for listing on the
    NYSE under the trading symbol &#147;GNT.&#148; In order to meet
    requirements for listing the common shares on the NYSE, the
    Underwriters have undertaken to sell lots of 100 or more shares
    to a minimum of 400 beneficial owners in the United States, the
    minimum stock price will be at least $4.00 at the time of
    listing on the NYSE, at least 1,100,000 common shares will be
    publicly held in the United States and the aggregate market
    value of publicly held shares in the United States will be at
    least $60&#160;million. The minimum investment requirement is
    100 common shares ($2,000).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund and the Investment Adviser have each agreed that,
    without the prior written consent of Morgan Stanley&#160;&#038;
    Co. Incorporated, Citigroup Global Markets Inc. and Merrill
    Lynch, Pierce, Fenner &#038; Smith Incorporated on behalf of the
    underwriters, the Fund will not, during the period ending
    180&#160;days after the date of this prospectus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    offer, pledge, sell, contract to sell, sell any option or
    contract to purchase, purchase any option or contract to sell,
    grant any option, right or warrant to purchase lend or otherwise
    transfer or dispose of, directly or indirectly, any shares of
    common stock or any securities convertible into or exercisable
    or exchangeable for shares of common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    file any registration statement with the Securities and Exchange
    Commission relating to the offering of any shares of common
    stock or any securities convertible into or exercisable or
    exchangeable for common stock;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    enter into any swap or other arrangement that transfers to
    another, in whole or in part, any of the economic consequences
    of ownership of the common stock;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    whether any such transaction described above is to be settled by
    delivery of common stock or such other securities, in cash or
    otherwise. Notwithstanding the foregoing, if (i)&#160;during the
    last 17&#160;days of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period, the Fund issues an earnings release or
    announces material news or a material event relating to the
    Fund; or (ii)&#160;prior to the expiration of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period, the Fund announces that it will release
    earnings results during the
    <FONT style="white-space: nowrap">16-day</FONT>
    period beginning on the last day of the
    <FONT style="white-space: nowrap">180-day</FONT>
    restricted period, the restrictions described above shall
    continue to apply until the expiration of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the date of the earnings release or the
    announcement of the material news or material event. These
    <FONT style="white-space: nowrap">lock-up</FONT>
    agreements will not apply to the shares of common stock to be
    sold pursuant to the underwriting agreement or any shares of
    common stock issued pursuant to the Fund&#146;s Dividend
    Reinvestment Plan or any preferred share issuance, if any.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    55
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to facilitate the offering of the common shares, the
    underwriters may engage in transactions that stabilize, maintain
    or otherwise affect the price of the common shares.
    Specifically, the underwriters may sell more shares than they
    are obligated to purchase under the underwriting agreement,
    creating a short position. A short sale is covered if the short
    position is no greater than the number of shares available for
    purchase by the underwriters under the over-allotment option
    (exercisable for 45&#160;days from the date of the prospectus).
    The underwriters can close out a covered short sale by
    exercising the over-allotment option or purchasing shares in the
    open market. In determining the source of shares to close out a
    covered short position, the underwriters will consider, among
    other things, the open market price of shares compared to the
    price available under the over-allotment option. The
    underwriters may also sell an amount of common shares in excess
    of the over-allotment option, creating a naked short position.
    The underwriters must close out any naked short position by
    purchasing common shares in the open market. A naked short
    position is more likely to be created if the underwriters are
    concerned that there may be downward pressure on the price of
    the common shares in the open market after pricing that could
    adversely affect investors who purchase in this offering. As an
    additional means of facilitating this offering, the Underwriters
    may bid for, and purchase, common shares in the open market to
    stabilize the price of the common shares. Finally, the
    underwriting syndicate may also reclaim selling concessions
    allowed to an Underwriter or a dealer for distributing the
    common shares in the offering, if the syndicate repurchases
    previously distributed common shares in transactions to cover
    syndicate short positions or to stabilize the price of the
    common shares. Any of these activities may raise or maintain the
    market price of the common shares above independent market
    levels or prevent or retard a decline in the market price of the
    common shares. The underwriters are not required to engage in
    these activities and may end any of these activities at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Prior to this offering, there has been no public or private
    market for the common shares or any other of our securities.
    Consequently, the offering price for the common shares was
    determined by negotiation among the Fund, the Investment Adviser
    and the representatives. There can be no assurance, however,
    that the price at which the shares of common stock trade after
    this offering will not be lower than the price at which they are
    sold by the underwriters or that an active trading market in the
    common shares will develop and continue after this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We anticipate that the representatives and certain other
    underwriters may from time to time act as brokers and dealers in
    connection with the execution of its portfolio transactions
    after they have ceased to be underwriters and, subject to
    certain restrictions, may act as such brokers while they are
    underwriters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with this offering, certain of the underwriters or
    selected dealers may distribute prospectuses electronically.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund, the Investment Adviser and the underwriters have
    agreed to indemnify each other against certain liabilities,
    including liabilities under the Securities Act of 1933.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Prior to the public offering of common shares, the Investment
    Adviser purchased common shares from us in an amount satisfying
    the net worth requirements of Section&#160;14(a) of the 1940
    Act. As of the date of this prospectus, the Investment Adviser
    owned 100% of the outstanding common shares of beneficial
    interest of the Fund. The Investment Adviser may be deemed to
    control the Fund until such time as it owns less than 25% of the
    outstanding common shares of beneficial interest of the Fund,
    which is expected to occur as of the completion of the offering
    of common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The principal business address of Morgan Stanley &#038; Co.
    Incorporated is 1585 Broadway, New&#160;York, New&#160;York
    10036. The principal business address of Citigroup Global
    Markets Inc. is 388 Greenwich Street, New&#160;York,
    New&#160;York 10013. The principal business address of Merrill
    Lynch, Pierce, Fenner &#038; Smith Incorporated is One Bryant
    Park, New&#160;York, New&#160;York 10036.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Underwriters and their respective affiliates are full
    service financial institutions engaged in various activities,
    which may include securities trading, commercial and investment
    banking, financial advisory, investment management, principal
    investment, hedging, financing and brokerage activities. Certain
    of the Underwriters or their respective affiliates from time to
    time have provided in the past, and may provide in the future,
    investment banking, securities trading, hedging, brokerage
    activities, commercial lending and financial advisory services
    to us, certain of our executive officers and our affiliates and
    the Investment Adviser and its affiliates in the ordinary course
    of business, for which they have received, and may receive,
    customary fees and expenses.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    56
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No action has been taken in any jurisdiction (except in the
    United States) that would permit a public offering of the common
    shares, or the possession, circulation or distribution of this
    prospectus or any other material relating to us or the common
    shares in any jurisdiction where action for that purpose is
    required. Accordingly, the common shares may not be offered or
    sold, directly or indirectly, and neither this prospectus nor
    any other offering material or advertisements in connection with
    the common shares may be distributed or published, in or from
    any country or jurisdiction except in compliance with the
    applicable rules and regulations of any such country or
    jurisdiction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Compensation to be Paid by the Investment Adviser</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser (and not the Fund) has agreed to pay,
    from its own assets, a structuring fee to Morgan Stanley &#038;
    Co. Incorporated in the amount of
    $&#160;&#160;&#160;&#160;&#160;, Citigroup Global Markets Inc.
    in the amount of $&#160;&#160;&#160;&#160;&#160;, and Merrill
    Lynch, Pierce, Fenner &#038; Smith Incorporated in the amount of
    $&#160;&#160;&#160;&#160;&#160;. In contrast to the underwriting
    discounts and commissions (earned under the underwriting
    agreement by the underwriting syndicate as a group), the
    structuring fees will be paid by the Investment Adviser for
    advice relating to the structure, design and organization of the
    Fund. These services are unrelated to the Investment
    Adviser&#146;s function of advising the Fund as to its
    investments in securities or use of investment strategies and
    investment techniques.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser (and not the Fund) may also pay certain
    qualifying underwriters a structuring fee, sales incentive fee
    or additional compensation in connection with this offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total underwriting compensation determined in accordance with
    FINRA rules is summarized as follows. The sales load that we
    will pay of $.90 per share is equal to 4.5% of gross proceeds.
    The Investment Adviser (and not the Fund) will pay structuring
    fees as described above. The sum of all compensation to the
    underwriters in connection with this public offering of common
    shares, including the sales load, the structuring fees or sales
    incentive fees and all forms of additional payments to the
    underwriters and the amounts paid by the Fund to reimburse
    certain underwriters and certain other expenses, will not exceed
    9.0% of the total public offering price of the common shares
    sold in this offering.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    57
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain legal matters in connection with the offering of the
    common shares will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, counsel to the Fund, and by
    Simpson Thacher&#160;&#038; Bartlett LLP, counsel to the
    Underwriters. Simpson Thacher&#160;&#038; Bartlett LLP may rely
    as to certain matters of Delaware law on the opinion of Skadden,
    Arps, Slate, Meagher&#160;&#038; Flom LLP.
</DIV>

<A name='121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEPENDENT
    REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PricewaterhouseCoopers LLP serves as the independent registered
    public accounting firm of the Fund and will annually audit the
    financial statements of the Fund. PricewaterhouseCoopers LLP is
    located at 300 Madison Avenue, New York, New York 10017.
</DIV>

<A name='122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is subject to the informational requirements of the
    Securities Exchange Act of 1934, as amended, and the 1940 Act
    and in accordance therewith files reports and other information
    with the Commission. Reports, proxy statements and other
    information filed by the Fund with the Commission pursuant to
    the informational requirements of such Acts can be inspected and
    copied at the public reference facilities maintained by the
    Commission, 450&#160;Fifth Street, N.W., Washington,&#160;D.C.
    20549. The Commission maintains a web site at
    <FONT style="white-space: nowrap">http://www.sec.gov</FONT>
    containing reports, proxy and information statements and other
    information regarding registrants, including the Fund, that file
    electronically with the Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s common shares have been approved for listing on
    the NYSE, under the symbol &#147;GNT,&#148; subject to notice of
    issuance. Reports, proxy statements and other information
    concerning the Fund and filed with the SEC by the Fund will be
    available for inspection at the offices of the NYSE,
    20&#160;Broad Street, New York, New&#160;York 10005.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus constitutes part of a Registration Statement
    filed by the Fund with the Commission under the Securities Act
    of 1933 and the 1940 Act. This prospectus omits certain of the
    information contained in the Registration Statement, and
    reference is hereby made to the Registration Statement and
    related exhibits for further information with respect to the
    Fund and the common shares offered hereby. Any statements
    contained herein concerning the provisions of any document are
    not necessarily complete, and, in each instance, reference is
    made to the copy of such document filed as an exhibit to the
    Registration Statement or otherwise filed with the Commission.
    Each such statement is qualified in its entirety by such
    reference. The complete Registration Statement may be obtained
    from the Commission upon payment of the fee prescribed by its
    rules and regulations or free of charge through the
    Commission&#146;s web site
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

<A name='123'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PRIVACY
    PRINCIPLES OF THE FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is committed to maintaining the privacy of its
    shareholders and to safeguarding their non-public personal
    information. The following information is provided to help you
    understand what personal information the Fund collects, how the
    Fund protects that information and why, in certain cases, the
    Fund may share information with select other parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, the Fund does not receive any non-public personal
    information relating to its shareholders, although certain
    non-public personal information of its shareholders may become
    available to the Fund. The Fund does not disclose any non-public
    personal information about its shareholders or former
    shareholders to anyone, except as permitted by law or as is
    necessary in order to service shareholder accounts (for example,
    to a transfer agent or third party administrator).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund restricts access to non-public personal information
    about its shareholders to employees of the Fund, the Investment
    Adviser, and its affiliates with a legitimate business need for
    the information. The Fund maintains physical, electronic and
    procedural safeguards designed to protect the non-public
    personal information of its shareholders.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    58
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='124'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS OF SAI</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An SAI dated as
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011, has been filed with the Commission and is incorporated by
    reference in this prospectus. An SAI may be obtained without
    charge by writing to the Fund at its address at One Corporate
    Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
    or by calling the Fund toll-free at (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554).</FONT>
    The Table of Contents of the SAI is as follows:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#125'>The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#126'>Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#127'>Investment Restrictions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#128'>Management of The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#129'>Distributions and Dividends</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#130'>Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#131'>Portfolio Turnover</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#132'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#133'>General Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#136'>Report of Independent Registered Public
    Accounting Firm</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#135'>Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#134'>Appendix&#160;A&#160;&#151; Proxy Voting
    Policy</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No person has been authorized to give any information or to make
    any representations in connection with this offering other than
    those contained in this prospectus in connection with the offer
    contained herein, and, if given or made, such other information
    or representations must not be relied upon as having been
    authorized by the Fund, the Investment Adviser or the
    Underwriters. Neither the delivery of this prospectus nor any
    sale made hereunder will, under any circumstances, create any
    implication that there has been no change in the affairs of the
    Fund since the date hereof or that the information contained
    herein is correct as of any time subsequent to its date. This
    prospectus does not constitute an offer to sell or a
    solicitation of an offer to buy any securities other than the
    securities to which it relates. This prospectus does not
    constitute an offer to sell or the solicitation of an offer to
    buy such securities in any circumstance in which such an offer
    or solicitation is unlawful.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    59
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 18pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y89182a4y8918203.gif" alt="(GABELLI LOGO)"><B><FONT style="font-size: 18pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 18pt">The Gabelli Natural Resources,
    Gold&#160;&#038; Income Trust</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Common Shares of Beneficial
    Interest</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">$20.00&#160;per Share</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">MORGAN STANLEY<BR>
    CITI<BR>
    BofA MERRILL LYNCH<BR>
    GABELLI&#160;&#038; COMPANY, INC.<BR>
    J.J.B. HILLIARD, W.L. LYONS, LLC<BR>
    JANNEY MONTGOMERY SCOTT<BR>
    LADENBURG THALMANN&#160;&#038; CO. INC.<BR>
    MAXIM GROUP LLC<BR>
    STIFEL NICOLAUS WEISEL<BR>
    WUNDERLICH SECURITIES</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS</B>
</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Until&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (25&#160;days after the date of this prospectus) all
    dealers that buy, sell or trade the common shares, whether or
    not participating in this offering, may be required to deliver a
    Prospectus. This is in addition to each dealer&#146;s obligation
    to deliver a prospectus when acting as an underwriter and with
    respect to its unsold allotments or subscriptions.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF ADDITIONAL INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS
    NOT COMPLETE AND MAY BE CHANGED. THE FUND&#160;MAY NOT SELL
    THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE
    SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT
    OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE
    SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE
    SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Gabelli Natural Resources, Gold&#160;&#038; Income Trust,
    (the &#147;Fund&#148;) is a non-diversified, closed-end
    management investment company registered under the Investment
    Company Act of 1940, as amended (the &#147;1940 Act&#148;). The
    Fund&#146;s primary investment objective is to provide a high
    level of current income from interest, dividends and option
    premiums. The Fund&#146;s secondary investment objective is to
    seek capital appreciation consistent with the Fund&#146;s
    strategy and its primary objective. An investment in the Fund is
    not appropriate for all investors. We cannot assure you that the
    Fund&#146;s objectives will be achieved. Gabelli Funds, LLC
    serves as &#147;Investment Adviser&#148; to the Fund. See
    &#147;Management of the Fund.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Statement of Additional Information (the &#147;SAI&#148;)
    does not constitute a prospectus, but should be read in
    conjunction with the Fund&#146;s prospectus relating thereto
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011, and as it may be supplemented (the
    &#147;Prospectus&#148;). This SAI does not include all
    information that a prospective investor should consider before
    investing in the Fund&#146;s common shares, and investors should
    obtain and read the prospectus prior to purchasing such shares.
    A copy of the Fund&#146;s Registration Statement, including the
    prospectus and any supplement, may be obtained from the
    Securities and Exchange Commission (the &#147;Commission&#148;)
    upon payment of the fee prescribed, or inspected at the
    Commission&#146;s office or via its website
    <FONT style="white-space: nowrap">(http://www.sec.gov)</FONT>
    at no charge.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Statement of Additional Information is
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="left" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Page</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#125'>The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#126'>Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#127'>Investment Restrictions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#128'>Management of The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#129'>Distributions and Dividends</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#130'>Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#131'>Portfolio Turnover</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#132'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    29
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#133'>General Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#136'>Report of Independent Registered Public
    Accounting Firm</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    F-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#135'>Financial Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    F-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#134'>Appendix&#160;A&#151;Proxy Voting Policy</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='125'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Gabelli Natural Resources, Gold&#160;&#038; Income Trust is
    a non-diversified, closed-end management investment company
    organized under the laws of the State of Delaware. The
    Fund&#146;s common shares of beneficial interest, par value
    $0.001 per share, have been approved for listing on the New York
    Stock Exchange (&#147;NYSE&#148;) under the symbol
    &#147;GNT,&#148; subject to notice of issuance.
</DIV>

<A name='126'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    OBJECTIVES AND POLICIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Objectives and Policies</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s primary investment objective is to provide a
    high level of current income from interest, dividends and option
    premiums. The Fund&#146;s secondary investment objective is to
    seek capital appreciation consistent with the Fund&#146;s
    strategy and its primary objective. To meet the objective of
    providing a high level of current income, the Fund intends to
    invest in income producing securities such as equity securities,
    convertible securities and other securities and earn short-term
    gains from a strategy of writing covered call options on equity
    securities in its portfolio. The Fund will seek dividend income
    through investments in equity securities such as common stock or
    convertible preferred stock. The Fund will seek interest income
    through investments in convertible or corporate bonds. Under
    normal market conditions, the Fund will attempt to achieve its
    objectives by investing at least 80% of its assets, which
    includes the amount of any borrowing for investment purposes, in
    securities of companies principally engaged in the natural
    resources and gold industries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will invest at least 25% of its assets in the
    securities of companies principally engaged in the exploration,
    production or distribution of natural resources, such as base
    metals, metals, paper, food and agriculture, forestry products,
    water, gas, oil, sustainable energy and other commodities as
    well as related transportation companies and equipment
    manufacturers. Related transportation companies and equipment
    manufacturers, such as agriculture transportation vehicles and
    farm equipment manufacturers, are vital components of the
    natural resource industry. The Fund will invest at least 25% of
    its assets in the securities of companies principally engaged in
    the exploration, mining, fabrication, processing, distribution
    or trading of gold or the financing, managing, controlling or
    operating of companies engaged in &#147;gold-related&#148;
    activities. Companies principally engaged in the financing,
    managing, controlling or operating of companies engaged in
    &#147;gold-related&#148; activities include companies that own
    or receive royalties on the production of gold; such companies
    are vital components of the gold industry.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Principally engaged, as used in this SAI, means a company that
    derives at least 50% of its revenues or earnings or devotes at
    least 50% of its assets to the indicated businesses. Equity
    securities may include common stocks, preferred stocks,
    convertible securities, warrants, depository receipts and equity
    interests in trusts and other entities. Other Fund investments
    may include investment companies, including exchange-traded
    funds, securities of issuers subject to reorganization or other
    risk arbitrage investments, derivative instruments, debt
    (including obligations of the U.S.&#160;government) and money
    market instruments. As part of its investment strategy, the Fund
    intends to generate current income from short-term gains through
    an option strategy of writing (selling) covered call options on
    equity securities in its portfolio. When the Fund sells a
    covered call option, it generates current income from short-term
    gains in the form of the premium paid by the buyer of the call
    option, but the Fund forgoes the opportunity to participate in
    any increase in the value of the underlying equity security
    above the exercise price of the option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is not intended for those who wish to exploit
    short-term swings in the stock market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser&#146;s investment philosophy with respect
    to selecting investments in the gold industry and the natural
    resources industries is to emphasize quality, value and
    favorable prospects for growth, as determined by such factors as
    asset quality, balance sheet leverage, management ability,
    reserve life, cash flow and commodity hedging exposure. In
    addition, in making stock selections, the Investment Adviser
    looks for securities that it believes may provide attractive
    yields, as well as capital gains potential and that allow the
    Fund to generate current income from short-term gains from
    writing covered calls on such stocks.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Derivative
    Instruments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Options.</I>&#160;&#160;The Fund may, from time to time,
    subject to guidelines of the Board of Trustees and the
    limitations set forth in the Prospectus, purchase or sell (i.e.,
    write) options on securities, securities indices and foreign
    currencies which are listed on a national securities exchange or
    in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    (&#147;OTC&#148;) market, as a means of achieving additional
    return or of hedging the value of the Fund&#146;s portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A call option is a contract that gives the holder of the option
    the right to buy from the writer of the call option, in return
    for a premium, the security or currency underlying the option at
    a specified exercise price at any time during the term of the
    option. The writer of the call option has the obligation, upon
    exercise of the option, to deliver the underlying security or
    currency upon payment of the exercise price during the option
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A put option is a contract that gives the holder of the option
    the right, in return for a premium, to sell to the seller the
    underlying security at a specified price. The seller of the put
    option has the obligation to buy the underlying security upon
    exercise at the exercise price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A call option is &#147;covered&#148; if the Fund owns the
    underlying instrument covered by the call or has an absolute and
    immediate right to acquire that instrument without additional
    cash consideration (or for additional cash consideration held in
    a segregated account by its custodian) upon conversion or
    exchange of other instruments held in its portfolio. A call
    option is also covered if the Fund holds a call option on the
    same instrument as the call option written where the exercise
    price of the call option held is (i)&#160;equal to or less than
    the exercise price of the call option written or
    (ii)&#160;greater than the exercise price of the call option
    written if the difference is maintained by the Fund in cash,
    U.S.&#160;government securities or other high-grade short-term
    obligations in a segregated account with its custodian. A call
    option is &#147;uncovered&#148; if the underlying security
    covered by the call is not held by the Fund. A put option is
    &#147;covered&#148; if the Fund maintains cash or other liquid
    securities with a value equal to the exercise price in a
    segregated account with its custodian, or else holds a put
    option on the same instrument as the put option written where
    the exercise price of the put option held is equal to or greater
    than the exercise price of the put option written.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund has written an option, it may terminate its
    obligation by effecting a closing purchase transaction. This is
    accomplished by purchasing an option of the same series as the
    option previously written. However, once the Fund has been
    assigned an exercise notice, the Fund will be unable to effect a
    closing purchase transaction. Similarly, if the Fund is the
    holder of an option it may liquidate its position by effecting a
    closing sale transaction. This is accomplished by selling an
    option of the same series as the option previously purchased.
    There can be no assurance that either a closing purchase or sale
    transaction can be effected when the Fund so desires.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will realize a profit from a closing transaction if the
    price of the transaction is less than the premium received from
    writing the option, or is more than the premium paid to purchase
    the option; the Fund will realize a loss from a closing
    transaction if the price of the transaction is more than the
    premium received from writing the option, or is less than the
    premium paid to purchase the option. Since call option prices
    generally reflect increases in the price of the underlying
    security, any loss resulting from the repurchase of a call
    option may also be wholly or partially offset by unrealized
    appreciation of the underlying security. Other principal factors
    affecting the market value of a put or a call option include
    supply and demand, interest rates, the current market price and
    price volatility of the underlying security and the time
    remaining until the expiration date of the option. Gains and
    losses on investments in options depend, in part, on the ability
    of the Investment Adviser to correctly predict the effect of
    these factors. The use of options cannot serve as a complete
    hedge since the price movement of securities underlying the
    options will not necessarily follow the price movements of the
    portfolio securities subject to the hedge.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An option position may be closed out only on an exchange that
    provides a secondary market for an option of the same series or
    in a private transaction. Although the Fund will generally
    purchase or write only those options for which there appears to
    be an active secondary market, there is no assurance that a
    liquid secondary market on an exchange will exist for any
    particular option. In such event it might not be possible to
    effect closing transactions in particular options, in which case
    the Fund would have to exercise its options in order to realize
    any profit and would incur brokerage commissions upon the
    exercise of call options and upon the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    subsequent disposition of underlying securities for the exercise
    of put options. If the Fund, as a covered call option writer, is
    unable to effect a closing purchase transaction in a secondary
    market, it will not be able to sell the underlying security
    until the option expires or it delivers the underlying security
    upon exercise, or otherwise covers the position.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent that the Fund purchases options pursuant to a
    hedging strategy, the Fund will be subject to the following
    additional risks. If a put or call option purchased by the Fund
    is not sold when it has remaining value, and if the market price
    of the underlying security remains equal to or greater than the
    exercise price (in the case of a put), or remains less than or
    equal to the exercise price (in the case of a call), the Fund
    will lose its entire investment in the option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Where a put or call option on a particular security is purchased
    to hedge against price movements in that or a related security,
    the price of the put or call option may move more or less than
    the price of the security. If restrictions on exercise are
    imposed, the Fund may be unable to exercise an option it has
    purchased. If the Fund is unable to close out an option that it
    has purchased on a security, it will have to exercise the option
    in order to realize any profit, or the option may expire
    worthless.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Options on Securities Indices.</I>&#160;&#160;The Fund may
    purchase and sell securities index options. One effect of such
    transactions may be to hedge all or part of the Fund&#146;s
    securities holdings against a general decline in the securities
    market or a segment of the securities market. Options on
    securities indices are similar to options on stocks except that,
    rather than the right to take or make delivery of stock at a
    specified price, an option on a securities index gives the
    holder the right to receive, upon exercise of the option, an
    amount of cash if the closing level of the securities index upon
    which the option is based is greater than, in the case of a call
    option, or less than, in the case of a put option, the exercise
    price of the option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s successful use of options on indices depends
    upon its ability to predict the direction of the market and is
    subject to various additional risks. The correlation between
    movements in the index and the price of the securities being
    hedged against is imperfect and the risk from imperfect
    correlation increases as the composition of the Fund diverges
    from the composition of the relevant index. Accordingly, a
    decrease in the value of the securities being hedged against may
    not be wholly offset by a gain on the exercise or sale of a
    securities index put option held by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Options on Foreign Currencies.</I>&#160;&#160;Instead of
    purchasing or selling currency futures (as described below), the
    Fund may attempt to accomplish similar objectives by purchasing
    put or call options on currencies or by writing put options or
    call options on currencies either on exchanges or in OTC
    markets. A put option gives the Fund the right to sell a
    currency at the exercise price until the option expires. A call
    option gives the Fund the right to purchase a currency at the
    exercise price until the option expires. Both types of options
    serve to insure against adverse currency price movements in the
    underlying portfolio assets designated in a given currency. The
    Fund&#146;s use of options on currencies will be subject to the
    same limitations as its use of options on securities described
    above and in the Prospectus. Currency options may be subject to
    position limits that may limit the ability of the Fund to fully
    hedge its positions by purchasing the options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As in the case of interest rate futures contracts and options
    thereon, described below, the Fund may hedge against the risk of
    a decrease or increase in the U.S.&#160;dollar value of a
    foreign currency denominated debt security that the Fund owns or
    intends to acquire by purchasing or selling options contracts,
    futures contracts or options thereon with respect to a foreign
    currency other than the foreign currency in which such debt
    security is denominated, where the values of such different
    currencies (vis-a-vis the U.S.&#160;dollar) historically have a
    high degree of positive correlation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Futures Contracts and Options on Futures.</I>&#160;&#160;The
    Fund may purchase and sell financial futures contracts and
    options thereon which are traded on a commodities exchange or
    board of trade for certain hedging, yield enhancement and risk
    management purposes. A financial futures contract is an
    agreement to purchase or sell an agreed amount of securities or
    currencies at a set price for delivery in the future. These
    futures contracts and related options may be on debt securities,
    financial indices, securities indices, U.S.&#160;government
    securities and foreign currencies. The Investment Adviser has
    claimed an exclusion from the definition of the term
    &#147;commodity pool operator&#148; under the Commodity Exchange
    Act and therefore is not subject to registration
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    under the Commodity Exchange Act. Accordingly, the Fund&#146;s
    investments in derivative instruments described in this
    prospectus and the SAI are not limited by or subject to
    regulation under the Commodity Exchange Act or otherwise
    regulated by the Commodity Futures Trading Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will not enter into futures contracts or options on
    futures contracts unless (i)&#160;the aggregate initial margins
    and premiums do not exceed 5% of the fair market value of its
    assets and (ii)&#160;the aggregate market value of its
    outstanding futures contracts and the market value of the
    currencies and futures contracts subject to outstanding options
    written by the Fund, as the case may be, do not exceed 50% of
    its total assets. It is anticipated that these investments, if
    any, will be made by the Fund solely for the purpose of hedging
    against changes in the value of its portfolio securities and in
    the value of securities it intends to purchase. Such investments
    will only be made if they are economically appropriate to the
    reduction of risks involved in the management of the Fund. In
    this regard, the Fund may enter into futures contracts or
    options on futures for the purchase or sale of securities
    indices or other financial instruments including but not limited
    to U.S.&#160;government securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A &#147;sale&#148; of a futures contract (or a &#147;short&#148;
    futures position) means the assumption of a contractual
    obligation to deliver the securities underlying the contract at
    a specified price at a specified future time. A
    &#147;purchase&#148; of a futures contract (or a
    &#147;long&#148; futures position) means the assumption of a
    contractual obligation to acquire the securities underlying the
    contract at a specified price at a specified future time.
    Certain futures contracts, including stock and bond index
    futures, are settled on a net cash payment basis rather than by
    the sale and delivery of the securities underlying the futures
    contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No consideration will be paid or received by the Fund upon the
    purchase or sale of a futures contract. Initially, the Fund will
    be required to deposit with the broker an amount of cash or cash
    equivalents equal to approximately 1% to 10% of the contract
    amount (this amount is subject to change by the exchange or
    board of trade on which the contract is traded and brokers or
    members of such board of trade may charge a higher amount). This
    amount is known as the &#147;initial margin&#148; and is in the
    nature of a performance bond or good faith deposit on the
    contract. Subsequent payments, known as &#147;variation
    margin,&#148; to and from the broker will be made daily as the
    price of the index or security underlying the futures contract
    fluctuates. At any time prior to the expiration of the futures
    contract, the Fund may elect to close the position by taking an
    opposite position, which will operate to terminate its existing
    position in the contract.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An option on a futures contract gives the purchaser the right,
    in return for the premium paid, to assume a position in a
    futures contract at a specified exercise price at any time prior
    to the expiration of the option. Upon exercise of an option, the
    delivery of the futures position by the writer of the option to
    the holder of the option will be accompanied by delivery of the
    accumulated balance in the writer&#146;s futures margin account
    attributable to that contract, which represents the amount by
    which the market price of the futures contract exceeds, in the
    case of a call option, or is less than, in the case of a put
    option, the exercise price of the option on the futures
    contract. The potential loss related to the purchase of an
    option on a futures contract is limited to the premium paid for
    the option (plus transaction costs). Because the value of the
    option purchased is fixed at the point of sale, there are no
    daily cash payments by the purchaser to reflect changes in the
    value of the underlying contract; however, the value of the
    option does change daily and that change would be reflected in
    the net assets of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Futures and options on futures entail certain risks, including
    but not limited to the following: no assurance that futures
    contracts or options on futures can be offset at favorable
    prices, possible reduction of the yield of the Fund due to the
    use of hedging, possible reduction in value of both the
    securities hedged and the hedging instrument, possible lack of
    liquidity due to daily limits on price fluctuations, imperfect
    correlation between the contracts and the securities being
    hedged, losses from investing in futures transactions that are
    potentially unlimited and the segregation requirements described
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event the Fund sells a put option or enters into long
    futures contracts, under current interpretations of the 1940
    Act, an amount of cash, U.S.&#160;government securities or other
    liquid securities equal to the market value of the contract must
    be deposited and maintained in a segregated account with the
    Fund&#146;s custodian (the &#147;Custodian&#148;) to
    collateralize the positions, in order for the Fund to avoid
    being treated as having issued a senior security in the amount
    of its obligations. For short positions in futures contracts and
    sales of call
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    options, the Fund may establish a segregated account (not with a
    futures commission merchant or broker) with cash,
    U.S.&#160;government securities or other high grade debt
    securities that, when added to amounts deposited with a futures
    commission merchant or a broker as margin, equal the market
    value of the instruments or currency underlying the futures
    contracts or call options, respectively (but are no less than
    the stock price of the call option or the market price at which
    the short positions were established).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Interest Rate Futures Contracts and Options
    Thereon.</I>&#160;&#160;The Fund may purchase or sell interest
    rate futures contracts to take advantage of or to protect the
    Fund against fluctuations in interest rates affecting the value
    of debt securities that the Fund holds or intends to acquire.
    For example, if interest rates are expected to increase, the
    Fund might sell futures contracts on debt securities, the values
    of which historically have a high degree of positive correlation
    to the values of the Fund&#146;s portfolio securities. Such a
    sale would have an effect similar to selling an equivalent value
    of the Fund&#146;s portfolio securities. If interest rates
    increase, the value of the Fund&#146;s portfolio securities will
    decline, but the value of the futures contracts to the Fund will
    increase at approximately an equivalent rate thereby keeping the
    net asset value of the Fund from declining as much as it
    otherwise would have. The Fund could accomplish similar results
    by selling debt securities with longer maturities and investing
    in debt securities with shorter maturities when interest rates
    are expected to increase. However, since the futures market may
    be more liquid than the cash market, the use of futures
    contracts as a risk management technique allows the Fund to
    maintain a defensive position without having to sell its
    portfolio securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Similarly, the Fund may purchase interest rate futures contracts
    when it is expected that interest rates may decline. The
    purchase of futures contracts for this purpose constitutes a
    hedge against increases in the price of debt securities (caused
    by declining interest rates), which the Fund intends to acquire.
    Since fluctuations in the value of appropriately selected
    futures contracts should approximate that of the debt securities
    that will be purchased, the Fund can take advantage of the
    anticipated rise in the cost of the debt securities without
    actually buying them. Subsequently, the Fund can make its
    intended purchase of the debt securities in the cash market and
    currently liquidate its futures position. To the extent the Fund
    enters into futures contracts for this purpose, it will maintain
    in a segregated asset account with the Fund&#146;s Custodian,
    assets sufficient to cover the Fund&#146;s obligations with
    respect to such futures contracts, which will consist of cash or
    other liquid securities from its portfolio in an amount equal to
    the difference between the fluctuating market value of such
    futures contracts and the aggregate value of the initial margin
    deposited by the Fund with its Custodian with respect to such
    futures contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purchase of a call option on a futures contract is similar
    in some respects to the purchase of a call option on an
    individual security. Depending on the pricing of the option
    compared to either the price of the futures contract upon which
    it is based or the price of the underlying debt securities, it
    may or may not be less risky than ownership of the futures
    contract or underlying debt securities. As with the purchase of
    futures contracts, when the Fund is not fully invested it may
    purchase a call option on a futures contract to hedge against a
    market advance due to declining interest rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purchase of a put option on a futures contract is similar to
    the purchase of protective put options on portfolio securities.
    The Fund will purchase a put option on a futures contract to
    hedge the Fund&#146;s portfolio against the risk of rising
    interest rates and a consequent reduction in the value of
    portfolio securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The writing of a call option on a futures contract constitutes a
    partial hedge against declining prices of the securities that
    are deliverable upon exercise of the futures contract. If the
    futures price at expiration of the option is below the exercise
    price, the Fund will retain the full amount of the option
    premium, which provides a partial hedge against any decline that
    may have occurred in the Fund&#146;s portfolio holdings. The
    writing of a put option on a futures contract constitutes a
    partial hedge against increasing prices of the securities that
    are deliverable upon exercise of the futures contract. If the
    futures price at expiration of the option is higher than the
    exercise price, the Fund will retain the full amount of the
    option premium, which provides a partial hedge against any
    increase in the price of debt securities that the Fund intends
    to purchase. If a put or call option the Fund has written is
    exercised, the Fund will incur a loss which will be reduced by
    the amount of the premium it received. Depending on the degree
    of correlation between changes in the value of its portfolio
    securities and
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    changes in the value of its futures positions, the Fund&#146;s
    losses from options on futures it has written may to some extent
    be reduced or increased by changes in the value of its portfolio
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Currency Futures and Options
    Thereon.</I>&#160;&#160;Generally, foreign currency futures
    contracts and options thereon are similar to the interest rate
    futures contracts and options thereon discussed previously. By
    entering into currency futures and options thereon, the Fund
    will seek to establish the rate at which it will be entitled to
    exchange U.S.&#160;dollars for another currency at a future
    time. By selling currency futures, the Fund will seek to
    establish the number of dollars it will receive at delivery for
    a certain amount of a foreign currency. In this way, whenever
    the Fund anticipates a decline in the value of a foreign
    currency against the U.S.&#160;dollar, the Fund can attempt to
    &#147;lock in&#148; the U.S.&#160;dollar value of some or all of
    the securities held in its portfolio that are denominated in
    that currency. By purchasing currency futures, the Fund can
    establish the number of dollars it will be required to pay for a
    specified amount of a foreign currency in a future month. Thus,
    if the Fund intends to buy securities in the future and expects
    the U.S.&#160;dollar to decline against the relevant foreign
    currency during the period before the purchase is effected, the
    Fund can attempt to &#147;lock in&#148; the price in
    U.S.&#160;dollars of the securities it intends to acquire.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purchase of options on currency futures will allow the Fund,
    for the price of the premium and related transaction costs it
    must pay for the option, to decide whether or not to buy (in the
    case of a call option) or to sell (in the case of a put option)
    a futures contract at a specified price at any time during the
    period before the option expires. If the Investment Adviser, in
    purchasing an option, has been correct in its judgment
    concerning the direction in which the price of a foreign
    currency would move against the U.S.&#160;dollar, the Fund may
    exercise the option and thereby take a futures position to hedge
    against the risk it had correctly anticipated or close out the
    option position at a gain that will offset, to some extent,
    currency exchange losses otherwise suffered by the Fund. If
    exchange rates move in a way the Fund did not anticipate,
    however, the Fund will have incurred the expense of the option
    without obtaining the expected benefit; any such movement in
    exchange rates may also thereby reduce rather than enhance the
    Fund&#146;s profits on its underlying securities transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Securities Index Futures Contracts and Options
    Thereon.</I>&#160;&#160;Purchases or sales of securities index
    futures contracts are used for hedging purposes to attempt to
    protect the Fund&#146;s current or intended investments from
    broad fluctuations in stock or bond prices. For example, the
    Fund may sell securities index futures contracts in anticipation
    of or during a market decline to attempt to offset the decrease
    in market value of the Fund&#146;s securities portfolio that
    might otherwise result. If such decline occurs, the loss in
    value of portfolio securities may be offset, in whole or part,
    by gains on the futures position. When the Fund is not fully
    invested in the securities market and anticipates a significant
    market advance, it may purchase securities index futures
    contracts in order to gain rapid market exposure that may, in
    part or entirely, offset increases in the cost of securities
    that the Fund intends to purchase. As such purchases are made,
    the corresponding positions in securities index futures
    contracts will be closed out. The Fund may write put and call
    options on securities index futures contracts for hedging
    purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Forward Currency Exchange Contracts.</I>&#160;&#160;Subject
    to guidelines of the Board of Trustees, the Fund may enter into
    forward foreign currency exchange contracts to protect the value
    of its portfolio against uncertainty in the level of future
    currency exchange rates between a particular foreign currency
    and the U.S.&#160;dollar or between foreign currencies in which
    its securities are or may be denominated. The Fund may enter
    into such contracts on a spot (i.e., cash) basis at the rate
    then prevailing in the currency exchange market or on a forward
    basis, by entering into a forward contract to purchase or sell
    currency. A forward contract on foreign currency is an
    obligation to purchase or sell a specific currency at a future
    date, which may be any fixed number of days agreed upon by the
    parties from the date of the contract at a price set on the date
    of the contract. Forward currency contracts (i)&#160;are traded
    in a market conducted directly between currency traders
    (typically, commercial banks or other financial institutions)
    and their customers, (ii)&#160;generally have no deposit
    requirements and (iii)&#160;are typically consummated without
    payment of any commissions. The Fund, however, may enter into
    forward currency contracts requiring deposits or involving the
    payment of commissions. To assure that its forward currency
    contracts are not used to achieve investment leverage, the Fund
    will segregate liquid assets consisting of cash,
    U.S.&#160;government securities or other liquid securities with
    its Custodian, or a designated
    <FONT style="white-space: nowrap">sub-custodian,</FONT>
    in an amount at all times equal to or exceeding its commitment
    with respect to the contracts.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The dealings of the Fund in forward foreign currency exchange
    are limited to hedging involving either specific transactions or
    portfolio positions. Transaction hedging is the purchase or sale
    of one forward foreign currency for another currency with
    respect to specific receivables or payables of the Fund accruing
    in connection with the purchase and sale of its portfolio
    securities or its payment of distributions and dividends.
    Position hedging is the purchase or sale of one forward foreign
    currency for another currency with respect to portfolio security
    positions denominated or quoted in the foreign currency to
    offset the effect of an anticipated substantial appreciation or
    depreciation, respectively, in the value of the currency
    relative to the U.S.&#160;dollar. In this situation, the Fund
    also may, for example, enter into a forward contract to sell or
    purchase a different foreign currency for a fixed
    U.S.&#160;dollar amount where it is believed that the
    U.S.&#160;dollar value of the currency to be sold or bought
    pursuant to the forward contract will fall or rise, as the case
    may be, whenever there is a decline or increase, respectively,
    in the U.S.&#160;dollar value of the currency in which its
    portfolio securities are denominated (this practice being
    referred to as a &#147;cross-hedge&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In hedging a specific transaction, the Fund may enter into a
    forward contract with respect to either the currency in which
    the transaction is denominated or another currency deemed
    appropriate by the Investment Adviser. The amount the Fund may
    invest in forward currency contracts is limited to the amount of
    its aggregate investments in foreign currencies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The use of forward currency contracts may involve certain risks,
    including the failure of the counterparty to perform its
    obligations under the contract, and such use may not serve as a
    complete hedge because of an imperfect correlation between
    movements in the prices of the contracts and the prices of the
    currencies hedged or used for cover. The Fund will only enter
    into forward currency contracts with parties that the Investment
    Adviser believes to be creditworthy institutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Special Risk Considerations Relating to Futures and Options
    Thereon.</I>&#160;&#160;The Fund&#146;s ability to establish and
    close out positions in futures contracts and options thereon
    will be subject to the development and maintenance of liquid
    markets. Although the Fund generally will purchase or sell only
    those futures contracts and options thereon for which there
    appears to be a liquid market, there is no assurance that a
    liquid market on an exchange will exist for any particular
    futures contract or option thereon at any particular time. In
    the event no liquid market exists for a particular futures
    contract or option thereon in which the Fund maintains a
    position, it will not be possible to effect a closing
    transaction in that contract or to do so at a satisfactory price
    and the Fund would have to either make or take delivery under
    the futures contract or, in the case of a written option, wait
    to sell the underlying securities until the option expires or is
    exercised or, in the case of a purchased option, exercise the
    option. In the case of a futures contract or an option thereon
    which the Fund has written and which the Fund is unable to
    close, the Fund would be required to maintain margin deposits on
    the futures contract or option thereon and to make variation
    margin payments until the contract is closed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Successful use of futures contracts and options thereon and
    forward contracts by the Fund is subject to the ability of the
    Investment Adviser to predict correctly movements in the
    direction of interest and foreign currency rates. If the
    Investment Adviser&#146;s expectations are not met, the Fund
    will be in a worse position than if a hedging strategy had not
    been pursued. For example, if the Fund has hedged against the
    possibility of an increase in interest rates that would
    adversely affect the price of securities in its portfolio and
    the price of such securities increases instead, the Fund will
    lose part or all of the benefit of the increased value of its
    securities because it will have offsetting losses in its futures
    positions. In addition, in such situations, if the Fund has
    insufficient cash to meet daily variation margin requirements,
    it may have to sell securities to meet the requirements. These
    sales may be, but will not necessarily be, at increased prices
    that reflect the rising market. The Fund may have to sell
    securities at a time when it is disadvantageous to do so.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Additional Risks of Foreign Options, Futures Contracts,
    Options on Futures Contracts and Forward
    Contracts</I>.&#160;&#160;Options, futures contracts and options
    thereon and forward contracts on securities and currencies may
    be traded on foreign exchanges. Such transactions may not be
    regulated as effectively as similar transactions in the U.S.,
    may not involve a clearing mechanism and related guarantees, and
    are subject to the risk of governmental actions affecting
    trading in, or the prices of, securities of foreign issuers
    (&#147;Foreign Securities&#148;). The value of such positions
    also could be adversely affected by (i)&#160;other complex
    foreign political, legal and economic factors, (ii)&#160;lesser
    availability than in the U.S.&#160;of data on which to make
    trading decisions, (iii)&#160;delays
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in the Fund&#146;s ability to act upon economic events occurring
    in the foreign markets during non-business hours in the U.S.,
    (iv)&#160;the imposition of different exercise and settlement
    terms and procedures and margin requirements than in the
    U.S.&#160;and (v)&#160;less trading volume.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Exchanges on which options, futures, options on futures and
    forward contracts are traded may impose limits on the positions
    that the Fund may take in certain circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The Investment Adviser is Not Registered as a Commodity Pool
    Operator.</I>&#160;&#160;The Investment Adviser has claimed an
    exclusion from the definition of the term &#147;commodity pool
    operator&#148; under the Commodity Exchange Act. Accordingly,
    the Fund&#146;s investments in derivative instruments described
    in the Prospectus and this SAI are not limited by or subject to
    regulation under the Commodity Exchange Act or otherwise
    regulated by the Commodity Futures Trading Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risks of Currency Transactions.</I>&#160;&#160;Currency
    transactions are also subject to risks different from those of
    other portfolio transactions. Because currency control is of
    great importance to the issuing governments and influences
    economic planning and policy, purchases and sales of currency
    and related instruments can be adversely affected by government
    exchange controls, limitations or restrictions on repatriation
    of currency, and manipulation, or exchange restrictions imposed
    by governments. These forms of governmental action can result in
    losses to the Fund if it is unable to deliver or receive
    currency or monies in settlement of obligations and could also
    cause hedges it has entered into to be rendered useless,
    resulting in full currency exposure as well as incurring
    transaction costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Repurchase Agreements.</I>&#160;&#160;The Fund may enter into
    repurchase agreements. A repurchase agreement is an instrument
    under which the purchaser (i.e., the Fund) acquires a debt
    security and the seller agrees, at the time of the sale, to
    repurchase the obligation at a mutually agreed upon time and
    price, thereby determining the yield during the purchaser&#146;s
    holding period. This results in a fixed rate of return insulated
    from market fluctuations during such period. The underlying
    securities are ordinarily U.S.&#160;Treasury or other government
    obligations or high quality money market instruments. The Fund
    will require that the value of such underlying securities,
    together with any other collateral held by the Fund, always
    equals or exceeds the amount of the repurchase obligations of
    the counterparty. The Fund&#146;s risk is primarily that, if the
    seller defaults, the proceeds from the disposition of the
    underlying securities and other collateral for the seller&#146;s
    obligation are less than the repurchase price. If the seller
    becomes insolvent, the Fund might be delayed in or prevented
    from selling the collateral. In the event of a default or
    bankruptcy by a seller, the Fund will promptly seek to liquidate
    the collateral. To the extent that the proceeds from any sale of
    such collateral upon a default in the obligation to repurchase
    are less than the repurchase price, the Fund will experience a
    loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser, acting under the supervision of the
    Board of Trustees, reviews the creditworthiness of those banks
    and dealers with which the Fund enters into repurchase
    agreements to evaluate these risks and monitors on an ongoing
    basis the value of the securities subject to repurchase
    agreements to ensure that the value is maintained at the
    required level. The Fund will not enter into repurchase
    agreements with the Investment Adviser or any of its affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the financial institution which is a party to the repurchase
    agreement petitions for bankruptcy or becomes subject to the
    United States Bankruptcy Code, the law regarding the rights of
    the Fund is unsettled. As a result, under extreme circumstances,
    there may be a restriction on the Fund&#146;s ability to sell
    the collateral and the Fund would suffer a loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Loans of Portfolio Securities.</I>&#160;&#160;Consistent with
    applicable regulatory requirements and the Fund&#146;s
    investment restrictions, the Fund may lend its portfolio
    securities to securities broker-dealers or financial
    institutions, provided that such loans are callable at any time
    by the Fund (subject to notice provisions described below), and
    are at all times secured by cash, cash equivalents or other
    liquid securities which are maintained in a segregated account
    pursuant to applicable regulations and that are at least equal
    to the market value, determined daily, of the loaned securities.
    The advantage of such loans is that the Fund continues to
    receive the income on the loaned securities while at the same
    time earns interest on the cash amounts deposited as collateral,
    which will be invested in short-term obligations. The Fund will
    not lend its portfolio securities if such loans are not
    permitted by the laws or regulations of any state in which its
    shares are qualified for sale.
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s loans of portfolio securities will be
    collateralized in accordance with applicable regulatory
    requirements and no loan will cause the value of all loaned
    securities to exceed 20% of the value of the Fund&#146;s total
    assets. The Fund&#146;s ability to lend portfolio securities may
    be limited by rating agency guidelines.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A loan generally may be terminated by the borrower on one
    business day notice, or by the Fund on five business days
    notice. If the borrower fails to deliver the loaned securities
    within five days after receipt of notice, the Fund could use the
    collateral to replace the securities while holding the borrower
    liable for any excess of replacement cost over collateral. As
    with any extensions of credit, there are risks of delay in
    recovery and in some cases even loss of rights in the collateral
    should the borrower of the securities fail financially. However,
    these loans of portfolio securities will only be made to firms
    deemed by the Investment Adviser to be creditworthy and when the
    income that can be earned from such loans justifies the
    attendant risks. The Board of Trustees will oversee the
    creditworthiness of the contracting parties on an ongoing basis.
    Upon termination of the loan, the borrower is required to return
    the securities to the Fund. Any gain or loss in the market price
    during the loan period would inure to the Fund. The risks
    associated with loans of portfolio securities are substantially
    similar to those associated with repurchase agreements. Thus, if
    the counterparty to the loan petitions for bankruptcy or becomes
    subject to the United States Bankruptcy Code, the law regarding
    the rights of the Fund is unsettled. As a result, under extreme
    circumstances, there may be a restriction on the Fund&#146;s
    ability to sell the collateral and the Fund would suffer a loss.
    When voting or consent rights which accompany loaned securities
    pass to the borrower, the Fund will follow the policy of calling
    the loaned securities, to be delivered within one day after
    notice, to permit the exercise of such rights if the matters
    involved would have a material effect on the Fund&#146;s
    investment in such loaned securities. The Fund will pay
    reasonable finders, administrative and custodial fees in
    connection with a loan of its securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>When Issued, Delayed Delivery Securities and Forward
    Commitments.</I>&#160;&#160;The Fund may enter into forward
    commitments for the purchase or sale of securities, including on
    a &#147;when issued&#148; or &#147;delayed delivery&#148; basis,
    in excess of customary settlement periods for the type of
    security involved. In some cases, a forward commitment may be
    conditioned upon the occurrence of a subsequent event, such as
    approval and consummation of a merger, corporate reorganization
    or debt restructuring (i.e., a when, as and if issued security).
    When such transactions are negotiated, the price is fixed at the
    time of the commitment, with payment and delivery taking place
    in the future, generally a month or more after the date of the
    commitment. While it will only enter into a forward commitment
    with the intention of actually acquiring the security, the Fund
    may sell the security before the settlement date if it is deemed
    advisable by the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities purchased under a forward commitment are subject to
    market fluctuation, and no interest (or dividends) accrues to
    the Fund prior to the settlement date. The Fund will segregate
    with its Custodian cash or other liquid securities in an
    aggregate amount at least equal to the amount of its outstanding
    forward commitments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Leverage.</I>&#160;&#160;The Fund has no present intention to
    issue senior securities or borrow money. However, the Fund may
    incur leverage through the use of certain investment management
    techniques (e.g., purchasing &#147;when-issued&#148; securities,
    the entering into of firm or standby commitment agreements, the
    use of reverse repurchase agreements and selling short,
    &#147;uncovered&#148; sales of put and call options, among
    others). Upon the use of such techniques, the Fund will
    establish in a segregated account cash or other liquid
    securities equal to the Fund&#146;s obligations in respect of
    such techniques. Such investment management techniques are
    speculative and involve certain risks, including the possibility
    of higher volatility of the net asset value of the common shares
    and potentially more volatility in the market value of the
    common shares. During periods in which leverage results in
    greater total Fund assets, the fees paid to the Investment
    Adviser for advisory services will be higher than if the Fund
    did not incur such leverage because the fees paid will be
    calculated on any assets attributable to the incurrence of
    leverage. So long as the rate of return, net of applicable Fund
    expenses, on the investments exceeds amounts paid to implement
    such techniques, the usage of such techniques will generate more
    income than will be needed to pay any resulting payments. The
    Fund reserves the right to borrow money or issue senior
    securities in the future. The Board of Trustees may determine
    that the use of leverage or issuance of preferred shares is
    appropriate and the Fund may do so in the future.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The use of leverage, which can be described as exposure to
    changes in price at a ratio greater than the amount of equity
    invested, either through the issuance of preferred shares,
    borrowing or other forms of market exposure, magnifies both the
    favorable and unfavorable effects of price movements in the
    investments made by the Fund. To the extent the Fund determines
    to employ leverage in its investment operations, the Fund will
    be subject to substantial risks of loss. There can be no
    assurance that borrowings or the issuance of preferred shares
    will result in a higher yield or return to the holders of the
    common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    <I>Preferred Share Risk.</I>&#160;&#160;The issuance of
    preferred shares causes the net asset value and market value of
    the common shares to become more volatile. If the dividend rate
    on the preferred shares approaches the net rate of return on the
    Fund&#146;s investment portfolio, the benefit of leverage to the
    holders of the common shares would be reduced. If the dividend
    rate on the preferred shares exceeds the net rate of return on
    the Fund&#146;s portfolio, the leverage will result in a lower
    rate of return to the holders of common shares than if the Fund
    had not issued preferred shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any decline in the net asset value of the Fund&#146;s
    investments would be borne entirely by the holders of common
    shares. Therefore, if the market value of the Fund&#146;s
    portfolio declines, the leverage will result in a greater
    decrease in net asset value to the holders of common shares than
    if the Fund were not leveraged. This greater net asset value
    decrease will also tend to cause a greater decline in the market
    price for the common shares. The Fund might be in danger of
    failing to maintain the required asset coverage of the preferred
    shares or of losing its ratings on the preferred shares or, in
    an extreme case, the Fund&#146;s current investment income might
    not be sufficient to meet the dividend requirements on the
    preferred shares. In order to counteract such an event, the Fund
    might need to liquidate investments in order to fund a
    redemption of some or all of the preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Fund would pay (and the holders of common
    shares will bear) all costs and expenses relating to the
    issuance and ongoing maintenance of the preferred shares,
    including higher advisory fees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of preferred shares may have different interests than
    holders of common shares and may at times have disproportionate
    influence over the Fund&#146;s affairs. Holders of preferred
    shares, voting separately as a single class, would have the
    right to elect two members of the Board of Trustees at all times
    and in the event dividends become two full years in arrears
    would have the right to elect a majority of the trustees until
    such arrearage is completely eliminated. In addition, preferred
    shareholders have class voting rights on certain matters
    including changes in fundamental investment restrictions and
    conversion of the fund to open-end status and accordingly can
    veto any such changes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Restrictions imposed on the declarations and payment of
    dividends or other distributions to the holders of the
    Fund&#146;s common shares and preferred shares, both by the 1940
    Act and by requirements imposed by rating agencies, might impair
    the Funds ability to maintain its qualification as a regulated
    investment company for federal income tax purposes. While the
    Fund intends to redeem any preferred shares it may issue to the
    extent necessary to enable the Fund to distribute its income as
    required to maintain its qualification as a regulated investment
    company under the Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), there can be no assurance that such actions
    can be effected in time to meet the Code requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    <I>Portfolio Guidelines of Rating Agencies for Preferred Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    Credit Facility</I>.&#160;&#160;In order to obtain and maintain
    attractive credit quality ratings for preferred shares or
    borrowings, the Fund must comply with investment quality,
    diversification and other guidelines established by the relevant
    rating agencies. These guidelines could affect portfolio
    decisions and may be more stringent than those imposed by the
    1940 Act.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Until the Fund borrows or issues preferred shares, the
    Fund&#146;s common shares will not be leveraged, and the risks
    and special considerations related to leverage described in this
    prospectus will not apply. Such leveraging of the common shares
    cannot be fully achieved until the proceeds resulting from the
    use of leverage have been invested in accordance with the
    Fund&#146;s investment objectives and policies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Master Limited Partnerships.</I>&#160;&#160;MLPs in which the
    Fund may invest will be limited partnerships (or limited
    liability companies taxable as partnerships), the units of which
    will generally be listed and traded on a
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    U.S.&#160;securities exchange. MLPs normally derive income and
    gains from the exploration, development, mining or production,
    processing, refining, transportation (including pipeline
    transporting gas, oil, or products thereof), or the marketing of
    mineral or natural resources. MLPs generally have two classes of
    owners, the general partner and limited partners. When investing
    in an MLP, the Fund intends to purchase publicly traded common
    units issued to limited partners of the MLP. The general partner
    typically controls the operations and management of the MLP.
    MLPs are typically structured such that common units and general
    partner interests have first priority to receive quarterly cash
    distributions up to an established minimum amount (&#147;minimum
    quarterly distributions&#148; or &#147;MQD&#148;). Common and
    general partner interests also accrue arrearages in
    distributions to the extent the MQD is not paid. Once common and
    general partner interests have been paid, subordinated units
    receive distributions of up to the MQD; however, subordinated
    units do not accrue arrearages. Distributable cash in excess of
    the MQD paid to both common and subordinated units is
    distributed to both common and subordinated units generally on a
    pro rata basis. The general partner is also eligible to receive
    incentive distributions if the general partner operates the
    business in a manner that results in distributions paid per
    common unit surpassing specified target levels.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    MLPs, like other types of Natural Resources Companies, are
    exposed to pricing risk, supply and demand risk and depletion
    and exploration risk with respect to their underlying
    commodities, among other risks. An investment in MLP units
    involves risks that differ from an investment in the common
    stock of a corporation. Holders of MLP units have limited
    control and voting rights on matters affecting the partnership.
    In addition, there are certain tax risks associated with an
    investment in MLP units and conflicts of interest may exist
    between common unit holders and the general partner, including
    those arising from incentive distribution payments.
</DIV>

<A name='127'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    RESTRICTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund operates under the following restrictions that
    constitute fundamental policies that, except as otherwise noted,
    cannot be changed without the affirmative vote of the holders of
    a majority of the outstanding voting securities of the Fund
    voting together as a single class. In the event the Fund were to
    issue any preferred shares, the approval of a majority of such
    shares voting as a separate class would also be required. Such
    majority vote requires the lesser of (i)&#160;67% of the
    Fund&#146;s applicable shares represented at a meeting at which
    more than 50% of the applicable shares outstanding are
    represented, whether in person or by proxy, or (ii)&#160;more
    than 50% of the Fund&#146;s applicable shares outstanding.
    Except as otherwise noted, all percentage limitations set forth
    below apply after a purchase or initial investment and any
    subsequent change in any applicable percentage resulting from
    market fluctuations does not require any action. The Fund may
    not:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;other than with respect to its concentrations in
    Natural Resources Companies and Gold Companies, invest more than
    25% of its total assets, taken at market value at the time of
    each investment, in the securities of issuers in any particular
    industry. This restriction does not apply to investments in
    U.S.&#160;government securities and investments in the gold and
    base industries and the natural resources industries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;purchase commodities or commodity contracts if such
    purchase would result in regulation of the Fund as a commodity
    pool operator;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;purchase or sell real estate, provided the Fund may
    invest in securities and other instruments secured by real
    estate or interests therein or issued by companies that invest
    in real estate or interests therein;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;make loans of money or other property, except that
    (i)&#160;the Fund may acquire debt obligations of any type
    (including through extensions of credit), enter into repurchase
    agreements and lend portfolio assets and (ii)&#160;the Fund may,
    up to 20% of the Fund&#146;s total assets, lend money or other
    property to other investment companies advised by the Investment
    Adviser pursuant to a common lending program to the extent
    permitted by applicable law;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;borrow money, except to the extent permitted by
    applicable law;
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;issue senior securities, except to the extent permitted
    by applicable law;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;underwrite securities of other issuers, except insofar
    as the Fund may be deemed an underwriter under applicable law in
    selling portfolio securities; provided, however, this
    restriction shall not apply to securities of any investment
    company organized by the Fund that are to be distributed pro
    rata as a dividend to its shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Fund&#146;s investment objectives and its
    policies of investing at least 25% of its assets in normal
    circumstances in Natural Resources Companies and in Gold
    Companies are fundamental policies. Unless specifically stated
    as such, no policy of the Fund is fundamental and each policy
    may be changed by the Board of Trustees without shareholder
    approval.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='128'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT
    OF THE FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Trustees
    and Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Overall responsibility for management and supervision of the
    Fund rests with its Board of Trustees. The Board of Trustees
    approves all significant agreements between the Fund and the
    companies that furnish the Fund with services, including
    agreements with the Investment Adviser, the Fund&#146;s
    custodian and the Fund&#146;s transfer agent. The
    <FONT style="white-space: nowrap">day-to-day</FONT>
    operations of the Fund are delegated to the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The names and business addresses of the Trustees and principal
    officers of the Fund are set forth in the following table,
    together with their positions and their principal occupations
    during the past five years and, in the case of the Trustees,
    their positions with certain other organizations and companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="17%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>in Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name (and Age), Position with the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund and Business
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Time
    Served<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Trustee During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Trustee<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Independent
    Trustees<SUP style="font-size: 85%; vertical-align: top">(4)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Anthony J. Colavita (75)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President of the law firm of Anthony J. Colavita,&#160;P.C.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    34
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    James P. Conn (72)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Former Managing Director and Chief Investment Officer of
    Financial Security Assurance Holdings Ltd. (insurance holding
    company) (1992&#160;&#151;&#160;1998)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of First Republic Bank (banking) through January 2008
    and La&#160;Quinta Corp. (hotels) through January 2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    18
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Mario d&#146;Urso (70)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of Mittel Capital Markets S.p.A. (2001-2008); Senator
    in the Italian Parliament (1996&#160;&#151;&#160;2001)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Vincent D. Enright (67)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Former Senior Vice President and Chief Financial Officer of
    KeySpan Energy Corp (public utility) (1994&#160;&#151;1998)&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Echo Therapeutics, Inc. (therapeutics and
    diagnostics) and until September 2006, Director of Aphton
    Corporation (pharmaceuticals)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    16
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Frank J. Fahrenkopf, Jr. (71)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Executive Officer of the American Gaming
    Association; Co-Chairman of the Commission on Presidential
    Debates; Former Chairman of the Republican National Committee
    (1983&#160;&#151;1989)&#160;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of First Republic Bank (banking)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    6
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael J. Melarkey (61)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan
    &#038; McKenzie
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Southwest Gas Corporation (natural gas utility)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Kuni Nakamura (41)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President of Advanced Polymer, Inc. (chemical wholesale company)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    9
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Anthonie C. van Ekris (76)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman and Chief Executive Officer of BALMAC International,
    Inc. (commodities and futures trading)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Aurado Energy Inc. (oil and gas operations) through
    2005
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    20
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="17%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>in Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name (and Age), Position with the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund and Business
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Time
    Served<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Trustee During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Trustee<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Salvatore J. Zizza (65)<BR>
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of Zizza &#038; Company, Ltd. (consulting)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Harbor BioSciences, Inc. (biotechnology) and
    Trans-Lux Corporation (business services); Director and Chief
    Executive Officer of General Employment Enterprises, Inc.
    (staffing); Chairman of each of BAM (manufacturing); Bergen Cove
    Realty Inc. (real estate); Bion Environmental Technologies
    (technology) (2005-2008); Director of Earl Scheib Inc.
    (automotive painting) through April 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    28
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name (and Age), Position with the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund and Business
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Time
    Served<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Officers<SUP style="font-size: 85%; vertical-align: top">(5)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Bruce N. Alpert (59)<BR>
    Principal Executive Officer and President
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Vice President (since 1999) and Chief Operating
    Officer (since 1988) of Gabelli Funds, LLC since 1988; Director
    of Teton Advisors, Inc. since 1998; Chairman of Teton Advisors,
    Inc. 2008-2010 and President from 1998-2008; Senior Vice
    President of GAMCO Investors, Inc. since 2008; Officer of all of
    the registered investment companies in the Gabelli/GAMCO Fund
    Complex
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Carter W. Austin (44)<BR>
    Vice President
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President of other
    <FONT style="white-space: nowrap">closed-end</FONT>
    funds in the Gabelli/GAMCO Fund Complex; Vice President of
    Gabelli Funds, LLC since 1996
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Peter D. Goldstein (57)<BR>
    Chief Compliance Officer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Regulatory Affairs for GAMCO Investors, Inc. since
    2004; Chief Compliance Officer of all of the registered
    investment companies in the Gabelli/GAMCO Fund Complex
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Agnes Mullady (52)<BR>
    Principal Financial Officer, Treasurer and Secretary
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Senior Vice President of GAMCO Investors, Inc. since 2009; Vice
    President of Gabelli Funds, LLC since 2007; Officer of all of
    the registered investment companies in the Gabelli/GAMCO Fund
    Complex; Senior Vice President of U.S. Trust Company, N.A. and
    Treasurer and Chief Financial Officer of Excelsior Funds from
    2004&#160;&#151;2005&#160;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    David I. Schacter (57)<BR>
    Vice President
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President of other closed-end funds in the Gabelli/GAMCO
    Fund Complex; Vice President of Gabelli &#038; Company, Inc.
    since 1999
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>(footnotes appear on following page)</I>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Address: One Corporate Center, Rye,
    NY
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    unless otherwise noted.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The Fund&#146;s Board of Trustees
    is divided into three classes, each class having a term of three
    years. Each year the term of office of one class expires and the
    successor or successors elected to such class serve for a three
    year term. The three year term for each class is as follows:
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Term continues until the
    Fund&#146;s 2011 Annual Meeting of Shareholders and until their
    successors are duly elected and qualified.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Term continues until the
    Fund&#146;s 2012 Annual Meeting of Shareholders and until their
    successors are duly elected and qualified.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">***
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Term continues until the
    Fund&#146;s 2013 Annual Meeting of Shareholders and until their
    successors are duly elected and qualified.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The &#147;Fund&#160;Complex&#148;
    or the &#147;Gabelli/GAMCO Fund&#160;Complex&#148; includes all
    the registered funds that are considered part of the same fund
    complex as the Fund because they have common or affiliated
    investment advisers.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Trustees who are not considered to
    be &#147;interested persons&#148; of the Fund as defined in the
    1940 Act are considered to be &#147;Independent&#148; Trustees.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(5)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Each officer will hold office for
    an indefinite term until the date he or she resigns or retires
    or until his or her successor is elected and qualified.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees believes that each Trustee&#146;s
    experience, qualifications, attributes or skills on an
    individual basis and in combination with those of other Trustees
    lead to the conclusion that each Trustee should serve in such
    capacity. Among the attributes or skills common to all Trustees
    are their ability to review critically and to evaluate, question
    and discuss information provided to them, to interact
    effectively with the other Trustees, the Investment Adviser, the
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    other service providers, counsel and the Fund&#146;s independent
    registered public accounting firm, and to exercise effective and
    independent business judgment in the performance of their duties
    as Trustees. Each Trustee&#146;s ability to perform his duties
    effectively has been attained in large part through the
    Trustee&#146;s business, consulting or public service positions
    and through experience from service as a member of the Board of
    Trustees and one or more of the other funds in the Gabelli/GAMCO
    Fund&#160;Complex, public companies, or non-profit entities or
    other organizations as set forth above and below. Each
    Trustee&#146;s ability to perform his duties effectively also
    has been enhanced by his education, professional training and
    other life experiences.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anthony J.
    Colavita,&#160;Esq.</I>&#160;&#160;Mr.&#160;Colavita is a
    practicing attorney with over 49&#160;years of experience,
    including in the area of business law. He is the Chair of the
    Fund&#146;s Nominating Committee and is a member of the
    Fund&#146;s Proxy Voting Committee. Mr.&#160;Colavita also
    serves on comparable or other board committees with respect to
    other funds in the Fund&#160;Complex on whose boards he sits.
    Mr.&#160;Colavita also serves as a Trustee of a charitable
    remainder uni-trust. He formerly served as a Commissioner of the
    New York State Thruway Authority and as a Commissioner of the
    New York State Bridge Authority. He served for ten years as the
    elected Supervisor of the Town of Eastchester, New York,
    responsible for ten annual municipal budgets of approximately
    eight million dollars per year. Mr.&#160;Colavita formerly
    served as Special Counsel to the New York State Assembly for
    five years and as a Senior Attorney with the New York State
    Insurance Department. He was also formerly Chairman of the
    Westchester County Republican Party and the New York State
    Republican Party. Mr.&#160;Colavita received his Bachelor of
    Arts from Fairfield University and his Juris Doctor from Fordham
    University School of Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>James P. Conn.</I>&#160;&#160;Mr.&#160;Conn, the lead
    independent Trustee of the Fund, is a member of the Fund&#146;s
    Proxy Voting Committee. Mr.&#160;Conn also serves on comparable
    or other board committees for other funds in the
    Fund&#160;Complex on whose boards he sits. He was a senior
    business executive of an insurance holding company for much of
    his career, including service as Chief Investment Officer, and
    has been a director of several public companies in banking and
    other industries, for some of which he was lead Director
    <FONT style="white-space: nowrap">and/or</FONT> Chair
    of various committees. Mr.&#160;Conn received his Bachelor of
    Science in Business Administration from Santa&#160;Clara
    University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mario d&#146;Urso.</I>&#160;&#160;Mr. d&#146;Urso was
    formerly a Senator and Undersecretary of Commerce in the Italian
    government. He is a member of the board of other funds in the
    Fund&#160;Complex. He is a former Chairman of Mittel Capital
    Market S.p.A., a boutique investment bank headquartered in
    Italy, and a former Partner and Managing Director of Kuhn
    Loeb&#160;&#038; Co. and Shearson Lehman Brothers Co. He
    previously served as President of The Italy Fund, a closed-end
    fund investing mainly in Italian listed and non-listed
    companies. Mr.&#160;d&#146;Urso received his Masters Degree in
    comparative law from George Washington University and was
    formerly a practicing attorney in Italy.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Vincent D. Enright.</I>&#160;&#160;Mr.&#160;Enright was a
    senior executive and Chief Financial Officer (&#147;CFO&#148;)
    of an energy public utility for a total of four years. In
    accordance with his experience as a CFO, he is a member of the
    Fund&#146;s Audit Committee. Mr.&#160;Enright is also Chairman
    of the Fund&#146;s Proxy Voting Committee, a member of both
    multi-fund ad hoc Compensation Committees (described below under
    &#147;Board of Trustees&#146; Leadership Structure and Oversight
    Responsibilities&#148;) and serves on comparable or other board
    committees with respect to other funds in the Fund&#160;Complex
    on whose boards he sits. Mr.&#160;Enright is also a Director of
    a therapeutic and diagnostic company and serves as Chairman of
    its compensation committee and as a member of its audit
    committee. He was also a Director of a pharmaceutical company.
    Mr.&#160;Enright received his Bachelor of Science from Fordham
    University and completed the Advanced Management Program at
    Harvard University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Frank J.
    Fahrenkopf,&#160;Jr.</I>&#160;&#160;Mr.&#160;Fahrenkopf is the
    President and Chief Executive Officer of the American Gaming
    Association (&#147;AGA&#148;), the trade group for the gaming
    industry. He is a member of the Fund&#146;s Audit Committee and
    serves in this same capacity with respect to other funds in the
    Fund&#160;Complex. He presently is Co-Chairman of the Commission
    on Presidential Debates, which is responsible for the
    widely-viewed Presidential debates during the quadrennial
    election cycle. Additionally, he serves as a board member of the
    International Republican Institute (IRI), which he founded in
    1984. He served for many years as Chairman of the Pacific
    Democrat Union and Vice Chairman of the International Democrat
    Union, a worldwide association of political parties from the
    United States, Great Britain, France, Germany, Canada, Japan,
    Australia and 20 other nations. Prior to becoming the AGA&#146;s
    first chief executive in 1995, Mr.&#160;Fahrenkopf was a partner
    in the law firm of Hogan&#160;&#038; Hartson, where he chaired
    the International Trade Practice Group and specialized in
    regulatory, legislative and corporate matters for multinational,
    foreign and domestic clients. He also served as Chairman of the
    Republican National Committee for six years during Ronald
    Reagan&#146;s presidency. He is the former Chairman and remains
    a member of the Finance Committee of the Culinary Institute of
    America. He additionally has over 20&#160;years&#146; experience
    as a member of the board of directors of a bank.
    Mr.&#160;Fahrenkopf received his Bachelor of Arts from the
    University of Nevada, Reno and his Juris Doctor from Boalt Hall
    School of Law, U.C. Berkeley.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Michael J. Melarkey.</I>&#160;&#160;Mr.&#160;Melarkey is a
    practicing attorney specializing in business, estate planning
    and gaming regulatory work with over 34&#160;years of
    experience. He is a member of the Fund&#146;s Nominating
    Committee. Mr.&#160;Melarkey also serves in this same capacity
    with respect to some of the other funds in the Fund&#160;Complex
    on whose boards he sits. Mr.&#160;Melarkey also is a member of
    the multi-fund ad hoc Compensation Committee relating to certain
    officers of the closed-end funds in the Fund&#160;Complex. He is
    currently a Director of a natural gas utility company and chairs
    its Nominating and Corporate Governance Committee.
    Mr.&#160;Melarkey also acts as a Trustee and officer for several
    private charitable organizations, is an owner of two northern
    Nevada casinos and a real estate development company, and acts
    as a Trustee of one and an officer of another private oil and
    gas company. Mr.&#160;Melarkey received his Bachelor of Arts
    from the University of Nevada, Reno, his Juris Doctor from the
    University of San&#160;Francisco School of Law and his Masters
    of Law in Taxation from New York University Law School.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Kuni Nakamura.</I>&#160;&#160;Mr.&#160;Nakamura is the
    President and sole shareholder of Advanced Polymer, Inc., a
    chemical wholesale company. Mr.&#160;Nakamura also serves on the
    boards of other funds in the Fund&#160;Complex. Additionally, he
    is the sole shareholder of a real estate holding company and a
    member of both a boat holding company and a chemical wholesale
    company. Mr.&#160;Nakamura was previously a Board member of the
    LGL Group. Mr.&#160;Nakamura has been involved in various
    organizations for underprivileged children, such as Big
    Brother-Big Sister, the Fresh Air Fund and Andrus Dyckman
    Children&#146;s Home. He is also involved in various capacities
    with The University of Pennsylvania, the Japan Society and Mercy
    College as an advisor to the PACT Program. Mr.&#160;Nakamura is
    a graduate of the University of Pennsylvania&#160;&#151; The
    Wharton School with a Bachelor&#146;s degree in Economics and
    Multinational Management.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anthonie C. Van Ekris.</I>&#160;&#160;Mr. van Ekris has been
    the Chairman and Chief Executive Officer of a global
    import/export company for 19&#160;years. Mr. van Ekris serves on
    the boards of other funds in the Fund&#160;Complex and is the
    Chairman of one such fund&#146;s Nominating Committee and also
    is a member of the Proxy Voting Committee of some funds in the
    Fund&#160;Complex. He has over 55&#160;years of experience as
    Chairman
    <FONT style="white-space: nowrap">and/or</FONT> Chief
    Executive Officer of public and private companies involved in
    the international trading or commodity trading businesses and
    had also served in both these capacities for nearly
    20&#160;years for a large public jewelry chain. Mr. van Ekris
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    was formerly a Director of an oil and gas operations company and
    served on the boards of a number of public companies, and served
    for more than 10&#160;years on the Advisory Board of the
    Salvation Army of Greater New&#160;York.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Salvatore J. Zizza.</I>&#160;&#160;Mr.&#160;Zizza is the
    Chairman of a consulting firm. He is the Chair of the
    Fund&#146;s Audit Committee and has been designated the
    Fund&#146;s Audit Committee Financial Expert. Mr.&#160;Zizza is
    also a member of the Fund&#146;s Nominating Committee and both
    multi-fund ad hoc Compensation Committees. In addition, he
    serves on comparable or other board committees, including as
    lead independent director, with respect to other funds in the
    Fund&#160;Complex on whose boards he sits. Besides serving on
    the boards of many funds within the Fund&#160;Complex, he is
    currently a Director of two other public companies and has
    previously served on the boards of several other public
    companies. He also previously served as the Chief Executive of a
    large NYSE-listed construction company. Mr.&#160;Zizza received
    his Bachelor of Arts and his Master of Business Administration
    from St. John&#146;s University, which also has awarded him an
    Honorary Doctorate in Commercial Sciences.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Board of
    Trustees&#146; Leadership Structure and Oversight
    Responsibilities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Overall responsibility for general oversight of the Fund rests
    with the Board of Trustees. The Board of Trustees does not have
    a Chairman. The Board of Trustees has appointed Mr.&#160;Conn as
    the lead independent Trustee. The lead independent Trustee
    presides over executive sessions of the Trustees and also serves
    between meetings of the Board of Trustees as a liaison with
    service providers, officers, counsel and other Trustees on a
    wide variety of matters including scheduling agenda items for
    Board meetings. Designation as such does not impose on the lead
    independent Trustee any obligations or standards greater than or
    different from other Trustees. The Board of Trustees has
    established a Nominating Committee and an Audit Committee to
    assist the Board of Trustees in the oversight of the management
    and affairs of the Fund. The Board of Trustees also has an ad
    hoc Proxy Voting Committee that exercises beneficial ownership
    responsibilities on behalf of the Fund in selected situations.
    From time to time the Board of Trustees establishes additional
    committees or informal working groups, such as pricing
    committees related to securities offerings by the Fund, to deal
    with specific matters or assigns one of its members to
    participate with Trustees or directors of other funds in the
    Gabelli/GAMCO Fund&#160;Complex on special committees or working
    groups that deal with complex-wide matters, such as the
    multi-fund ad hoc Compensation Committee relating to
    compensation of the Chief Compliance Officer for all the funds
    in the Fund&#160;Complex and a separate
    multi-fund&#160;Compensation Committee relating to certain
    officers of the closed-end funds in the Fund&#160;Complex.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All of the Fund&#146;s Trustees are independent Trustees, and
    the Board of Trustees believes they are able to provide
    effective oversight of the Fund&#146;s service providers. In
    addition to providing feedback and direction during Board
    meetings, the Trustees meet regularly in executive session and
    chair all committees of the Board of Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s operations entail a variety of risks including
    investment, administration, valuation and a range of compliance
    matters. Although the Investment Adviser, the
    <FONT style="white-space: nowrap">sub-administrator</FONT>
    and the officers of the Fund are responsible for managing these
    risks on a
    <FONT style="white-space: nowrap">day-to-day</FONT>
    basis within the framework of their established risk management
    functions, the Board of Trustees also addresses risk management
    of the Fund through its meetings and those of the committees and
    working groups. In particular, as part of its general oversight,
    the Board of Trustees reviews with the Investment Adviser at
    Board meetings the levels and types of risks, including options
    risk, being undertaken by the Fund, and the Audit Committee
    discusses the Fund&#146;s risk management and controls with the
    independent registered public accounting firm engaged by the
    Fund. The Board of Trustees reviews valuation policies and
    procedures and the valuations of specific illiquid securities.
    The Board of Trustees also receives periodic reports from the
    Fund&#146;s Chief Compliance Officer regarding compliance
    matters relating to the Fund and its major service providers,
    including results of the implementation and testing of the
    Fund&#146;s and such providers&#146; compliance programs. The
    Board of Trustees&#146; oversight function is facilitated by
    management reporting processes that are designed to provide
    visibility to the Board of Trustees about the identification,
    assessment and management of critical risks and the controls and
    policies and procedures used to mitigate those risks. The Board
    of Trustees reviews its role in supervising the Fund&#146;s risk
    management from time to time and may make changes in its
    discretion at any time.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees has determined that its leadership
    structure is appropriate for the Fund because it enables the
    Board of Trustees to exercise informed and independent judgment
    over matters under its purview, allocates responsibility among
    committees in a manner that fosters effective oversight and
    allows the Board of Trustees to devote appropriate resources to
    specific issues in a flexible manner as they arise. The Board of
    Trustees periodically reviews its leadership structure as well
    as its overall structure, composition and functioning and may
    make changes in its discretion at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Board of
    Trustees&#146; Committees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trustees serving on the Fund&#146;s Nominating Committee are
    Anthony J. Colavita (Chair), Michael J. Melarkey and Salvatore
    J. Zizza. The Nominating Committee is responsible for
    recommending qualified candidates to the Board of Trustees in
    the event that a position is vacated or created. The Nominating
    Committee would consider recommendations by shareholders if a
    vacancy were to exist. Such recommendations should be forwarded
    to the Secretary of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Salvatore J. Zizza (Chair), Frank J. Fahrenkopf,&#160;Jr. and
    Vincent D. Enright, who are not &#147;interested persons&#148;
    of the Fund as defined in the 1940 Act, serve on the Fund&#146;s
    Audit Committee. The Audit Committee is generally responsible
    for reviewing and evaluating issues related to the accounting
    and financial reporting policies and internal controls of the
    Fund and, as appropriate, the internal controls of certain
    service providers, overseeing the quality and objectivity of the
    Fund&#146;s financial statements and the audit thereof and
    acting as a liaison between the Board of Trustees and the
    Fund&#146;s independent registered public accounting firm.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund also has a Proxy Voting Committee, which, if so
    determined by the Board of Trustees, is authorized to exercise
    voting power
    <FONT style="white-space: nowrap">and/or</FONT>
    dispositive power over specific securities held in the
    Fund&#146;s portfolio for such period as the Board of Trustees
    may determine. The Trustees serving on the Fund&#146;s Proxy
    Voting Committee are Vincent D. Enright (Chair), James P. Conn
    and Anthony J. Colavita.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund does not have a standing compensation committee.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Beneficial
    Ownership of Shares Held in the Fund and the Family of
    Investment Companies for each Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below is the dollar range of equity
    securities in the Fund beneficially owned by each Trustee and
    the aggregate dollar range of equity securities in the
    Fund&#160;Complex beneficially owned by each Trustee.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="13%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>of Equity Securities<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Securities Held in the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Held in Family of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Name of Trustee</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Fund*<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Investment
    Companies*<SUP style="font-size: 85%; vertical-align: top">(1)(2)</SUP></FONT></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Independent Trustee:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Anthony J. Colavita
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    James P. Conn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Mario d&#146;Urso
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Vincent D. Enright
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Frank J. Fahrenkopf, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    B
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Michael J. Melarkey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Kuni Nakamura
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Anthonie C. van Ekris**
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Salvatore J. Zizza
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Key to Dollar Ranges
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="96%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    A.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    B.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $1&#160;&#151;&#160;$10,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    C.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $10,001&#160;&#151;&#160;$50,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    D.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $50,001&#160;&#151;&#160;$100,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    E.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    All shares were valued as of December 31, 2010.
</DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr. van Ekris beneficially owns
    less than 1% of the common stock of LICT Corp., having a value
    of $63,600 as of December&#160;31, 2010. LICT Corp. may be
    deemed to be controlled by Mario J. Gabelli and in that event
    would be deemed to be under common control with the Fund&#146;s
    Adviser.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">This information has been furnished
    by each Trustee as of December&#160;31, 2010. &#147;Beneficial
    Ownership&#148; is determined in accordance with
    <FONT style="white-space: nowrap">Rule&#160;16a-1(a)(2)</FONT>
    of the Securities Exchange Act of 1934, as amended (the
    &#147;1934&#160;Act&#148;).
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The term &#147;Family of Investment
    Companies&#148; includes two or more, registered funds that
    share the same investment adviser or principal underwriter and
    hold themselves out to investors, as related companies for
    purposes of investment and investor services. Currently the
    registered funds that comprise the &#147;Fund Complex&#148; are
    identical to those that comprise the &#147;Family of Investment
    Companies.&#148;
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Remuneration
    of Trustees and Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund pays each Trustee who is not affiliated with the
    Investment Adviser or its affiliates an annual retainer of
    $3,000 plus $1,000 for each Board of Trustees meeting attended
    in person ($500 if attended telephonically) together with each
    Trustee&#146;s actual
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses relating to attendance at such meetings. All Board of
    Trustees committee members receive $500 per committee meeting
    attended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table shows, for the year ended December&#160;31,
    2010, the compensation Trustees earned in their capacity as
    trustees for other funds in the Gabelli Fund&#160;Complex.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">COMPENSATION
    TABLE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>from the Fund<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Estimated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>and<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Name of Trustee</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">From the Fund</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Paid to
    Trustees<SUP style="font-size: 85%; vertical-align: top">(1)(2)</SUP></FONT></B>

</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Independent Trustee:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthony J. Colavita
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    254,500
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;(35)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James P. Conn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    144,500
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;(17)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mario d&#146;Urso
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    46,500
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;(4)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Vincent D. Enright
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    131,000
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;(15)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Frank J. Fahrenkopf, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    73,500
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;(5)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael J. Melarkey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kuni Nakamura
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    48,500
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;(9)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthonie C. van Ekris
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    124,000
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;(19)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Salvatore J. Zizza
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    212,000
</TD>
<TD nowrap align="left" valign="bottom">
    &#160;(27)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Represents the total compensation
    paid to such persons during the fiscal year ended
    December&#160;31, 2010 by investment companies (including the
    Fund) or portfolios thereof from which such person receives
    compensation that are considered part of the same fund complex
    as the Fund because they have common or affiliated investment
    advisers. The total does not include, among other things,
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    Trustee expenses. The number in parentheses represents the
    number of such investment companies and portfolios.
    </FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">No Trustees deferred any portion of
    compensation paid in calendar year 2010.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Officers and Trustees; Limitations on Liability</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Agreement and Declaration of Trust of the Fund provides that
    the Fund will indemnify its Trustees and officers and may
    indemnify its employees or agents against liabilities and
    expenses incurred in connection with litigation in which they
    may be involved because of their positions with the Fund to the
    fullest extent permitted by applicable law. However, nothing in
    the Agreement and Declaration of Trust of the Fund protects or
    indemnifies a trustee, officer, employee or agent of the Fund
    against any liability to which such person would otherwise be
    subject in the event of such person&#146;s willful misfeasance,
    bad faith, gross negligence or reckless disregard of the duties
    involved in the conduct of his or her position.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Advisory and Administrative Arrangements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC serves as the Fund&#146;s Investment Adviser
    pursuant to an investment advisory agreement between the Fund
    and the Investment Adviser (the &#147;Investment Advisory
    Agreement&#148;). The Investment Adviser is a New York limited
    liability company with principal offices located at One
    Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
    and is registered under the Investment Advisers Act of 1940. The
    Investment Adviser was organized in 1999 and is the successor to
    Gabelli Funds, Inc., which was organized in 1980. As of
    September&#160;30, 2010, the Investment Adviser acted as
    registered investment adviser to 25 management investment
    companies with aggregate net assets of $16.6&#160;billion. The
    Investment Adviser, together with the other affiliated
    investment advisers noted below had assets under management
    totaling approximately $30.2&#160;billion as of
    September&#160;30, 2010. GAMCO Asset Management Inc., an
    affiliate of the Investment Adviser, acts as investment adviser
    for individuals, pension trusts, profit sharing trusts and
    endowments, and as a sub adviser to management investment
    companies having aggregate assets of $12.4&#160;billion under
    management as of September&#160;30, 2010. Gabelli Securities,
    Inc., an affiliate of the Investment Adviser, acts as investment
    adviser for investment partnerships and entities having
    aggregate assets of approximately $466&#160;million as of
    September&#160;30, 2010. Teton Advisors, Inc., an affiliate of
    the Investment Adviser, acts as investment manager to the GAMCO
    Westwood Funds and separately managed accounts having aggregate
    assets of approximately $667&#160;million under management as of
    September&#160;30, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Affiliates of the Investment Adviser may, in the ordinary course
    of their business, acquire for their own account or for the
    accounts of their investment advisory clients, significant (and
    possibly controlling) positions in the securities of companies
    that may also be suitable for investment by the Fund. The
    securities in which the Fund might invest may thereby be limited
    to some extent. For instance, many companies have adopted
    so-called &#147;poison pill&#148; or other defensive measures
    designed to discourage or prevent the completion of
    non-negotiated offers for control of the company. Such defensive
    measures may have the effect of limiting the shares of the
    company which might otherwise be acquired by the Fund if the
    affiliates of the Investment Adviser or their investment
    advisory accounts have or acquire a significant position in the
    same securities. However, the Investment Adviser does not
    believe that the investment activities of its affiliates will
    have a material adverse effect upon the Fund in seeking to
    achieve its investment objectives. Securities purchased or sold
    pursuant to contemporaneous orders entered on behalf of the
    investment company accounts of the Investment Adviser or the
    investment advisory accounts managed by its affiliates for their
    unaffiliated clients are allocated pursuant to procedures,
    approved by the Board of Trustees, believed to be fair and not
    disadvantageous to any such accounts. In addition, all such
    orders are accorded priority of execution over orders entered on
    behalf of accounts in which the Investment Adviser or its
    affiliates have a substantial pecuniary interest. The Investment
    Adviser may on occasion give advice or take action with respect
    to other clients that differs from the actions taken with
    respect to the Fund. The Fund may invest in the securities of
    companies that are investment management clients of GAMCO Asset
    Management Inc. In addition, portfolio companies or their
    officers or trustees may be minority shareholders of the
    Investment Adviser or its affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser is a wholly-owned subsidiary of GAMCO
    Investors, Inc., a New York corporation, whose Class&#160;A
    Common Stock is traded on the NYSE under the symbol
    &#147;GBL.&#148; Mr.&#160;Mario J. Gabelli may be deemed a
    &#147;controlling person&#148; of the Investment Adviser on the
    basis of his ownership of a majority of the stock and voting
    power of GGCP, Inc., which owns a majority of the capital stock
    and voting power of GAMCO Investors, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the terms of the Investment Advisory Agreement, the
    Investment Adviser manages the portfolio of the Fund in
    accordance with its stated investment objectives and policies,
    makes investment decisions for the Fund, places orders to
    purchase and sell securities on behalf of the Fund and manages
    its other business and affairs, all subject to the supervision
    and direction of the Fund&#146;s Board of Trustees. In addition,
    under the Investment Advisory Agreement, the Investment Adviser
    oversees the administration of all aspects of the Fund&#146;s
    business and affairs and provides, or arranges for others to
    provide, at the Investment Adviser&#146;s expense, certain
    enumerated services, including maintaining the Fund&#146;s books
    and records, preparing reports to the Fund&#146;s shareholders
    and supervising the calculation of the net asset value of the
    Fund&#146;s shares. Expenses of computing the net asset value of
    the Fund, including any equipment or services obtained solely
    for the purpose of pricing shares or valuing its investment
    portfolio, underwriting compensation and reimbursements
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in connection with sales of its securities, the costs of
    utilizing a third party to monitor and collect class action
    settlements on behalf of the Fund, compensation to an
    administrator for certain SEC filings on behalf of the Fund, the
    fees and expenses of Trustees who are not officers or employees
    of the Investment Adviser of its affiliates, compensation and
    other expenses of employees of the Fund as approved by the
    Trustees, the pro rata costs of the Fund&#146;s Chief Compliance
    Officer, charges of the custodian, any
    <FONT style="white-space: nowrap">sub-custodian</FONT>
    and transfer agent and dividend paying agent, expenses in
    connection with the Automatic Dividend Reinvestment and
    Voluntary Cash Purchase Plan, accounting and pricing costs,
    membership fees in trade associations, expenses for legal and
    independent accountants&#146; services, costs of printing
    proxies, share certificates and shareholder reports, fidelity
    bond coverage for Fund officers and employees, Trustee and
    officers&#146; errors and omissions insurance coverage, and
    stock exchange listing fees will be an expense of the Fund
    unless the Investment Adviser voluntarily assumes responsibility
    for such expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement combines investment advisory
    and certain administrative responsibilities into one agreement.
    For services rendered by the Investment Adviser on behalf of the
    Fund under the Fund&#146;s Investment Advisory Agreement, the
    Fund pays the Investment Adviser a fee computed weekly and paid
    monthly at the annual rate of 1.00% of the average weekly net
    assets of the Fund. The Fund&#146;s average weekly net assets
    will be deemed to be the average weekly value of the Fund&#146;s
    total assets minus the sum of the Fund&#146;s liabilities (such
    liabilities exclude the aggregate liquidation preference of
    outstanding preferred shares and accumulated dividends, if any,
    on those shares and the outstanding principal amount of any debt
    securities the proceeds of which were used for investment
    purposes, plus accrued and unpaid interest thereon). For
    purposes of the calculation of the fees payable to the
    Investment Adviser by the Fund, average weekly net assets of the
    Fund are determined at the end of each month on the basis of its
    average net assets for each week during the month. The assets
    for each weekly period are determined by averaging the net
    assets at the end of a week with the net assets at the end of
    the prior week.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement provides that in the absence
    of willful misfeasance, bad faith, gross negligence or reckless
    disregard for its obligations and duties thereunder, the
    Investment Adviser is not liable for any error of judgment or
    mistake of law or for any loss suffered by the Fund. As part of
    the Investment Advisory Agreement, the Fund has agreed that the
    name &#147;Gabelli&#148; is the Investment Adviser&#146;s
    property, and that in the event the Investment Adviser ceases to
    act as an investment adviser to the Fund, the Fund will change
    its name to one not including &#147;Gabelli.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to its terms, the Investment Advisory Agreement will
    remain in effect with respect into the Fund from year to year if
    approved annually (i)&#160;by the Board of Trustees or by the
    holders of a majority of its outstanding voting securities and
    (ii)&#160;by a majority of the Trustees who are not
    &#147;interested persons&#148; (as defined in the 1940 Act) of
    any party to the Investment Advisory Agreement, by vote cast in
    person at a meeting called for the purpose of voting on such
    approval. There is no deduction for the liquidation preference
    of any outstanding preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement was approved by a majority of
    the Board of Trustees, including a majority of the Trustees who
    are not &#147;interested persons&#148; (as defined in the 1940
    Act), at an in-person meeting of the Board of Trustees held on
    August&#160;20, 2008 and its terms re-visited and approved by a
    majority of the Board of Trustees, including a majority of the
    Trustees who are not &#147;interested persons&#148; (as defined
    the 1940 Act), at an in-person meeting of the Board of Trustees
    held on January 20, 2011. The Investment Advisory Agreement will
    become effective on the day the Fund commences operations and
    will continue in effect for two years and thereafter will
    continue for successive annual periods, provided such
    continuance is specifically approved at least annually in
    accordance with the requirements of the 1940 Act. A discussion
    regarding the basis for the most recent approval of the
    Investment Advisory Agreement by the Board of Trustees will be
    available in the Fund&#146;s annual or semi-annual report to
    shareholders after the Fund commences operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement terminates automatically on
    its assignment and may be terminated without penalty on
    60&#160;days written notice at the option of either party
    thereto or by a vote of a majority (as defined in the 1940 Act)
    of the Fund&#146;s outstanding voting securities.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Manager Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Accounts Managed</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information below lists the number of other accounts for
    which each portfolio manager was primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management as of the year ended December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="30%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Accounts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Managed<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Advisory<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total Assets<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total Number<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fee<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>with Advisory<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt">Name of Portfolio Manager or<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">of Accounts<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Total<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Based on<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Fee Based on<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Team Member</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Type of Accounts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Managed</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Assets</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Performance</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Performance</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    1. Vincent Hugonnard-Roche
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Registered Investment Companies:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.1B
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Pooled Investment Vehicles:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.4M
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Accounts:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    339.9K
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    2.&#160;Caesar M.P. Bryan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Registered Investment Companies:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.0B
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Pooled Investment Vehicles:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.4M
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.4M
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Accounts:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64.3M
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    3.&#160;Kevin V. Dreyer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Registered Investment Companies:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.8B
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Pooled Investment Vehicles:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="color: #000000; background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Accounts:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    231.0K
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    4.&#160;Christopher J. Marangi
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Registered Investment Companies:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.4B
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    160.6M
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Pooled Investment Vehicles:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.4M
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Accounts:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    698.7K
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Represents the portion of assets
    for which the portfolio manager has primary responsibility in
    the accounts indicated. The accounts indicated may contain
    additional assets under the primary responsibility of other
    portfolio managers.
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Potential
    Conflicts of Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Actual or apparent conflicts of interest may arise when a
    portfolio manager for a fund also has
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management responsibilities with respect to one or more other
    funds or accounts. These potential conflicts include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Allocation of Limited Time and Attention.</I>&#160;&#160;A
    portfolio manager who is responsible for managing multiple funds
    or other accounts may devote unequal time and attention to the
    management of those funds or accounts. As a result, the
    portfolio manager may not be able to formulate as complete a
    strategy or identify equally attractive investment opportunities
    for each of those accounts as might be the case if he or she
    were to devote substantially more attention to the management of
    a single fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Allocation of Limited Investment
    Opportunities.</I>&#160;&#160;If a portfolio manager identifies
    an investment opportunity that may be suitable for multiple
    funds or other accounts, a fund may not be able to take full
    advantage of that opportunity because the opportunity may be
    allocated among several of these funds or accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Pursuit of Differing Strategies.</I>&#160;&#160;At times, a
    portfolio manager may determine that an investment opportunity
    may be appropriate for only some of the funds or accounts for
    which he or she exercises investment responsibility, or may
    decide that certain of the funds or accounts should take
    differing positions with respect to a particular security. In
    these cases, the portfolio manager may place separate
    transactions for one or more funds or accounts which may affect
    the market price of the security or the execution of the
    transaction, or both, to the detriment of one or more other
    funds or accounts.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Selection of Broker/Dealers.</I>&#160;&#160;A portfolio
    manager may be able to select or influence the selection of the
    brokers and dealers that are used to execute securities
    transactions for the funds or accounts that they supervise. In
    addition to providing execution of trades, some brokers and
    dealers provide portfolio managers with brokerage and research
    services which may result in the payment of higher brokerage
    fees than might otherwise be available. These services may be
    more beneficial to certain funds or accounts of the Investment
    Adviser and its affiliates than to others. Although the payment
    of brokerage commissions is subject to the requirement that the
    Investment Adviser determines in good faith that the commissions
    are reasonable in relation to the value of the brokerage and
    research services provided to the fund, a portfolio
    manager&#146;s decision as to the selection of brokers and
    dealers could yield disproportionate costs and benefits among
    the funds or other accounts that the Investment Adviser and its
    affiliates manage. In addition, with respect to certain types of
    accounts (such as pooled investment vehicles and other accounts
    managed for organizations and individuals) the Investment
    Adviser may be limited by the client concerning the selection of
    brokers or may be instructed to direct trades to particular
    brokers. In these cases, the Investment Adviser or its
    affiliates may place separate, non-simultaneous transactions in
    the same security for the Fund and another account that may
    temporarily affect the market price of the security or the
    execution of the transaction, or both, to the detriment of the
    Fund or the other account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Variation in Compensation.</I>&#160;&#160;A conflict of
    interest may arise where the financial or other benefits
    available to the portfolio manager differ among the funds or
    accounts that he or she manages. If the structure of the
    Investment Adviser&#146;s management fee or the portfolio
    manager&#146;s compensation differs among funds or accounts
    (such as where certain funds or accounts pay higher management
    fees or performance-based management fees), the portfolio
    manager may be motivated to favor certain funds or accounts over
    others. The portfolio manager also may be motivated to favor
    funds or accounts in which he or she has an investment interest,
    or in which the Investment Adviser or its affiliates have
    investment interests. Similarly, the desire to maintain assets
    under management or to enhance a portfolio manager&#146;s
    performance record or to derive other rewards, financial or
    otherwise, could influence the portfolio manager in affording
    preferential treatment to those funds or other accounts that
    could most significantly benefit the portfolio manager.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser and the Fund have adopted compliance
    policies and procedures that are designed to address the various
    conflicts of interest that may arise for the Investment Adviser
    and its staff members. However, there is no guarantee that such
    policies and procedures will be able to detect and prevent every
    situation in which an actual or potential conflict may arise.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    Structure</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The compensation of the portfolio managers is reviewed annually
    and structured to enable the Investment Adviser to attract and
    retain highly qualified professionals in a competitive
    environment. The portfolio managers named above receive a
    compensation package that includes a minimum draw or base
    salary, equity-based incentive compensation via awards of stock
    options, and incentive based variable compensation based on a
    percentage of net revenues received by the Investment Adviser
    for managing the Fund to the extent that it exceeds a minimum
    level of compensation. This method of compensation is based on
    the premise that superior long-term performance in managing a
    portfolio will be rewarded through growth of assets through
    appreciation and cash flow. Incentive based equity compensation
    is based on an evaluation of quantitative and qualitative
    performance evaluation criteria. Mr.&#160;Bryan,
    Mr.&#160;Dreyer, Mr.&#160;Marangi and Mr.&#160;Roche also may
    receive discretionary bonuses based primarily on qualitative
    performance evaluation criteria.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Compensation for managing other accounts is based on a
    percentage of net revenues received by the Investment Adviser
    for managing the account. Compensation for managing the pooled
    investment vehicles and other accounts that have a
    performance-based fee will have two components. One component of
    the fee is based on a percentage of net revenues received by the
    Investment Adviser for managing the account or pooled investment
    vehicle. The second component of the fee is based on absolute
    performance from which a percentage of such fee is paid to the
    portfolio manager.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Ownership
    of Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the date of this SAI, the portfolio managers of the Fund
    own no equity securities of the Fund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Holdings Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Employees of the Investment Adviser and its affiliates will
    often have access to information concerning the portfolio
    holdings of the Fund. The Fund and the Investment Adviser have
    adopted policies and procedures that require all employees to
    safeguard proprietary information of the Fund, which includes
    information relating to the Fund&#146;s portfolio holdings as
    well as portfolio trading activity of the Investment Adviser
    with respect to the Fund (collectively, &#147;Portfolio Holdings
    Information&#148;). In addition, the Fund and the Investment
    Adviser have adopted policies and procedures providing that
    Portfolio Holdings Information may not be disclosed except to
    the extent that it is (a)&#160;made available to the general
    public by posting on the Fund&#146;s website or filed as a part
    of a required filing on
    <FONT style="white-space: nowrap">Form&#160;N-Q</FONT>
    or N-CSR or (b)&#160;provided to a third party for legitimate
    business purposes or regulatory purposes, that has agreed to
    keep such data confidential under terms approved by the
    Investment Adviser&#146;s legal department or outside counsel,
    as described below. The Investment Adviser will examine each
    situation under (b)&#160;with a view to determine that release
    of the information is in the best interest of the Fund and its
    shareholders and, if a potential conflict between the Investment
    Adviser&#146;s interests and the Fund&#146;s interests arises,
    to have such conflict resolved by the Chief Compliance Officer
    or those Trustees who are not considered to be &#147;interested
    persons,&#148; as defined in the 1940 Act (the &#147;Independent
    Trustees&#148;). These policies further provide that no officer
    of the Fund or employee of the Investment Adviser shall
    communicate with the media about the Fund without obtaining the
    advance consent of the Chief Executive Officer, Chief Operating
    Officer, or General Counsel of the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the foregoing policies, the Fund currently may disclose
    Portfolio Holdings Information in the circumstances outlined
    below. Disclosure generally may be either on a monthly or
    quarterly basis with no time lag in some cases and with a time
    lag of up to 60&#160;days in other cases (with the exception of
    proxy voting services which require a regular download of data):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;To regulatory authorities in response to requests for
    such information and with the approval of the Chief Compliance
    Officer of the Fund;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;To mutual fund rating and statistical agencies and to
    persons performing similar functions where there is a legitimate
    business purpose for such disclosure and such entity has agreed
    to keep such data confidential at least until it has been made
    public by the Investment Adviser;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;To service providers of the Fund, as necessary for the
    performance of their services to the Fund and to the Board of
    Trustees, when such entity has agreed to keep such data
    confidential until at least it has been made public by the
    Investment Adviser. The Fund&#146;s current service providers
    that may receive such information are its administrator,
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    custodian, independent registered public accounting firm, legal
    counsel and financial printers;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;To firms providing proxy voting and other proxy
    services provided such entity has agreed to keep such data
    confidential until at least it has been made public by the
    Investment Adviser;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;To certain broker dealers, investment advisers, and
    other financial intermediaries for purposes of their performing
    due diligence on the Fund and not for dissemination of this
    information to their clients or use of this information to
    conduct trading for their clients. Disclosure of Portfolio
    Holdings Information in these circumstances requires the broker,
    dealer, investment adviser, or financial intermediary to agree
    to keep such information confidential until at least it has been
    made public by the Investment Adviser and is further subject to
    prior approval of the Chief Compliance Officer of the Fund and
    shall be reported to the Board of Trustees at the next quarterly
    meeting;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;To consultants for purposes of performing analysis of
    the Fund, which analysis may be used by the consultant with its
    clients or disseminated to the public, provided that such entity
    shall have agreed to keep such information confidential at least
    until it has been made public by the Investment Adviser.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the date of this SAI, the Fund makes information about its
    portfolio securities available to its administrator,
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    custodian, and proxy voting service on a daily basis, with no
    time lag, to its typesetter on a quarterly basis with a ten day
    time lag, to its financial printers on a quarterly basis with a
    forty-five day time lag, and to its independent registered
    public accounting firm and legal counsel on an as needed basis
    with no time lag. The names of the Fund&#146;s administrator,
    custodian, independent registered public accounting firm and
    legal counsel are set forth in this SAI. The Fund&#146;s proxy
    service is ADP Investor Communication Services.
    Bowne&#160;&#038; Co. Inc. provides typesetting services for the
    Fund, and the Fund selects from a number of financial printers
    who have agreed to keep such information confidential until at
    least it has been made public by the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Other than these arrangements with the Fund&#146;s service
    providers and proxy voting service, the Fund does not have any
    ongoing arrangements to make available information about the
    Fund&#146;s portfolio securities prior to such information being
    disclosed in a publicly available filing with the Commission
    that is required to include this information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Disclosures made pursuant to a confidentiality agreement are
    subject to periodic confirmation by the Chief Compliance Officer
    of the Fund that the recipient has utilized such information
    solely in accordance with the terms of the agreement. Neither
    the Fund, nor the Investment Adviser, nor any of the Investment
    Adviser&#146;s affiliates, will accept on behalf of itself, its
    affiliates, or the Fund any compensation or other consideration
    in connection with the disclosure of portfolio holdings of the
    Fund. The Board of Trustees will review such arrangements
    annually with the Fund&#146;s Chief Compliance Officer.
</DIV>

<A name='129'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DISTRIBUTIONS
    AND DIVIDENDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund, along with other closed-end registered investment
    companies advised by the Investment Adviser, is covered by an
    exemption from Section&#160;19(b) of the 1940 Act and
    <FONT style="white-space: nowrap">Rule&#160;19b-1</FONT>
    thereunder permitting the Fund to make periodic distributions of
    long-term capital gains provided that any distribution policy of
    the Fund with respect to its common shares calls for periodic
    (e.g., quarterly or semi-annually, but in no event more
    frequently than monthly) distributions in an amount equal to a
    fixed percentage of the Fund&#146;s average net asset value or
    market price per common share over a specified period of time at
    or about the time of distribution or the distribution of a fixed
    dollar amount. The exemption also permits the Fund to make such
    distributions with respect to its senior securities, if any, in
    accordance with such shares&#146; terms. As of the date of this
    SAI, the Fund has not adopted a distribution policy that would
    subject it to such exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Were such a policy adopted, to the extent the Fund&#146;s total
    distributions for a year exceed its net investment company
    taxable income (interest, dividends and net short-term capital
    gains in excess of expenses) and net realized long-term capital
    gains for that year, the excess would generally constitute a
    tax-free return of capital up to the amount of a
    shareholder&#146;s tax basis in the common shares. Any
    distributions which (based upon the Fund&#146;s full year
    performance) constitute a tax-free return of capital would
    reduce a shareholder&#146;s tax basis in the common shares,
    thereby increasing such shareholder&#146;s potential gain or
    reducing his or her potential loss on the sale of the common
    shares. Any amounts distributed to a shareholder in excess of
    the basis in the common shares would generally be taxable to the
    shareholder as capital gain. See &#147;Taxation.&#148;
    Distribution notices provided by the Fund to its shareholders
    will clearly indicate what portion of the periodic distributions
    would constitute net income, net capital gains, and return of
    capital. The final determination of the source of such
    distributions for federal income tax purposes will be made
    shortly after year end based on the Fund&#146;s actual net
    investment company taxable income and net capital gain for that
    year and would be communicated to shareholders promptly. In the
    event that the Fund distributes amounts in excess of its
    investment company taxable income and net capital gain, such
    distributions will decrease the Fund&#146;s total assets and,
    therefore, have the likely effect of increasing the Fund&#146;s
    expense ratio as the Fund&#146;s fixed expenses will become a
    larger percentage of the Fund&#146;s average net assets. In
    addition, in order to make such distributions, the Fund may have
    to sell a portion of its investment portfolio at a time when
    independent investment judgment may not dictate such action.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='130'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PORTFOLIO
    TRANSACTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to policies established by the Board of Trustees, the
    Investment Adviser is responsible for placing purchase and sale
    orders and the allocation of brokerage on behalf of the Fund.
    Transactions in securities are in most cases effected on
    U.S.&#160;stock exchanges and involve the payment of negotiated
    brokerage commissions. There may be no stated commission in the
    case of securities traded in
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets, but the prices of those securities may include
    undisclosed commissions or
    <FONT style="white-space: nowrap">mark-ups.</FONT>
    Principal transactions are not entered into with affiliates of
    the Fund. However, Gabelli&#160;&#038; Company, may execute
    transactions in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets on an agency basis and receive a stated commission
    therefrom. To the extent consistent with applicable provisions
    of the 1940 Act and the rules and exemptions adopted by the
    Commission thereunder, as well as other regulatory requirements,
    the Board of Trustees has determined that portfolio transactions
    may be executed through Gabelli&#160;&#038; Company, and its
    broker-dealer affiliates if, in the judgment of the Investment
    Adviser, the use of those broker-dealers is likely to result in
    price and execution at least as favorable as those of other
    qualified broker-dealers, and if, in particular transactions,
    the affiliated broker-dealers charge the Fund a rate consistent
    with that charged to comparable unaffiliated customers in
    similar transactions and comparable to rates charged by other
    broker-dealers for similar transactions. The Fund has no
    obligations to deal with any broker or group of brokers in
    executing transactions in portfolio securities. In executing
    transactions, the Investment Adviser seeks to obtain the best
    price and execution for the Fund, taking into account such
    factors as price, size of order, difficulty of execution and
    operational facilities of the firm involved and the firm&#146;s
    risk in positioning a block of securities. While the Investment
    Adviser generally seeks reasonably competitive commission rates,
    the Fund does not necessarily pay the lowest commission
    available.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to obtaining the best price and execution, brokers who
    provide supplemental research, market and statistical
    information, or other services (e.g., wire services) to the
    Investment Adviser or its affiliates may receive orders for
    transactions by the Fund. The term &#147;research, market and
    statistical information&#148; includes advice as to the value of
    securities, and advisability of investing in, purchasing or
    selling securities, and the availability of securities or
    purchasers or sellers of securities, and furnishing analyses and
    reports concerning issues, industries, securities, economic
    factors and trends, portfolio strategy and the performance of
    accounts. Information so received will be in addition to and not
    in lieu of the services required to be performed by the
    Investment Adviser under the Investment Advisory Agreement and
    the expenses of the Investment Adviser will not necessarily be
    reduced as a result of the receipt of such supplemental
    information. Such information may be useful to the Investment
    Adviser and its affiliates in providing services to clients
    other than the Fund, and not all such information is used by the
    Investment Adviser in connection with the Fund. Conversely, such
    information provided to the Investment Adviser and its
    affiliates by brokers and dealers through whom other clients of
    the Investment Adviser and its affiliates effect securities
    transactions may be useful to the Investment Adviser in
    providing services to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although investment decisions for the Fund are made
    independently from those for the other accounts managed by the
    Investment Adviser and its affiliates, investments of the kind
    made by the Fund may also be made for those other accounts. When
    the same securities are purchased for or sold by the Fund and
    any of such other accounts, it is the policy of the Investment
    Adviser and its affiliates to allocate such purchases and sales
    in a manner deemed fair and equitable over time to all of the
    accounts, including the Fund.
</DIV>

<A name='131'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PORTFOLIO
    TURNOVER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Portfolio turnover rate is calculated by dividing the lesser of
    an investment company&#146;s annual sales or purchases of
    portfolio securities by the monthly average value of securities
    in its portfolio during the year, excluding portfolio securities
    the maturities of which at the time of acquisition were one year
    or less. A high rate of portfolio turnover involves
    correspondingly greater brokerage commission expense than a
    lower rate, which expense must be borne by the Fund and
    indirectly by its shareholders. The portfolio turnover rate may
    vary from year to year and will not be a factor when the
    Investment Adviser determines that portfolio changes are
    appropriate. For example, an increase in the Fund&#146;s
    participation in risk arbitrage situations would increase the
    Fund&#146;s portfolio turnover rate. A higher rate of portfolio
    turnover may also result in taxable gains being passed to
    shareholders sooner than would otherwise be the case. The
    investment policies of the Fund,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    including its strategy of writing covered call options on
    securities in its portfolio, are expected to result in portfolio
    turnover that is higher than that of many investment companies,
    may initially be higher than 100% and may result in the Fund
    paying higher commissions than many investment companies.
</DIV>

<A name='132'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TAXATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion is a brief summary of certain
    U.S.&#160;federal income tax considerations affecting the Fund
    and its shareholders. Except as expressly provided otherwise,
    this discussion assumes you are a U.S.&#160;person (as defined
    for U.S.&#160;federal income tax purposes) and that you hold
    your common shares as capital assets. This discussion is based
    upon current provisions of the Internal Revenue Code of 1986, as
    amended (the &#147;Code&#148;), the Treasury regulations
    promulgated thereunder and judicial and administrative
    authorities, all of which are subject to change or differing
    interpretations by the courts or the Internal Revenue Service
    (the &#147;IRS&#148;), possibly with retroactive effect. No
    assurance can be given that the IRS would not assert, or that a
    court would not sustain, a position different from any of the
    tax aspects set forth below. No attempt is made to discuss
    state, local or foreign tax consequences to investors in the
    Fund, nor to present a detailed explanation of all federal tax
    concerns affecting the Fund and its shareholders (including
    shareholders owning large positions in the Fund).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The discussions set forth herein and in the Prospectus do not
    constitute tax advice and potential investors are urged to
    consult their own tax advisers to determine the specific tax
    consequences to them of investing in the Fund.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of the Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund intends to elect to be treated, and to qualify
    annually, as a regulated investment company under Subchapter M
    of the Code. Accordingly, the Fund must, among other things,
    meet the following requirements regarding the source of its
    income and the diversification of its assets:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;The Fund must derive in each taxable year at least 90%
    of its gross income from the following sources, which are
    referred to herein as &#147;Qualifying Income&#148;:
    (a)&#160;dividends, interest (including tax-exempt interest),
    payments with respect to certain securities loans, and gains
    from the sale or other disposition of stock, securities or
    foreign currencies, or other income (including but not limited
    to gain from options, futures and forward contracts) derived
    with respect to its business of investing in such stock,
    securities or foreign currencies; and (b)&#160;interests in
    publicly traded partnerships that are treated as partnerships
    for U.S.&#160;federal income tax purposes and that derive less
    than 90% of their gross income from the items described in
    clause&#160;(a) above (each, a &#147;Qualified Publicly Traded
    Partnership&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;The Fund must diversify its holdings so that, at the
    end of each quarter of each taxable year, (a)&#160;at least 50%
    of the market value of the Fund&#146;s total assets is
    represented by cash and cash items (including receivables),
    U.S.&#160;government securities, the securities of other
    regulated investment companies and other securities, with such
    other securities limited, in respect of any one issuer, to an
    amount not greater than 5% of the value of the Fund&#146;s total
    assets and not more than 10% of the outstanding voting
    securities of such issuer and (b)&#160;not more than 25% of the
    market value of the Fund&#146;s total assets is invested in the
    securities (other than U.S.&#160;government securities and the
    securities of other regulated investment companies) of
    (I)&#160;any one issuer, (II)&#160;any two or more issuers that
    the Fund controls and that are determined to be engaged in the
    same business or similar or related trades or businesses or
    (III)&#160;any one or more Qualified Publicly Traded
    Partnerships.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Income from the Fund&#146;s investments in grantor trusts and
    equity interests of MLPs that are not Qualified Publicly Traded
    Partnerships (if any) will be Qualifying Income to the extent it
    is attributable to items of income of such trust or MLP that
    would be Qualifying Income if earned directly by the Fund. The
    Fund&#146;s investments in partnerships, including in Qualified
    Publicly Traded Partnerships, may result in the Fund&#146;s
    being subject to state, local or foreign income, franchise or
    withholding tax liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a regulated investment company, the Fund generally will not
    be subject to U.S.&#160;federal income tax on income and gains
    that the Fund distributes to its shareholders, provided that it
    distributes each taxable year at
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    least the sum of (i)&#160;90% of the Fund&#146;s investment
    company taxable income (which includes, among other items,
    dividends, interest and the excess of any net short-term capital
    gain over net long-term capital loss and other taxable income,
    other than any net capital gain (as defined below), reduced by
    deductible expenses) determined without regard to the deduction
    for dividends paid and (ii)&#160;90% of the Fund&#146;s net
    tax-exempt interest income (the excess of its gross tax-exempt
    interest over certain disallowed deductions). The Fund intends
    to distribute substantially all of such income at least
    annually. The Fund will be subject to income tax at regular
    corporate rates on any taxable income or gains that it does not
    distribute to its shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Code imposes a 4% nondeductible federal excise tax on the
    Fund to the extent the Fund does not distribute by the end of
    any calendar year an amount at least equal to the sum of
    (i)&#160;98% of its ordinary income (not taking into account any
    capital gain or loss) for the calendar year, (ii)&#160;98.2% of
    its capital gain in excess of its capital loss (adjusted for
    certain ordinary losses) for a one-year period generally ending
    on October 31 of the calendar year (unless an election is made
    to use the Fund&#146;s fiscal year), and (iii)&#160;certain
    undistributed amounts from previous years on which the Fund paid
    no U.S.&#160;federal income tax. While the Fund intends to
    distribute any income and capital gain in the manner necessary
    to minimize imposition of the 4% excise tax, there can be no
    assurance that sufficient amounts of the Fund&#146;s taxable
    income and capital gain will be distributed to entirely avoid
    the imposition of the excise tax. In that event, the Fund will
    be liable for the excise tax only on the amount by which it does
    not meet the foregoing distribution requirement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A distribution will be treated as paid during the calendar year
    if it is declared by the Fund in October, November or December
    of the year, payable to shareholders of record on a date during
    such a month and paid by the Fund during January of the
    following year. Any such distributions paid during January of
    the following year will be deemed to be received by the
    Fund&#146;s shareholders on December of the year the
    distributions are declared, rather than when the distributions
    are actually received.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If for any taxable year the Fund does not qualify as a regulated
    investment company, all of its taxable income (including its net
    capital gain) will be subject to tax at regular corporate rates
    without any deduction for distributions to shareholders, and
    such distributions will be taxable to the shareholders as
    ordinary dividends to the extent of the Fund&#146;s current or
    accumulated earnings and profits. Such dividends, however, would
    be eligible (provided certain holding period and other
    requirements are met) (i)&#160;to be treated as qualified
    dividend income in the case of shareholders taxed as individuals
    with respect to taxable years beginning on or before
    December&#160;31, 2012 and (ii)&#160;for the dividends received
    deduction in the case of corporate shareholders. The Fund could
    be required to recognize unrealized gains, pay taxes and make
    distributions (which could be subject to interest charges)
    before requalifying for taxation as a regulated investment
    company. If the Fund fails to qualify as a regulated investment
    company in any year, it must pay out its earnings and profits
    accumulated in that year in order to qualify again as a
    regulated investment company. If the Fund failed to qualify as a
    regulated investment company for a period greater than two
    taxable years, the Fund may be required to recognize and pay tax
    on any net built-in gains with respect to certain of its assets
    (i.e., the excess of the aggregate gains, including items of
    income, over aggregate losses that would have been realized with
    respect to such assets if the Fund had been liquidated) or,
    alternatively, to elect to be subject to taxation on such
    built-in gain recognized for a period of ten years, in order to
    qualify as a regulated investment company in a subsequent year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain of the Fund&#146;s investment practices are subject to
    special and complex U.S. federal income tax provisions that may,
    among other things, (i)&#160;disallow, suspend or otherwise
    limit the allowance of certain losses or deductions (including
    the dividends received deduction, if any), (ii)&#160;convert
    lower taxed long-term capital gains and qualified dividend
    income, if any, into higher taxed short-term capital gains or
    ordinary income, (iii)&#160;convert ordinary loss or a deduction
    into capital loss (the deductibility of which is more limited),
    (iv)&#160;cause the Fund to recognize income or gain without a
    corresponding receipt of cash, (v)&#160;adversely affect the
    time as to when a purchase or sale of stock or securities is
    deemed to occur, (vi)&#160;adversely alter the characterization
    of certain complex financial transactions, and
    (vii)&#160;produce income that will not qualify as good income
    for purposes of the 90% annual gross income requirement
    described above. The Fund will monitor its transactions and may
    make certain tax elections and may be required to borrow money
    or dispose of securities to mitigate the effect of these rules
    and prevent disqualification of the Fund as a regulated
    investment company.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The MLPs in which the Fund may invest are expected to be treated
    as partnerships for U.S.&#160;federal income tax purposes. The
    cash distributions received by the Fund from an MLP may not
    correspond to the amount of income allocated to the Fund by the
    MLP in any given taxable year. If the amount of income allocated
    by an MLP to the Fund exceeds the amount of cash received by the
    Fund from such MLP, the Fund may have difficulty making
    distributions to its shareholders in the amounts necessary to
    satisfy the requirements for maintaining its status as a
    regulated investment company or avoiding U.S.&#160;federal
    income or excise taxes. Accordingly, the Fund may have to
    dispose of securities under disadvantageous circumstances in
    order to generate sufficient cash to satisfy the distribution
    requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund expects that the income derived by the Fund from the
    MLPs in which it invests will be Qualifying Income. If, however,
    an MLP in which the Fund invests is not a Qualified Publicly
    Traded Partnership, the income derived by the Fund from such
    investment may not be Qualifying Income and, therefore, could
    adversely affect the Fund&#146;s status as a regulated
    investment company. The Fund intends to monitor its investments
    in MLPs to prevent the disqualification of the Fund as a
    regulated investment company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gain or loss on the sale of securities by the Fund will
    generally be long-term capital gain or loss if the securities
    have been held by the Fund for more than one year. Gain or loss
    on the sale of securities held for one year or less will be
    short-term capital gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The premium received by the Fund for writing a call option is
    not included in income at the time of receipt. If the option
    expires, the premium is short-term capital gain to the Fund. If
    the Fund enters into a closing transaction, the difference
    between the amount paid to close out its position and the
    premium received is short-term capital gain or loss. If a call
    option written by the Fund is exercised, thereby requiring the
    Fund to sell the underlying security, the premium will increase
    the amount realized upon the sale of the security and any
    resulting gain or loss will be long-term or short-term,
    depending upon the holding period of the security. With respect
    to a put or call option that is purchased by the Fund, if the
    option is sold, any resulting gain or loss will be a capital
    gain or loss, and will be short-term or long-term, depending
    upon the holding period for the option. If the option expires,
    the resulting loss is a capital loss and is short-term or
    long-term, depending upon the holding period for the option. If
    the option is exercised, the cost of the option, in the case of
    a call option, is added to the basis of the purchased security
    and, in the case of a put option, reduces the amount realized on
    the underlying security in determining gain or loss. Because the
    Fund does not have control over the exercise of the call options
    it writes, such exercises or other required sales of the
    underlying securities may cause the Fund to realize capital
    gains or losses at inopportune times.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s transactions in foreign currencies, forward
    contracts, options, futures contracts (including options and
    futures contracts on foreign currencies) and short sales, to the
    extent permitted, will be subject to special provisions of the
    Code (including provisions relating to &#147;hedging
    transactions,&#148; &#147;straddles&#148; and &#147;constructive
    sales&#148;) that may, among other things, affect the character
    of gains and losses realized by the Fund (i.e., may affect
    whether gains or losses are ordinary or capital), accelerate
    recognition of income to the Fund and defer Fund losses. These
    rules could therefore affect the character, amount and timing of
    distributions to common shareholders. Certain of these
    provisions may also (a)&#160;require the Fund to
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    certain types of the positions in its portfolio (i.e., treat
    them as if they were closed out at the end of each year),
    (b)&#160;cause the Fund to recognize income without receiving
    cash with which to pay dividends or make distributions in
    amounts necessary to satisfy the distribution requirements for
    avoiding income and excise taxes, (c)&#160;treat dividends that
    would otherwise constitute qualified dividend income as
    non-qualified dividend income
    <FONT style="white-space: nowrap">and/or</FONT>
    (d)&#160;treat dividends that would otherwise be eligible for
    the corporate dividends-received deduction as ineligible for
    such treatment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s investment in so-called &#147;section&#160;1256
    contracts,&#148; such as regulated futures contracts, most
    foreign currency forward contracts traded in the interbank
    market and options on most stock indices, are subject to special
    tax rules. All section&#160;1256 contracts held by the Fund at
    the end of its taxable year are required to be marked to their
    market value, and any unrealized gain or loss on those positions
    will be included in the Fund&#146;s income as if each position
    had been sold for its fair market value at the end of the
    taxable year. The resulting gain or loss will be combined with
    any gain or loss realized by the Fund from positions in
    section&#160;1256 contracts closed during the taxable year.
    Provided such positions were held as capital assets and were not
    part
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    of a &#147;hedging transaction&#148; or a &#147;straddle,&#148;
    60% of the resulting net gain or loss will be treated as
    long-term capital gain or loss, and 40% of such net gain or loss
    will be treated as short-term capital gain or loss, regardless
    of the period of time the positions were actually held by the
    Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund purchases shares in certain foreign investment
    entities called passive foreign investment companies
    (&#147;PFICs&#148;), the Fund may be subject to federal income
    tax on a portion of any &#147;excess distribution&#148; or gain
    from the disposition of such shares even if such income is
    distributed as a taxable dividend by the Fund to the
    shareholders. Additional charges in the nature of interest may
    be imposed on the Fund in respect of deferred taxes arising from
    such distributions or gains. Elections may be available to the
    Fund to mitigate the effect of this tax and the additional
    charges, but such elections generally accelerate the recognition
    of income without the receipt of cash. Dividends paid by PFICs
    are not treated as qualified dividend income, as discussed below
    under &#147;Taxation of Shareholders.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund invests in the stock of a PFIC, or any other
    investment that produces income that is not matched by a
    corresponding cash distribution to the Fund, the Fund could be
    required to recognize income that it has not yet received. Any
    such income would be treated as income earned by the Fund and
    therefore would be subject to the distribution requirements of
    the Code. This might prevent the Fund from distributing 90% of
    its net investment income as is required in order to avoid
    Fund-level&#160;U.S.&#160;federal income taxation on its
    distributed income, or might prevent the Fund from distributing
    enough ordinary income and capital gain net income to avoid
    completely the imposition of the excise tax. To avoid this
    result, the Fund may be required to borrow money or dispose of
    securities to be able to make required distributions to the
    shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may invest in debt obligations purchased at a discount,
    with the result that the Fund may be required to accrue income
    for U.S.&#160;federal income tax purposes before amounts due
    under the obligations are paid (with such accrued income
    increasing the amount the Fund must distribute in order to
    qualify as a regulated investment company or avoid the 4% excise
    tax). The Fund may also invest in securities rated in the medium
    to lower rating categories of nationally recognized rating
    organizations, and in unrated securities (&#147;high yield
    securities&#148;). A portion of the interest payments on such
    high yield securities may be treated as dividends for certain
    U.S.&#160;federal income tax purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under section&#160;988 of the Code, gains or losses attributable
    to fluctuations in exchange rates between the time the Fund
    accrues income or receivables or expenses or other liabilities
    denominated in a foreign currency and the time the Fund actually
    collects such income or receivables or pays such liabilities or
    expenses are generally treated as ordinary income or loss.
    Similarly, gains or losses on foreign currency forward contracts
    and the disposition of debt securities denominated in a foreign
    currency, to the extent attributable to fluctuations in exchange
    rates between the acquisition and disposition dates, are also
    treated as ordinary income or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dividends or other income (including, in some cases, capital
    gains) received by the Fund from investments in foreign
    securities may be subject to withholding and other taxes imposed
    by foreign countries. Tax conventions between certain countries
    and the U.S.&#160;may reduce or eliminate such taxes in some
    cases. If more than 50% of the Fund&#146;s total assets at the
    close of its taxable year consists of stock or securities of
    foreign corporations, the Fund may elect for U.S.&#160;federal
    income tax purposes to treat foreign income taxes paid by it as
    paid by its shareholders. The Fund may qualify for and make this
    election in some, but not necessarily all, of its taxable years.
    If the Fund were to make such an election, shareholders of the
    Fund would be required to take into account an amount equal to
    their pro rata portions of such foreign taxes in computing their
    taxable income and then treat an amount equal to those foreign
    taxes as a U.S.&#160;federal income tax deduction (subject to
    limitations which may be significant) or as a foreign tax credit
    (subject to limitations which may be significant) against their
    U.S.&#160;federal income liability. Shortly after any year for
    which it makes such an election, the Fund will report to its
    shareholders the amount per share of such foreign income tax
    that must be included in each shareholder&#146;s gross income
    and the amount that may be available for the deduction or credit.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will either distribute or retain for reinvestment all
    or part of its net capital gain (i.e., the excess of net
    long-term capital gain over net short-term capital loss). If any
    such gain is retained, the Fund will be
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    subject to U.S.&#160;federal income tax at regular corporate
    rates on such amount. In that event, the Fund expects to
    designate the retained amount as undistributed capital gain in a
    notice to its shareholders, each of whom (i)&#160;will be
    required to include in income for tax purposes as long-term
    capital gain its share of such undistributed amounts,
    (ii)&#160;will be entitled to credit its proportionate share of
    the tax paid by the Fund against its federal income tax
    liability and to claim refunds to the extent that the credit
    exceeds such liability and (iii)&#160;will increase its basis in
    its common shares of the Fund by the excess of the amount
    described in clause&#160;(i) over the amount described in clause
    (ii).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions paid by the Fund from its investment company
    taxable income, which includes net short-term capital gain,
    generally are taxable as ordinary income to the extent of the
    Fund&#146;s earnings and profits, whether paid in cash or
    reinvested in Fund shares. Such distributions (if reported by
    the Fund) may, however, qualify (provided holding period and
    other requirements are met by both the Fund and the shareholder)
    (i)&#160;for the dividends received deduction available to
    corporations, but only to the extent that the Fund&#146;s income
    consists of dividend income from U.S.&#160;corporations and
    (ii)&#160;in the case of individual shareholders, as qualified
    dividend income eligible to be taxed at long-term capital gain
    rates to the extent that the Fund receives qualified dividend
    income. Qualified dividend income is, in general, dividend
    income from taxable domestic corporations and certain qualified
    foreign corporations. These special rules relating to the
    taxation of ordinary income dividends paid by regulated
    investment companies to individual taxpayers generally apply to
    taxable years beginning on or before December&#160;31, 2012.
    Thereafter, the Fund&#146;s dividends, other than capital gains
    dividends, will be fully taxable at ordinary income rates unless
    further Congressional action is taken. There can be no assurance
    as to what portion of the Fund&#146;s distributions will qualify
    for favorable treatment as qualified dividend income, or whether
    Congress will extend such treatment to taxable years beginning
    after December&#160;31, 2012.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions of net capital gain reported as capital gain
    distributions, if any, are taxable to shareholders at rates
    applicable to long-term capital gain, whether paid in cash or
    reinvested in Fund shares, and regardless of how long the
    shareholder has held the Fund&#146;s common shares. Capital gain
    distributions are not eligible for the dividends received
    deduction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If, for any calendar year, the total distributions exceed both
    current earnings and profits and accumulated earnings and
    profits, the excess will generally be treated as a tax-free
    return of capital up to the amount of a shareholder&#146;s tax
    basis in the common shares. The amount treated as a tax-free
    return of capital will reduce a shareholder&#146;s tax basis in
    the common shares, thereby increasing such shareholder&#146;s
    potential gain or reducing his or her potential loss on the sale
    of the common shares. Any amounts distributed to a shareholder
    in excess of his or her basis in the common shares will be
    taxable to the shareholder as capital gain (assuming your common
    shares are held as a capital asset).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholders may be entitled to offset their capital gain
    distributions (but not distributions eligible for qualified
    dividend income treatment) with capital losses. There are a
    number of statutory provisions affecting when capital losses may
    be offset against capital gain, and limiting the use of losses
    from certain investments and activities. Accordingly,
    shareholders with capital loss are urged to consult their tax
    advisers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon a sale, exchange or other disposition of common shares, a
    shareholder will generally realize a taxable gain or loss equal
    to the difference between the amount of cash and the fair market
    value of other property received and the shareholder&#146;s
    adjusted tax basis in the common shares. Such gain or loss will
    be treated as long-term capital gain or loss if the common
    shares have been held for more than one year. Any loss realized
    on a sale or exchange of common shares of the Fund will be
    disallowed to the extent the common shares disposed of are
    replaced by substantially identical common shares within a
    <FONT style="white-space: nowrap">61-day</FONT>
    period beginning 30&#160;days before and ending 30&#160;days
    after the date that the common shares are disposed of. In such a
    case, the basis of the common shares acquired will be adjusted
    to reflect the disallowed loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any loss realized by a shareholder on the sale of Fund common
    shares held by the shareholder for six months or less will be
    treated for tax purposes as a long-term capital loss to the
    extent of any capital gain distributions received by the
    shareholder (or amounts credited to the shareholder as an
    undistributed capital gain) with respect to such common shares.
    Ordinary income distributions and capital gain distributions
    also may be subject to state and local taxes. Shareholders are
    urged to consult their own tax advisers regarding specific
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    33
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    questions about U.S.&#160;federal (including the application of
    the alternative minimum tax), state, local or foreign tax
    consequences to them of investing in the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A shareholder that is a nonresident alien individual or a
    foreign corporation (a &#147;foreign investor&#148;) generally
    will be subject to U.S.&#160;withholding tax at the rate of 30%
    (or possibly a lower rate provided by an applicable tax treaty)
    on ordinary income dividends (except as discussed below).
    Different tax consequences may result if the foreign investor is
    engaged in a trade or business in the United States or, in the
    case of an individual, is present in the United States for
    183&#160;days or more during a taxable year and certain other
    conditions are met. Foreign investors should consult their tax
    advisers regarding the tax consequences of investing in the
    Fund&#146;s common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, after December&#160;31, 2012, withholding will be
    required at a rate of 30% on dividends in respect of, and gross
    proceeds from the sale of, our common stock held by or through
    certain
    <FONT style="white-space: nowrap">non-U.S.&#160;financial</FONT>
    institutions (including investment funds), unless such
    institution enters into an agreement with the Secretary of the
    Treasury to report, on an annual basis, information with respect
    to shares in, and accounts maintained by, the institution to the
    extent such shares or accounts are held by certain United States
    persons or by certain
    <FONT style="white-space: nowrap">non-U.S.&#160;entities</FONT>
    that are wholly or partially owned by United States persons.
    Accordingly, the entity through which our common stock is held
    will affect the determination of whether such withholding is
    required. Similarly, dividends in respect of, and gross proceeds
    from the sale of, our common stock held by an investor that is a
    non-financial
    <FONT style="white-space: nowrap">non-U.S.&#160;entity</FONT>
    will be subject to withholding at a rate of 30%, unless such
    entity either (i)&#160;certifies to us that such entity does not
    have any &#147;substantial United States owners&#148; or
    (ii)&#160;provides certain information regarding the
    entity&#146;s &#147;substantial United States owners,&#148;
    which we will in turn provide to the Secretary of the Treasury.
    Foreign investors are encouraged to consult with their tax
    advisers regarding the possible implications of the legislation
    on their investment in our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Assuming applicable disclosure and certification requirements
    are met, U.S.&#160;federal withholding tax will generally not
    apply to any gain or income realized by a foreign investor in
    respect of any distributions of net capital gain or upon the
    sale or other disposition of common shares of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For taxable years of the Fund beginning before January&#160;1,
    2012, properly reported dividends are generally exempt from
    U.S.&#160;federal withholding tax where they (i)&#160;are paid
    in respect of the Fund&#146;s &#147;qualified net interest
    income&#148; (generally, the Fund&#146;s
    <FONT style="white-space: nowrap">U.S.-source</FONT>
    interest income, other than certain contingent interest and
    interest from obligations of a corporation or partnership in
    which the Fund is at least a 10% shareholder, reduced by
    expenses that are allocable to such income) or (ii)&#160;are
    paid in respect of the Fund&#146;s &#147;qualified short-term
    capital gains&#148; (generally, the excess of the Fund&#146;s
    net short-term capital gain over the Fund&#146;s long-term
    capital loss for such taxable year). Depending on its
    circumstances, however, the Fund may report all, some or none of
    its potentially eligible dividends as such qualified net
    interest income or as qualified short-term capital gains,
    <FONT style="white-space: nowrap">and/or</FONT> treat
    such dividends, in whole or in part, as ineligible for this
    exemption from withholding. In order to qualify for this
    exemption from withholding, a foreign investor will need to
    comply with applicable certification requirements relating to
    its
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    (including, in general, furnishing an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or substitute Form). In the case of common shares held through
    an intermediary, the intermediary may withhold even if the Fund
    reports the payment as qualified net interest income or
    qualified short-term capital gain. Foreign investors should
    contact their intermediaries with respect to the application of
    these rules to their accounts. There can be no assurance as to
    what portion of the Fund&#146;s distributions will qualify for
    favorable treatment as qualified net interest income or
    qualified short-term capital gains.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may be required to backup withhold U.S.&#160;federal
    income tax on all taxable distributions and redemption proceeds
    payable to certain non-exempt shareholders who fail to provide
    the Fund with their correct taxpayer identification number or to
    make required certifications, or who have been notified by the
    IRS that they are subject to backup withholding. Backup
    withholding is not an additional tax. Any amounts withheld may
    be refunded or credited against such shareholder&#146;s
    U.S.&#160;federal income tax liability, if any, provided that
    the required information is timely furnished to the IRS.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    34
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>The foregoing is a general and abbreviated summary of the
    applicable provisions of the Code and Treasury regulations
    presently in effect. For the complete provisions, reference
    should be made to the pertinent Code sections and the Treasury
    regulations promulgated thereunder. The Code and the Treasury
    regulations are subject to change by legislative, judicial or
    administrative action, either prospectively or retroactively.
    Persons considering an investment in common shares of the Fund
    should consult their own tax advisers regarding the purchase,
    ownership and disposition of Fund common shares.</I></B>
</DIV>

<A name='133'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GENERAL
    INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Book-Entry-Only
    Issuance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Depository Trust&#160;Company (&#147;DTC&#148;) will act as
    securities depository for the common shares offered pursuant to
    the Prospectus. The information in this section concerning DTC
    and DTC&#146;s book-entry system is based upon information
    obtained from DTC. The securities offered hereby initially will
    be issued only as fully-registered securities registered in the
    name of Cede&#160;&#038; Co. (as nominee for DTC). One or more
    fully-registered global security certificates initially will be
    issued, representing in the aggregate the total number of
    securities, and deposited with DTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC is a limited-purpose trust company organized under the New
    York Banking Law, a &#147;banking organization&#148; within the
    meaning of the New York Banking Law, a member of the Federal
    Reserve System, a &#147;clearing corporation&#148; within the
    meaning of the New York Uniform Commercial Code and a
    &#147;clearing agency&#148; registered pursuant to the
    provisions of Section&#160;17A of the Securities Exchange Act of
    1934. DTC holds securities that its participants deposit with
    DTC. DTC also facilities the settlement among participants of
    securities transactions, such as transfers and pledges, in
    deposited securities through electronic computerized book-entry
    changes in participants&#146; accounts, thereby eliminating the
    need for physical movement of securities certificates. Direct
    DTC participants include securities brokers and dealers, banks,
    trust companies, clearing corporations and certain other
    organizations. Access to the DTC system is also available to
    others such as securities brokers and dealers, banks and trust
    companies that clear through or maintain a custodial
    relationship with a direct participant, either directly or
    indirectly through other entities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Purchases of securities within the DTC system must be made by or
    through direct participants, which will receive a credit for the
    securities on DTC&#146;s records. The ownership interest of each
    actual purchaser of a security, a beneficial owner, is in turn
    to be recorded on the direct or indirect participants&#146;
    records. Beneficial owners will not receive written confirmation
    from DTC of their purchases, but beneficial owners are expected
    to receive written confirmations providing details of the
    transactions, as well as periodic statements of their holdings,
    from the direct or indirect participants through which the
    beneficial owners purchased securities. Transfers of ownership
    interests in securities are to be accomplished by entries made
    on the books of participants acting on behalf of beneficial
    owners. Beneficial owners will not receive certificates
    representing their ownership interests in securities, except as
    provided herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has no knowledge of the actual beneficial owners of the
    securities being offered pursuant to the Prospectus; DTC&#146;s
    records reflect only the identity of the direct participants to
    whose accounts such securities are credited, which may or may
    not be the beneficial owners. The participants will remain
    responsible for keeping account of their holdings on behalf of
    their customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Conveyance of notices and other communications by DTC to direct
    participants, by direct participants to indirect participants,
    and by direct participants and indirect participants to
    beneficial owners will be governed by arrangements among them,
    subject to any statutory or regulatory requirements as may be in
    effect from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments on the securities will be made to DTC. DTC&#146;s
    practice is to credit direct participants&#146; accounts on the
    relevant payment date in accordance with their respective
    holdings shown on DTC&#146;s records unless DTC has reason to
    believe that it will not receive payments on such payment date.
    Payments by participants to beneficial owners will be governed
    by standing instructions and customary practices and will be the
    responsibility of such participant and not of DTC or the Fund,
    subject to any statutory or regulatory
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    35
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    requirements as may be in effect from time to time. Payment of
    distributions to DTC is the responsibility of the Fund,
    disbursement of such payments to direct participants is the
    responsibility of DTC, and disbursement of such payments to the
    beneficial owners is the responsibility of direct and indirect
    participants. Furthermore each beneficial owner must rely on the
    procedures of DTC to exercise any rights under the securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC may discontinue providing its services as securities
    depository with respect to the securities at any time by giving
    reasonable notice to the Fund. Under such circumstances, in the
    event that a successor securities depository is not obtained,
    certificates representing the securities will be printed and
    delivered.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Proxy
    Voting Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has adopted the proxy voting procedures of the
    Investment Adviser and has directed the Investment Adviser to
    vote all proxies relating to the Fund&#146;s voting securities
    in accordance with such procedures. The proxy voting procedures
    are attached. They are also on file with the Commission and can
    be reviewed and copied at the Securities and Exchange
    Commission&#146;s Public Reference Room in
    Washington,&#160;D.C., and information on the operation of the
    Public Reference Room may be obtained by calling the Commission
    at
    <FONT style="white-space: nowrap">202-551-8090.</FONT>
    The proxy voting procedures are also available on the EDGAR
    Database on the Commission&#146;s Internet site
    <FONT style="white-space: nowrap">(http://www.sec.gov)</FONT>
    and copies of the proxy voting procedures may be obtained, after
    paying a duplicating fee, by electronic request at the follow
    <FONT style="white-space: nowrap">E-mail</FONT>
    address: publicinfo@sec.gov, or by writing the Securities and
    Exchange Commission&#146;s Public Reference Section,
    Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20549-0102.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Code of
    Ethics</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund and the Investment Adviser have adopted a code of
    ethics. This code of ethics sets forth restrictions on the
    trading activities of Trustees/directors, officers and employees
    of the Fund, the Investment Adviser and their affiliates. For
    example, such persons may not purchase any security for which
    the Fund has a purchase or sale order pending, or for which such
    trade is under consideration. In addition, those
    trustees/directors, officers and employees that are principally
    involved in investment decisions for client accounts are
    prohibited from purchasing or selling for their own account for
    a period of seven days a security that has been traded for a
    client&#146;s account, unless such trade is executed on more
    favorable terms for the client&#146;s account and it is
    determined that such trade will not adversely affect the
    client&#146;s account. Short-term trading by such
    Trustee/directors, officers and employees for their own accounts
    in securities held by a Fund client&#146;s account is also
    restricted. The above examples are subject to certain exceptions
    and they do not represent all of the trading restrictions and
    policies set forth by the code of ethics. The code of ethics is
    on file with the Commission and can be reviewed and copied at
    the Securities and Exchange Commission&#146;s Public Reference
    Room in Washington,&#160;D.C., and information on the operation
    of the Public Reference Room may be obtained by calling the
    Commission at
    <FONT style="white-space: nowrap">202-551-8090.</FONT>
    The code of ethics is also available on the EDGAR Database on
    the Securities and Exchange Commission&#146;s Internet site
    <FONT style="white-space: nowrap">(http://www.sec.gov),</FONT>
    and copies of the code of ethics may be obtained, after paying a
    duplicating fee, by electronic request at the following
    <FONT style="white-space: nowrap">E-mail</FONT>
    address: publicinfo@sec.gov, or by writing the Securities and
    Exchange Commission&#146;s Public Reference Section,
    Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20549-0102</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Code of
    Conduct for Chief Executive and Senior Financial
    Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund and the Investment Adviser have adopted a joint code of
    conduct that serves as a code of conduct. The code of conduct
    sets forth policies to guide the chief executive and senior
    financial officers in the performance of their duties. The code
    of conduct is on file with the Securities and Exchange
    Commission and can be reviewed and copied at the Securities and
    Exchange Commission&#146;s Public Reference Room in
    Washington,&#160;D.C., and information on the operation of the
    Public Reference Room may be obtained by calling the Securities
    and Exchange Commission at
    <FONT style="white-space: nowrap">202-551-8090.</FONT>
    The Code of Ethics is also available on the EDGAR Database on
    the Securities and Exchange Commission&#146;s Internet site
    <FONT style="white-space: nowrap">(http://www.sec.gov),</FONT>
    and copies of the code of conduct may be obtained, after paying
    a duplicating fee, by electronic request at the following
    <FONT style="white-space: nowrap">E-mail</FONT>
    address: publicinfo@sec.gov, or by writing the Securities and
    Exchange Commission&#146;s Public Reference Section,
    Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20549-0102.</FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y89182a4y8918205.gif" alt="">
</DIV>

<A name='136'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">REPORT OF
    INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the Board of Trustees and Shareholders of<BR>
    The Gabelli Natural Resources, Gold &#038; Income Trust:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In our opinion, the accompanying statement of net assets
    presents fairly, in all material respects, the financial
    position of The Gabelli Natural Resources, Gold &#038; Income
    Trust (the &#147;Fund&#148;) at December&#160;31, 2010, in
    conformity with accounting principles generally accepted in the
    United States of America. This financial statement is the
    responsibility of the Fund&#146;s management; our responsibility
    is to express an opinion on this financial statement based on
    our audit. We conducted our audit of this financial statement in
    accordance with the standards of the Public Company Accounting
    Oversight Board (United States). Those standards require that we
    plan and perform the audit to obtain reasonable assurance about
    whether the financial statement is free of material
    misstatement. An audit includes examining, on a test basis,
    evidence supporting the amounts and disclosures in the financial
    statement, assessing the accounting principles used and
    significant estimates made by management, and evaluating the
    overall financial statement presentation. We believe that our
    audit provides a reasonable basis for our opinion.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y89182a4y8918212.gif" alt="-s- PricewaterhouseCooper LLP">
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    January 24, 2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FINANCIAL
    STATEMENT<BR>
    <BR>
    The Gabelli Natural Resources, Gold&#160;&#038; Income Trust<BR>
    Statement of Net Assets<BR>
    December&#160;31, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Assets:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Net Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Net Assets Consist of:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common shares of beneficial interest, at par value (see
    Note&#160;4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Additional
    <FONT style="white-space: nowrap">paid-in-capital</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,003
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Net Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    100,008
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Common Shares:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Net Asset Value </B>per share ($100,008/5,236 common shares
    of beneficial interest outstanding)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Gabelli Natural Resources, Gold&#160;&#038; Income Trust<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Notes to
    Statement of Net Assets</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    December&#160;31, 2010
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;1&#160;&#151;
    </FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Organization</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Gabelli Natural Resources, Gold&#160;&#038; Income Trust
    (the &#147;Fund&#148;) is a non-diversified closed-end
    management investment company organized as a Delaware statutory
    trust on June&#160;26, 2008 and has had no operations to date
    other than matters relating to its organization under the
    Investment Company Act of 1940, and the sale and issuance of
    5,236 of its common shares of beneficial interest
    (&#147;Shares&#148;) to GAMCO Investors, Inc., the parent
    company of Gabelli Funds, LLC, the Fund&#146;s investment
    adviser (the &#147;Investment Adviser&#148;) on
    December&#160;22, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s primary investment objective is to provide a
    high level of current income from interest, dividends and option
    premiums. The Fund&#146;s secondary investment objective is to
    seek capital appreciation consistent with the Fund&#146;s
    strategy and its primary objective. To meet the objective of
    providing a high level of current income, the Fund intends to
    invest in income producing securities such as equity securities,
    convertible securities and other securities, and earn short-term
    gains from a strategy of writing covered call options on equity
    securities in its portfolio. The Fund will seek dividend income
    through investments in equity securities such as common stock or
    convertible preferred stock. The Fund will seek interest income
    through investments in convertible or corporate bonds.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;2&#160;&#151;
    </FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Significant
    Accounting Policies</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The statement of net assets reflects all adjustments which are,
    in the opinion of management, necessary to a fair statement of
    the results for the statement of net assets. The following
    accounting policies are in accordance with United States
    (&#147;U.S.&#148;) generally accepted accounting principles,
    which will be consistently followed by the Fund:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Use of Estimates:</I>&#160;&#160;The preparation of financial
    statements in accordance with U.S.&#160;generally accepted
    accounting principles requires management to make estimates and
    assumptions that affect the reported amounts and disclosures in
    the financial statements. Actual results could differ from those
    estimates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Organization Expenses and Offering
    Costs:</I>&#160;&#160;Organization expenses relating to the Fund
    have been incurred and will be assumed by the Investment
    Adviser. Upon commencement of operations, the offering costs
    (other than the sales load) will be borne by the Fund and its
    shareholders and will be accounted for as a reduction to
    <FONT style="white-space: nowrap">paid-in-capital</FONT>
    up to $.04 per share including the Shares issued in the public
    offering. The Investment Adviser has agreed to pay the
    Fund&#146;s offering costs (other than the sales load) that
    exceed $.04 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Federal Taxes:</I>&#160;&#160;The Fund intends to qualify for
    treatment as a regulated investment company under the Internal
    Revenue Code of 1986, as amended, and distribute all its taxable
    income. In addition, by distributing in each calendar year
    substantially all of its net investment income, net capital
    gains and certain other amounts, if any, the Fund will not be
    subject to Federal income or excise tax.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;3&#160;&#151;
    </FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Adviser and Other Transactions with Affiliates</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has entered into an investment advisory agreement (the
    &#147;Investment Advisory Agreement&#148;) with the Investment
    Adviser. As compensation for its services and the related
    expenses borne by the Investment Adviser, the Fund will pay the
    Investment Adviser a fee, computed weekly and payable monthly,
    equal, on an annual basis, to 1.00% of the Fund&#146;s average
    weekly net assets. The Fund&#146;s average weekly net assets
    will be deemed to be the average weekly value of the Fund&#146;s
    total assets minus the sum of the Fund&#146;s liabilities (such
    liabilities exclude the aggregate liquidation preference of
    outstanding preferred shares and accumulated dividends, if any,
    on those shares and the outstanding principal amount of any debt
    securities the proceeds of which were used for investment
    purposes, plus accrued and unpaid interest thereon). In
    accordance with the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL -->
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Gabelli Natural Resources, Gold&#160;&#038; Income Trust<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Notes to
    Statement of Net Assets&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investment Advisory Agreement, the Investment Adviser will
    provide a continuous investment program for the Fund&#146;s
    portfolio and will oversee the administration of all aspects of
    the Fund&#146;s business and affairs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Bank of New York Mellon serves as the custodian of the
    Fund&#146;s assets pursuant to a custody agreement. American
    Stock Transfer&#160;&#038; Trust&#160;Company serves as the
    Fund&#146;s dividend disbursing agent, as agent under the
    Fund&#146;s Dividend Reinvestment and Cash Repurchase Plan and
    as transfer agent and registrar for the common shares of the
    Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will assume its portion of the allocated cost of the
    Gabelli Fund Complex&#146;s Chief Compliance Officer.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;4&#160;&#151;
    </FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Fund&#160;Shares</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is authorized to issue an unlimited number of Shares,
    par value $0.001 per share. At December&#160;31, 2010 there were
    5,236&#160;Shares issued and outstanding.
</DIV>
<!-- XBRL,n -->
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Note&#160;5&#160;&#151;
    </FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Initial
    Public Offering</FONT></B>
</TD>
</TR>

</TABLE>
<!-- XBRL,body -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has filed a registration statement to commence a public
    offering of its Shares and intends to enter into an underwriting
    agreement with several underwriters, including
    Gabelli&#160;&#038; Company, Inc., an affiliate of the
    Fund&#146;s Investment Adviser. The Investment Adviser has
    agreed to pay certain fees to the underwriters in connection
    with the offering.
</DIV>
<!-- /XBRL,ns -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='134'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;A</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GAMCO
    INVESTORS, INC. AND AFFILIATES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    VOTING OF PROXIES ON BEHALF OF CLIENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">Rules&#160;204(4)-2</FONT>
    and <FONT style="white-space: nowrap">204-2</FONT>
    under the Investment Advisers Act of 1940 and
    <FONT style="white-space: nowrap">Rule&#160;30b1-4</FONT>
    under the Investment Company Act of 1940 require investment
    advisers to adopt written policies and procedures governing the
    voting of proxies on behalf of their clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These procedures will be used by GAMCO Asset Management Inc.,
    Gabelli Funds, LLC, Gabelli Securities, Inc., and Teton
    Advisors, Inc. (collectively, the &#147;Advisers&#148;) to
    determine how to vote proxies relating to portfolio securities
    held by their clients, including the procedures that the
    Advisers use when a vote presents a conflict between the
    interests of the shareholders of an investment company managed
    by one of the Advisers, on the one hand, and those of the
    Advisers; the principal underwriter; or any affiliated person of
    the investment company, the Advisers, or the principal
    underwriter. These procedures will not apply where the Advisers
    do not have voting discretion or where the Advisers have agreed
    to with a client to vote the client&#146;s proxies in accordance
    with specific guidelines or procedures supplied by the client
    (to the extent permitted by ERISA).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">I.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Proxy
    Voting Committee</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Proxy Voting Committee was originally formed in April 1989
    for the purpose of formulating guidelines and reviewing proxy
    statements within the parameters set by the substantive proxy
    voting guidelines originally published in 1988 and updated
    periodically, a copy of which are appended as Exhibit&#160;A.
    The Committee will include representatives of Research,
    Administration, Legal, and the Advisers. Additional or
    replacement members of the Committee will be nominated by the
    Chairman and voted upon by the entire Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Meetings are held as needed basis to form views on the manner in
    which the Advisers should vote proxies on behalf of their
    clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, the Director of Proxy Voting Services, using the
    Proxy Guidelines, recommendations of Institutional Shareholder
    Corporate Governance Service (&#147;ISS&#148;), other
    third-party services and the analysts of Gabelli&#160;&#038;
    Company, Inc., will determine how to vote on each issue. For
    non-controversial matters, the Director of Proxy Voting Services
    may vote the proxy if the vote is: (1)&#160;consistent with the
    recommendations of the issuer&#146;s Board of Directors and not
    contrary to the Proxy Guidelines; (2)&#160;consistent with the
    recommendations of the issuer&#146;s Board of Directors and is a
    non-controversial issue not covered by the Proxy Guidelines; or
    (3)&#160;the vote is contrary to the recommendations of the
    Board of Directors but is consistent with the Proxy Guidelines.
    In those instances, the Director of Proxy Voting Services or the
    Chairman of the Committee may sign and date the proxy statement
    indicating how each issue will be voted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All matters identified by the Chairman of the Committee, the
    Director of Proxy Voting Services or the Legal Department as
    controversial, taking into account the recommendations of ISS or
    other third party services and the analysts of
    Gabelli&#160;&#038; Company, Inc., will be presented to the
    Proxy Voting Committee. If the Chairman of the Committee, the
    Director of Proxy Voting Services or the Legal Department has
    identified the matter as one that (1)&#160;is controversial;
    (2)&#160;would benefit from deliberation by the Proxy Voting
    Committee; or (3)&#160;may give rise to a conflict of interest
    between the Advisers and their clients, the Chairman of the
    Committee will initially determine what vote to recommend that
    the Advisers should cast and the matter will go before the
    Committee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A.&#160;Conflicts
    of Interest.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Advisers have implemented these proxy voting procedures in
    order to prevent conflicts of interest from influencing their
    proxy voting decisions. By following the Proxy Guidelines, as
    well as the recommendations of ISS, other third-party services
    and the analysts of Gabelli&#160;&#038; Company, the Advisers
    are able to avoid, wherever possible, the influence of potential
    conflicts of interest. Nevertheless, circumstances may arise in
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    which one or more of the Advisers are faced with a conflict of
    interest or the appearance of a conflict of interest in
    connection with its vote. In general, a conflict of interest may
    arise when an Adviser knowingly does business with an issuer,
    and may appear to have a material conflict between its own
    interests and the interests of the shareholders of an investment
    company managed by one of the Advisers regarding how the proxy
    is to be voted. A conflict also may exist when an Adviser has
    actual knowledge of a material business arrangement between an
    issuer and an affiliate of the Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In practical terms, a conflict of interest may arise, for
    example, when a proxy is voted for a company that is a client of
    one of the Advisers, such as GAMCO Asset Management Inc. A
    conflict also may arise when a client of one of the Advisers has
    made a shareholder proposal in a proxy to be voted upon by one
    or more of the Advisers. The Director of Proxy Voting Services,
    together with the Legal Department, will scrutinize all proxies
    for these or other situations that may give rise to a conflict
    of interest with respect to the voting of proxies.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">B.&#160;Operation
    of Proxy Voting Committee</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For matters submitted to the Committee, each member of the
    Committee will receive, prior to the meeting, a copy of the
    proxy statement, any relevant third party research, a summary of
    any views provided by the Chief Investment Officer and any
    recommendations by Gabelli&#160;&#038; Company, Inc. analysts.
    The Chief Investment Officer or the Gabelli&#160;&#038; Company,
    Inc. analysts may be invited to present their viewpoints. If the
    Director of Proxy Voting Services or the Legal Department
    believe that the matter before the committee is one with respect
    to which a conflict of interest may exist between the Advisers
    and their clients, counsel will provide an opinion to the
    Committee concerning the conflict. If the matter is one in which
    the interests of the clients of one or more of Advisers may
    diverge, counsel will so advise and the Committee may make
    different recommendations as to different clients. For any
    matters where the recommendation may trigger appraisal rights,
    counsel will provide an opinion concerning the likely risks and
    merits of such an appraisal action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each matter submitted to the Committee will be determined by the
    vote of a majority of the members present at the meeting. Should
    the vote concerning one or more recommendations be tied in a
    vote of the Committee, the Chairman of the Committee will cast
    the deciding vote. The Committee will notify the proxy
    department of its decisions and the proxies will be voted
    accordingly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although the Proxy Guidelines express the normal preferences for
    the voting of any shares not covered by a contrary investment
    guideline provided by the client, the Committee is not bound by
    the preferences set forth in the Proxy Guidelines and will
    review each matter on its own merits. Written minutes of all
    Proxy Voting Committee meetings will be maintained. The Advisers
    subscribe to ISS, which supplies current information on
    companies, matters being voted on, regulations, trends in proxy
    voting and information on corporate governance issues.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the vote cast either by the analyst or as a result of the
    deliberations of the Proxy Voting Committee runs contrary to the
    recommendation of the Board of Directors of the issuer, the
    matter will be referred to legal counsel to determine whether an
    amendment to the most recently filed Schedule&#160;13D is
    appropriate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">II.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Social
    Issues and Other Client Guidelines</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a client has provided special instructions relating to the
    voting of proxies, they should be noted in the client&#146;s
    account file and forwarded to the proxy department. This is the
    responsibility of the investment professional or sales assistant
    for the client. In accordance with Department of Labor
    guidelines, the Advisers&#146; policy is to vote on behalf of
    ERISA accounts in the best interest of the plan participants
    with regard to social issues that carry an economic impact.
    Where an account is not governed by ERISA, the Advisers will
    vote shares held on behalf of the client in a manner consistent
    with any individual investment/voting guidelines provided by the
    client. Otherwise the Advisers will abstain with respect to
    those shares.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">III.
    Client Retention of Voting Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a client chooses to retain the right to vote proxies or if
    there is any change in voting authority, the following should be
    notified by the investment professional or sales assistant for
    the client.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Operations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Proxy Department
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Investment professional assigned to the account
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that the Board of Directors (or a Committee
    thereof) of one or more of the investment companies managed by
    one of the Advisers has retained direct voting control over any
    security, the Proxy Voting Department will provide each Board
    Member (or Committee member) with a copy of the proxy statement
    together with any other relevant information including
    recommendations of ISS or other third-party services.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">IV.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Proxies
    of Certain
    <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Issuers</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Proxy voting in certain countries requires
    &#147;share-blocking.&#148; Shareholders wishing to vote their
    proxies must deposit their shares shortly before the date of the
    meeting with a designated depository. During the period in which
    the shares are held with a depository, shares that will be voted
    at the meeting cannot be sold until the meeting had taken place
    and the shares are returned to the clients&#146; custodian.
    Absent a compelling reason to the contrary, the Advisers believe
    that the benefit to the client of exercising the vote is
    outweighed by the cost of voting and therefore, the Advisers
    will not typically vote the securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;issuers</FONT>
    that require share-blocking.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, voting proxies of issuers in non-US markets may
    also give rise to a number of administrative issues to prevent
    the Advisers from voting such proxies. For example, the Advisers
    may receive the notices for shareholder meetings without
    adequate time to consider the proposals in the proxy or after
    the cut-off date for voting. Other markets require the Advisers
    to provide local agents with power of attorney prior to
    implementing their respective voting instructions on the proxy.
    Although it is the Advisers&#146; policies to vote the proxies
    for its clients for which they have proxy voting authority, in
    the case of issuers in non-US markets, we vote client proxies on
    a best efforts basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">V.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Records</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Proxy Voting Department will retain a record of matters
    voted upon by the Advisers for their clients. The Advisers will
    supply information on how they voted a client&#146;s proxy upon
    request from the client.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The complete voting records for each registered investment
    company (the &#147;Fund&#148;) that is managed by the Advisers
    will be filed on
    <FONT style="white-space: nowrap">Form&#160;N-PX</FONT>
    for the twelve months ended June&#160;30th, no later than
    August&#160;31st&#160;of each year. A description of the
    Fund&#146;s proxy voting policies, procedures, and how the Fund
    voted proxies relating to portfolio securities is available
    without charge, upon request, by (i)&#160;calling 800-GABELLI
    <FONT style="white-space: nowrap">(800-422-3554);</FONT>
    (ii)&#160;writing to Gabelli Funds, LLC at One Corporate Center,
    Rye, NY
    <FONT style="white-space: nowrap">10580-1422;</FONT>
    or (iii)&#160;visiting the SEC&#146;s website at
    <U>www.sec.gov</U>. Question should we post the proxy voting
    records for the funds on the website.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Advisers&#146; proxy voting records will be retained in
    compliance with
    <FONT style="white-space: nowrap">Rule&#160;204-2</FONT>
    under the Investment Advisers Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">VI.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Procedures</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;Custodian banks, outside brokerage firms and clearing
    firms are responsible for forwarding proxies directly to the
    Advisers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Proxies are received in one of two forms:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    Shareholder Vote Instruction&#160;Forms
    (&#147;VIFs&#148;)&#160;&#151; Issued by Broadridge Financial
    Solutions, Inc. (&#147;Broadridge&#148;). Broadridge is an
    outside service contracted by the various institutions to issue
    proxy materials.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    Proxy cards which may be voted directly.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;Upon receipt of the proxy, the number of shares each
    form represents is logged into the proxy system, electronically
    or manually, according to security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;Upon receipt of instructions from the proxy committee
    (see Administrative), the votes are cast and recorded for each
    account on an individual basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Records have been maintained on the Proxy Edge system.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Proxy Edge records include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Security Name and Cusip Number
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Date and Type of Meeting (Annual, Special, Contest)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Client Name
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Adviser or Fund&#160;Account Number
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Directors&#146; Recommendation
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    How the Adviser voted for the client on item
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;VIFs are kept alphabetically by security. Records for
    the current proxy season are located in the Proxy Voting
    Department office. In preparation for the upcoming season, files
    are transferred to an offsite storage facility during
    January/February.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;If a proxy card or VIF is received too late to be voted
    in the conventional matter, every attempt is made to vote
    including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    When a solicitor has been retained, the solicitor is called. At
    the solicitor&#146;s direction, the proxy is faxed.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    In some circumstances VIFs can be faxed to Broadridge up until
    the time of the meeting.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;In the case of a proxy contest, records are maintained
    for each opposing entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.&#160;Voting in Person
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a)&#160;At times it may be necessary to vote the shares in
    person. In this case, a &#147;legal proxy&#148; is obtained in
    the following manner:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    Banks and brokerage firms using the services at Broadridge:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Broadridge is notified that we wish to vote in person.
    Broadridge issues individual legal proxies and sends them back
    via email or overnight (or the Adviser can pay messenger
    charges). A lead-time of at least two weeks prior to the meeting
    is needed to do this. Alternatively, the procedures detailed
    below for banks not using Broadridge may be implemented.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    Banks and brokerage firms issuing proxies directly:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The bank is called
    <FONT style="white-space: nowrap">and/or</FONT> faxed
    and a legal proxy is requested.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All legal proxies should appoint:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Representative of [Adviser name] with full power of
    substitution.&#148;</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b)&#160;The legal proxies are given to the person attending the
    meeting along with the limited power of attorney.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Appendix&#160;A<BR>
    Proxy Guidelines</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROXY
    VOTING GUIDELINES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GENERAL
    POLICY STATEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is the policy of GAMCO Investors, Inc, and its affiliated
    advisers (collectively &#147;the Advisers&#148;) to vote in the
    best economic interests of our clients. As we state in our Magna
    Carta of Shareholders Rights, established in May 1988, we are
    neither <I>for </I>nor <I>against </I>management. We are for
    shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At our first proxy committee meeting in 1989, it was decided
    that each proxy statement should be evaluated on its own merits
    within the framework first established by our Magna Carta of
    Shareholders Rights. The attached guidelines serve to enhance
    that broad framework.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not consider any issue routine. We take into consideration
    all of our research on the company, its directors, and their
    short and long-term goals for the company. In cases where issues
    that we generally do not approve of are combined with other
    issues, the negative aspects of the issues will be factored into
    the evaluation of the overall proposals but will not necessitate
    a vote in opposition to the overall proposals.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Board of
    Directors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not consider the election of the Board of Directors a
    routine issue. Each slate of directors is evaluated on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Factors taken into consideration include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    Historical responsiveness to shareholders
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This may include such areas as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Paying greenmail
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Failure to adopt shareholder resolutions receiving a majority of
    shareholder votes
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Qualifications
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Nominating committee in place
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Number of outside directors on the board
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Attendance at meetings
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Overall performance
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Selection
    of Auditors</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, we support the Board of Directors&#146;
    recommendation for auditors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Blank
    Check Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We oppose the issuance of blank check preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Blank check preferred stock allows the company to issue stock
    and establish dividends, voting rights, etc. without further
    shareholder approval.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Classified
    Board</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A classified board is one where the directors are divided into
    classes with overlapping terms. A different class is elected at
    each annual meeting.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    While a classified board promotes continuity of directors
    facilitating long range planning, we feel directors should be
    accountable to shareholders on an annual basis. We will look at
    this proposal on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis taking into consideration the board&#146;s historical
    responsiveness to the rights of shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Where a classified board is in place we will generally not
    support attempts to change to an annually elected board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When an annually elected board is in place, we generally will
    not support attempts to classify the board.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Increase
    Authorized Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The request to increase the amount of outstanding shares is
    considered on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Factors taken into consideration include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;</TD>
    <TD align="left">
    Future use of additional shares
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Stock split
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Stock option or other executive compensation plan
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Finance growth of company/strengthen balance sheet
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Aid in restructuring
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Improve credit rating
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Implement a poison pill or other takeover defense
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Amount of stock currently authorized but not yet issued or
    reserved for stock option plans
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Amount of additional stock to be authorized and its dilutive
    effect
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will support this proposal if a detailed and verifiable plan
    for the use of the additional shares is contained in the proxy
    statement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Confidential
    Ballot</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support the idea that a shareholder&#146;s identity and vote
    should be treated with confidentiality.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, we look at this issue on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to promote confidentiality in the voting process, we
    endorse the use of independent Inspectors of Election.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Cumulative
    Voting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, we support cumulative voting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cumulative voting is a process by which a shareholder may
    multiply the number of directors being elected by the number of
    shares held on record date and cast the total number for one
    candidate or allocate the voting among two or more candidates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Where cumulative voting is in place, we will vote against any
    proposal to rescind this shareholder right.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cumulative voting may result in a minority block of stock
    gaining representation on the board. When a proposal is made to
    institute cumulative voting, the proposal will be reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis. While we feel that each board member should represent all
    shareholders, cumulative voting provides minority shareholders
    an opportunity to have their views represented.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Director
    Liability and Indemnification</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support efforts to attract the best possible directors by
    limiting the liability and increasing the indemnification of
    directors, except in the case of insider dealing.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Equal
    Access to the Proxy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The SEC&#146;s rules provide for shareholder resolutions.
    However, the resolutions are limited in scope and there is a 500
    word limit on proponents&#146; written arguments. Management has
    no such limitations. While we support equal access to the proxy,
    we would look at such variables as length of time required to
    respond, percentage of ownership, etc.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Fair
    Price Provisions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Charter provisions requiring a bidder to pay all shareholders a
    fair price are intended to prevent two-tier tender offers that
    may be abusive. Typically, these provisions do not apply to
    board-approved transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support fair price provisions because we feel all
    shareholders should be entitled to receive the same benefits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Golden
    Parachutes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Golden parachutes are severance payments to top executives who
    are terminated or demoted after a takeover.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support any proposal that would assure management of its own
    welfare so that they may continue to make decisions in the best
    interest of the company and shareholders even if the decision
    results in them losing their job. We do not, however, support
    excessive golden parachutes. Therefore, each proposal will be
    decided on a case-by- case basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Note:&#160;&#160;Congress has imposed a tax on any parachute
    that is more than three times the executive&#146;s average
    annual compensation</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Anti-Greenmail
    Proposals</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not support greenmail. An offer extended to one
    shareholder should be extended to all shareholders equally
    across the board.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Limit
    Shareholders&#146; Rights to Call Special Meetings</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support the right of shareholders to call a special meeting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Consideration
    of Nonfinancial Effects of a Merger</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This proposal releases the directors from only looking at the
    financial effects of a merger and allows them the opportunity to
    consider the merger&#146;s effects on employees, the community,
    and consumers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a fiduciary, we are obligated to vote in the best economic
    interests of our clients. In general, this proposal does not
    allow us to do that. Therefore, we generally cannot support this
    proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Mergers,
    Buyouts, Spin-Offs, Restructurings</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the above is considered on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis. According to the Department of Labor, we are not required
    to vote for a proposal simply because the offering price is at a
    premium to the current market price. We may take into
    consideration the long term interests of the shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Military
    Issues</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholder proposals regarding military production must be
    evaluated on a purely economic set of criteria for our ERISA
    clients. As such, decisions will be made on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In voting on this proposal for our non-ERISA clients, we will
    vote according to the client&#146;s direction when applicable.
    Where no direction has been given, we will vote in the best
    economic interests of our clients. It is not our duty to impose
    our social judgment on others.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Northern
    Ireland</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholder proposals requesting the signing of the MacBride
    principles for the purpose of countering the discrimination of
    Catholics in hiring practices must be evaluated on a purely
    economic set of criteria for our ERISA clients. As such,
    decisions will be made on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In voting on this proposal for our non-ERISA clients, we will
    vote according to client direction when applicable. Where no
    direction has been given, we will vote in the best economic
    interests of our clients. It is not our duty to impose our
    social judgment on others.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Opt Out
    of State Anti-Takeover Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This shareholder proposal requests that a company opt out of the
    coverage of the state&#146;s takeover statutes. Example:
    Delaware law requires that a buyer must acquire at least 85% of
    the company&#146;s stock before the buyer can exercise control
    unless the board approves.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We consider this on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis. Our decision will be based on the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    State of Incorporation
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Management history of responsiveness to shareholders
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Other mitigating factors
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Poison
    Pill</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, we do not endorse poison pills.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In certain cases where management has a history of being
    responsive to the needs of shareholders and the stock is very
    liquid, we will reconsider this position.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Reincorporation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, we support reincorporation for well-defined business
    reasons. We oppose reincorporation if proposed solely for the
    purpose of reincorporating in a state with more stringent
    anti-takeover statutes that may negatively impact the value of
    the stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Incentive Plans</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Director and Employee Stock incentive plans are an excellent way
    to attract, hold and motivate directors and employees. However,
    each incentive plan must be evaluated on its own merits, taking
    into consideration the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Dilution of voting power or earnings per share by more than 10%.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Kind of stock to be awarded, to whom, when and how much.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Method of payment.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    Amount of stock already authorized but not yet issued under
    existing stock plans.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    &#149;&#160;
</TD>
    <TD align="left">    The successful steps taken by management to maximize shareholder
    value.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Supermajority
    Vote Requirements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Supermajority vote requirements in a company&#146;s charter or
    bylaws require a level of voting approval in excess of a simple
    majority of the outstanding shares. In general, we oppose
    supermajority-voting requirements.
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Supermajority requirements often exceed the average level of
    shareholder participation. We support proposals&#146; approvals
    by a simple majority of the shares voting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Limit
    Shareholders Right to Act by Written Consent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Written consent allows shareholders to initiate and carry on a
    shareholder action without having to wait until the next annual
    meeting or to call a special meeting. It permits action to be
    taken by the written consent of the same percentage of the
    shares that would be required to effect proposed action at a
    shareholder meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Say on
    Pay and Say When on Pay</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will generally abstain from advisory votes on executive
    compensation (Say on Pay) and will also abstain from votes on
    the frequency of voting on executive compensation (Say When on
    Pay). In those instances when we believe that it is in our
    clients&#146; best interest, we may cast a vote for or against
    executive compensation
    <FONT style="white-space: nowrap">and/or</FONT> the
    frequency of votes on executive compensation.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;C<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">OTHER
    INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;25.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Financial
    Statements and Exhibits</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Financial Statements
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Part&#160;A
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Part&#160;B
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Exhibits
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="94%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Agreement and Declaration of Trust of
    Registrant<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="94%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    By-Laws of
    Registrant<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;Not applicable
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;Form of Specimen Common Share
    Certificate<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;Automatic Dividend Reinvestment and Voluntary Cash
    Purchase Plan of
    Registrant<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;Not applicable
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (g)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Investment Advisory Agreement between Registrant and
    Gabelli Funds,
    LLC<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Investment Advisory Agreement dated as of January&#160;20, 2011
    between Registrant and Gabelli Funds,
    LLC<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (h)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting
    Agreement<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Master Agreement Among
    Underwriters<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (iii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Master Selected Dealer
    Agreement<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (iv)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Structuring Fee Agreement with:
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    (i)&#160;&#160;Morgan Stanley &#038; Co.
    Incorporated<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    (ii)&#160;Citigroup Global Markets
    Inc.<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    (iii)&#160;Merrill Lynch, Pierce, Fenner &#038; Smith
    Incorporated<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;&#160;Not applicable
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)&#160;&#160;Custodian
    Agreement<SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)&#160;Registrar, Transfer Agency and Service
    Agreement<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (l)&#160;&#160;Opinion and Consent of Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP with respect to
    legality<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (m)&#160;Not applicable
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (n)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Independent Registered Public Accounting
    Firm<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of
    Attorney<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (o)&#160;Not applicable
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (p)&#160;Initial Subscription
    Agreement<SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (q)&#160;Not applicable
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="92%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (r)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Code of Ethics of the Fund and the Investment
    Adviser<SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Joint Code of Ethics for Chief Executive and Senior Financial
    Officers<SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Previously filed with Pre-Effective
    Amendment No.&#160;1 to the Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    filed on September&#160;29, 2010
    <FONT style="white-space: nowrap">(333-152424).</FONT>
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Included in Prospectus
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Previously filed with Pre-Effective
    Amendment No.&#160;2 to the Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    filed on November&#160;24, 2010
    <FONT style="white-space: nowrap">(333-152424).</FONT>
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(4)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Previously filed with Pre-Effective
    Amendment No. 3 to the Registration Statement on Form N-2 filed
    on December&#160;29, 2010
    <FONT style="white-space: nowrap">(333-152424).</FONT>
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">(5)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Filed herewith.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;26.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Marketing
    Arrangements</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information contained under the heading &#147;Automatic
    Dividend Reinvestment and Voluntary Cash Purchase Plan&#148; on
    page&#160;43 of the Prospectus is incorporated by reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reference is made to the Form of Underwriting Agreement for the
    Registrant&#146;s shares of beneficial interest, Form of
    Structuring Fee Agreement with Morgan
    Stanley&#160;&#038;&#160;Co. Incorporated, Form of Structuring
    Fee Agreement with Citigroup Global Markets Inc. and Form of
    Structuring Fee Agreement with Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated filed with this
    registration statement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;27.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth the estimated expenses to be
    incurred in connection with the offering described in this
    Registration Statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    NYSE listing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SEC registration fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    FINRA filing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing/engraving expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounting fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Transfer Agent fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Blue Sky fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    158,110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    900,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;28.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Persons
    Controlled by or Under Common Control with
    Registrant</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;29.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Number
    of Holders of Securities as of January&#160;26,
    2011</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="79%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of Record<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Title of Class</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Holders</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Shares of Beneficial Interest
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    One.
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;30.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Article&#160;IV of the Registrant&#146;s Agreement and
    Declaration of Trust provides as follows:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.1&#160;No Personal Liability of Shareholders, Trustees, etc.
    No Shareholder of the Trust shall be subject in such capacity to
    any personal liability whatsoever to any Person in connection
    with Trust&#160;Property or the acts, obligations or affairs of
    the Trust. Shareholders shall have the same limitation of
    personal liability as is extended to stockholders of a private
    corporation for profit incorporated under the general
    corporation law of the State of Delaware. No Trustee or officer
    of the Trust shall be subject in such capacity to any personal
    liability whatsoever to any Person, other than the Trust or its
    Shareholders, in connection with Trust&#160;Property or the
    affairs of the Trust, save only liability to the Trust or its
    Shareholders arising from bad faith, willful misfeasance, gross
    negligence or reckless disregard for his duty to such Person;
    and, subject to the foregoing exception, all such Persons shall
    look solely to the Trust&#160;Property for satisfaction of
    claims of any nature arising in connection with the affairs of
    the Trust. If any Shareholder, Trustee or officer, as such, of
    the Trust, is made a party to any suit or proceeding to enforce
    any such liability, subject to the foregoing exception, he shall
    not, on account thereof, be held to any personal liability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2&#160;Mandatory Indemnification. (a)&#160;The Trust shall
    indemnify the Trustees and officers of the Trust (each such
    person being an &#147;indemnitee&#148;) against any liabilities
    and expenses, including amounts paid in satisfaction of
    judgments, in compromise or as fines and penalties, and
    reasonable counsel fees reasonably incurred by such indemnitee
    in connection with the defense or disposition of any action,
    suit or other proceeding, whether civil or criminal, before any
    court or administrative or investigative body in which he may be
    or may have been
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    involved as a party or otherwise (other than, except as
    authorized by the Trustees, as the plaintiff or complainant) or
    with which he may be or may have been threatened, while acting
    in any capacity set forth above in this Section&#160;4.2 by
    reason of his having acted in any such capacity, except with
    respect to any matter as to which he shall not have acted in
    good faith in the reasonable belief that his action was in the
    best interest of the Trust or, in the case of any criminal
    proceeding, as to which he shall have had reasonable cause to
    believe that the conduct was unlawful, provided, however, that
    no indemnitee shall be indemnified hereunder against any
    liability to any person or any expense of such indemnitee
    arising by reason of (i)&#160;willful misfeasance, (ii)&#160;bad
    faith, (iii)&#160;gross negligence (negligence in the case of
    Affiliated Indemnitees), or (iv)&#160;reckless disregard of the
    duties involved in the conduct of his position (the conduct
    referred to in such clauses&#160;(i) through (iv)&#160;being
    sometimes referred to herein as &#147;disabling conduct&#148;).
    Notwithstanding the foregoing, with respect to any action, suit
    or other proceeding voluntarily prosecuted by any indemnitee as
    plaintiff, indemnification shall be mandatory only if the
    prosecution of such action, suit or other proceeding by such
    indemnitee was authorized by a majority of the Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Notwithstanding the foregoing, no indemnification shall
    be made hereunder unless there has been a determination
    (1)&#160;by a final decision on the merits by a court or other
    body of competent jurisdiction before whom the issue of
    entitlement to indemnification hereunder was brought that such
    indemnitee is entitled to indemnification hereunder or,
    (2)&#160;in the absence of such a decision, by (i)&#160;a
    majority vote of a quorum of those Trustees who are neither
    Interested Persons of the Trust nor parties to the proceeding
    (&#147;Disinterested Non-Party Trustees&#148;), that the
    indemnitee is entitled to indemnification hereunder, or
    (ii)&#160;if such quorum is not obtainable or even if
    obtainable, if such majority so directs, independent legal
    counsel in a written opinion conclude that the indemnitee should
    be entitled to indemnification hereunder. All determinations to
    make advance payments in connection with the expense of
    defending any proceeding shall be authorized and made in
    accordance with the immediately succeeding paragraph
    (c)&#160;below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;The Trust shall make advance payments in connection
    with the expenses of defending any action with respect to which
    indemnification might be sought hereunder if the Trust receives
    a written affirmation by the indemnitee of the indemnitee&#146;s
    good faith belief that the standards of conduct necessary for
    indemnification have been met and a written undertaking to
    reimburse the Trust unless it is subsequently determined that he
    is entitled to such indemnification and if a majority of the
    Trustees determine that the applicable standards of conduct
    necessary for indemnification appear to have been met. In
    addition, at least one of the following conditions must be met:
    (1)&#160;the indemnitee shall provide adequate security for his
    undertaking, (2)&#160;the Trust shall be insured against losses
    arising by reason of any lawful advances, or (3)&#160;a majority
    of a quorum of the Disinterested Non-Party Trustees, or if a
    majority vote of such quorum so directs, independent legal
    counsel in a written opinion, shall conclude, based on a review
    of readily available facts (as opposed to a full trial-type
    inquiry), that there is substantial reason to believe that the
    indemnitee ultimately will be found entitled to indemnification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;The rights accruing to any indemnitee under these
    provisions shall not exclude any other right to which he may be
    lawfully entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;Notwithstanding the foregoing, subject to any
    limitations provided by the 1940 Act and this Declaration, the
    Trust shall have the power and authority to indemnify Persons
    providing services to the Trust to the full extent provided by
    law as if the Trust were a corporation organized under the
    Delaware General Corporation Law provided that such
    indemnification has been approved by a majority of the Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.3&#160;No Duty of Investigation; Notice in
    Trust&#160;Instruments, etc. No purchaser, lender, transfer
    agent or other person dealing with the Trustees or with any
    officer, employee or agent of the Trust shall be bound to make
    any inquiry concerning the validity of any transaction
    purporting to be made by the Trustees or by said officer,
    employee or agent or be liable for the application of money or
    property paid, loaned, or delivered to or on the order of the
    Trustees or of said officer, employee or agent. Every
    obligation, contract, undertaking, instrument, certificate,
    Share, other security of the Trust, and every other act or thing
    whatsoever executed in connection with the Trust shall be
    conclusively taken to have been executed or done by the
    executors thereof only in their capacity as Trustees under this
    Declaration or in their capacity as officers, employees or
    agents of the Trust. The Trustees may maintain insurance for the
    protection of the Trust&#160;Property, its Shareholders,
    Trustees, officers, employees and agents in such amount as the
    Trustees shall deem adequate to cover possible liability, and
    such other insurance as the Trustees in their sole judgment
    shall deem advisable or is required by the 1940 Act.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.4&#160;Reliance on Experts, etc. Each Trustee and officer or
    employee of the Trust shall, in the performance of its duties,
    be fully and completely justified and protected with regard to
    any act or any failure to act resulting from reliance in good
    faith upon the books of account or other records of the Trust,
    upon an opinion of counsel, or upon reports made to the Trust by
    any of the Trust&#146;s officers or employees or by any advisor,
    administrator, manager, distributor, selected dealer,
    accountant, appraiser or other expert or consultant selected
    with reasonable care by the Trustees, officers or employees of
    the Trust, regardless of whether such counsel or other person
    may also be a Trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Section&#160;9 of the Registrant&#146;s Investment Advisory
    Agreement provides as follows:</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;Indemnity</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;The Fund hereby agrees to indemnify the Adviser and
    each of the Adviser&#146;s trustees, officers, employees, and
    agents (including any individual who serves at the
    Adviser&#146;s request as director, officer, partner, trustee or
    the like of another corporation) and controlling persons (each
    such person being an &#147;indemnitee&#148;) against any
    liabilities and expenses, including amounts paid in satisfaction
    of judgments, in compromise or as fines and penalties, and
    counsel fees (all as provided in accordance with applicable
    corporate law) reasonably incurred by such indemnitee in
    connection with the defense or disposition of any action, suit
    or other proceeding, whether civil or criminal, before any court
    or administrative or investigative body in which he may be or
    may have been involved as a party or otherwise or with which he
    may be or may have been threatened, while acting in any capacity
    set forth above in this paragraph or thereafter by reason of his
    having acted in any such capacity, except with respect to any
    matter as to which he shall have been adjudicated not to have
    acted in good faith in the reasonable belief that his action was
    in the best interest of the Fund and furthermore, in the case of
    any criminal proceeding, so long as he had no reasonable cause
    to believe that the conduct was unlawful, provided, however,
    that (1)&#160;no indemnitee shall be indemnified hereunder
    against any liability to the Fund or its shareholders or any
    expense of such indemnitee arising by reason of (i)&#160;willful
    misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence,
    (iv)&#160;reckless disregard of the duties involved in the
    conduct of his position (the conduct referred to in such
    clauses&#160;(i) through (iv)&#160;being sometimes referred to
    herein as &#147;disabling conduct&#148;), (2)&#160;as to any
    matter disposed of by settlement or a compromise payment by such
    indemnitee, pursuant to a consent decree or otherwise, no
    indemnification either for said payment or for any other
    expenses shall be provided unless there has been a determination
    that such settlement or compromise is in the best interests of
    the Fund and that such indemnitee appears to have acted in good
    faith in the reasonable belief that his action was in the best
    interest of the Fund and did not involve disabling conduct by
    such indemnitee and (3)&#160;with respect to any action, suit or
    other proceeding voluntarily prosecuted by any indemnitee as
    plaintiff, indemnification shall be mandatory only if the
    prosecution of such action, suit or other proceeding by such
    indemnitee was authorized by a majority of the full Board of the
    Fund. Notwithstanding the foregoing the Fund shall not be
    obligated to provide any such indemnification to the extent such
    provision would waive any right which the Fund cannot lawfully
    waive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;The Fund shall make advance payments in connection with
    the expenses of defending any action with respect to which
    indemnification might be sought hereunder if the Fund receives a
    written affirmation of the indemnitee&#146;s good faith belief
    that the standard of conduct necessary for indemnification has
    been met and a written undertaking to reimburse the Fund unless
    it is subsequently determined that he is entitled to such
    indemnification and if the trustees of the Fund determine that
    the facts then known to them would not preclude indemnification.
    In addition, at least one of the following conditions must be
    met: (A)&#160;the indemnitee shall provide a security for his
    undertaking, (B)&#160;the Fund shall be insured against losses
    arising by reason of any lawful advances, or (C)&#160;a majority
    of a quorum of trustees of the Fund who are neither
    &#147;interested persons&#148; of the Fund (as defined in
    Section&#160;2(a)(19) of the Act) nor parties to the proceeding
    (&#147;Disinterested Non-Party Trustees&#148;) or an independent
    legal counsel in a written opinion, shall determine, based on a
    review of readily available facts (as opposed to a full
    trial-type inquiry), that there is reason to believe that the
    indemnitee ultimately will be found entitled to indemnification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;All determinations with respect to indemnification
    hereunder shall be made (1)&#160;by a final decision on the
    merits by a court or other body before whom the proceeding was
    brought that such indemnitee is not liable by reason of
    disabling conduct or, (2)&#160;in the absence of such a
    decision, by (i)&#160;a majority vote of a quorum of the
    Disinterested Non-party Trustees of the Fund, or (ii)&#160;if
    such a quorum is not obtainable or even, if obtainable, if a
    majority vote of such quorum so directs, independent legal
    counsel in a written opinion.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The rights accruing to any indemnitee under these provisions
    shall not exclude any other right to which he may be lawfully
    entitled.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Underwriter
    indemnification provisions, if any, to be filed by
    amendment.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;31.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Business
    and Other Connections of Investment Adviser</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser, a limited liability company organized
    under the laws of the State of New York, acts as investment
    adviser to the Registrant. The Registrant is fulfilling the
    requirement of this Item&#160;30 to provide a list of the
    officers and Trustees of the Investment Adviser, together with
    information as to any other business, profession, vocation or
    employment of a substantial nature engaged in by the Investment
    Adviser or those officers and Trustees during the past two
    years, by incorporating by reference the information contained
    in the Form&#160;ADV of the Investment Adviser filed with the
    commission pursuant to the Investment Advisers Act of 1940
    (Commission File
    <FONT style="white-space: nowrap">No.&#160;801-26202).</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;32.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Location
    of Accounts and Records</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The accounts and records of the Registrant are maintained in
    part at the office of the Investment Adviser at One Corporate
    Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    in part at the offices of the Custodian, The Bank of
    New&#160;York Mellon, 135 Santilli Highway, Everett,
    Massachusetts 02149, in part at the offices of the Fund&#146;s
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    BNY Mellon Investment Servicing (US) Inc., 760 Moore Road, King
    of Prussia, Pennsylvania 19406, and in part at the offices of
    the Transfer Agent, American Stock Transfer &#038; Trust
    Company, 59 Maiden Lane, New York, New York 10038.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;33.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Management
    Services</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Not applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;34.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;Registrant undertakes to suspend the offering of shares
    until the prospectus is amended, if (1)&#160;subsequent to the
    effective date of this Registration Statement, its net asset
    value declines more than ten percent from its net asset value,
    as of the effective date of this Registration Statement; or
    (2)&#160;its net asset value increases to an amount greater than
    its net proceeds as stated in the prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;Not applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;Not applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;Not applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;Registrant undertakes that,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;For the purpose of determining any liability under the
    Securities Act of 1933 (the &#147;1933&#160;Act&#148;), the
    information omitted from the form of prospectus filed as part of
    this Registration Statement in reliance upon Rule&#160;430A and
    contained in the form of prospectus filed by the Registrant
    pursuant to Rule&#160;497(h) will be deemed to be a part of the
    Registration Statement as of the time it was declared effective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;For the purpose of determining any liability under the
    1933&#160;Act, each post-effective amendment that contains a
    form of prospectus will be deemed to be a new Registration
    Statement relating to the securities offered therein, and the
    offering of such securities at that time will be deemed to be
    the initial bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;Registrant undertakes to send by first class mail or
    other means designed to ensure equally prompt delivery, within
    two business days of receipt of a written or oral request, any
    Statement of Additional Information constituting Part&#160;B of
    this Registration Statement.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, and the Investment Company Act of 1940, this Registrant
    has duly caused this Amendment to the Registration Statement to
    be signed on its behalf by the undersigned, thereto duly
    authorized, in the City of Rye, State of New York, on the
    26th&#160;day of January, 2011.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE GABELLI NATURAL RESOURCES, GOLD&#160;&#038; INCOME TRUST
</DIV>

<DIV style="margin-top: 28pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bruce
    N. Alpert</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;Bruce N. Alpert
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Principal Executive Officer and President
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933 and
    the Investment Company act of 1940, this Amendment to the
    Registration Statement has been signed below by the following
    persons in their capacities set forth below on the 26th&#160;day
    of January, 2011.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Anthony
    J. Colavita*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Anthony
    J. Colavita
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">James
    P. Conn*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>James
    P. Conn
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Mario
    d&#146;Urso*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Mario
    d&#146;Urso
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Vincent
    D. Enright*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Vincent
    D. Enright
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Frank
    J. Fahrenkopf, Jr.*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Frank
    J. Fahrenkopf, Jr.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Michael
    J. Melarkey*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Michael
    J. Melarkey
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Kuni
    Nakamura*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Kuni
    Nakamura
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Anthonie
    C. van Ekris*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Anthonie
    C. van Ekris
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Salvatore
    J. Zizza*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Salvatore
    J. Zizza
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bruce
    N. Alpert</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Bruce
    N. Alpert
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Principal Executive Officer and President
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Agnes
    Mullady</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Agnes
    Mullady
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Principal Financial Officer, Treasurer and Secretary
</TD>
</TR>
<TR valign="bottom" style="line-height: 7pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bruce
    N. Alpert</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Bruce
    N. Alpert
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="white-space: nowrap">Attorney-in-Fact</FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 10%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Pursuant to a Power of Attorney
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="82%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 10pt">Exhibit<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(g)(ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Investment Advisory Agreement dated as of January&#160;20, 2011
    between Registrant and Gabelli Funds, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(h)(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(h)(ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Master Agreement among Underwriters
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(h)(iii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Master Selected Dealer Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(h)(iv)(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Structuring Fee Agreement with Morgan Stanley &#038; Co.
    Incorporated
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(h)(iv)(ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Structuring Fee Agreement with Citigroup Global Markets
    Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(h)(iv)(iii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Structuring Fee Agreement with Merrill Lynch, Pierce,
    Fenner &#038; Smith Incorporated
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(k)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registrar, Transfer Agency and Service Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(l)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion and Consent of Skadden, Arps, Slate, Meagher &#038; Flom
    LLP with respect to legality
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ex-
</TD>
<TD nowrap align="left" valign="top">
    .99(n)(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Independent Registered Public Accounting Firm
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.G.II
<SEQUENCE>2
<FILENAME>y89182a4exv99wgwii.htm
<DESCRIPTION>EX-99.G.II
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wgwii</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&nbsp;99(g)(ii)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INVESTMENT ADVISORY AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">January&nbsp;20, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gabelli Funds, LLC<BR>
One Corporate Center<BR>
Rye, New York 10580-1434

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sir:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Natural Resources, Gold &#038; Income Trust (the &#147;<U>Fund</U>&#148;), a statutory trust
organized under the laws of the state of Delaware, confirms its investment advisory agreement with
Gabelli Funds, LLC (the &#147;<U>Adviser</U>&#148;), as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Investment Description; Appointment
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund desires to employ its capital by investing and reinvesting in investments of the kind
and in accordance with the limitations specified in its Agreement and Declaration of Trust, as
amended from time to time (the &#147;<U>Declaration of Trust</U>&#148;), and in its Registration Statement
on Form N-2 under the Investment Company Act of 1940 (the &#147;<U>1940 Act</U>&#148;) as from time to time
in effect (the &#147;<U>Registration Statement</U>&#148;) and in such manner and to such extent as may from
time to time be approved by the Fund&#146;s Board of Trustees. Copies of the Declaration of Trust and
the Registration Statement in their form on the date hereof have been submitted to the Adviser.
The Fund desires to employ and hereby appoints the Adviser to act as its investment adviser and to
oversee the administration of all aspects of the Fund&#146;s business and affairs and provide, or
arrange for others whom it believes to be competent to provide, certain services as specified in
subparagraph (b)&nbsp;below. The Adviser accepts the appointment and agrees to furnish the services set
forth below for the compensation set forth below. Nothing contained herein shall be construed to
restrict the Fund&#146;s right to hire its own employees or to contract for administrative services to
be performed by third parties, including but not limited to, the calculation of the net asset value
of the Fund&#146;s shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Services
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Investment Advice. Subject to the direction and control of the Fund&#146;s Board of Trustees,
the Adviser will (i)&nbsp;act in conformity with the Declaration of Trust, the 1940 Act and the
Investment Advisers Act of 1940, as the same may from time to time be amended, (ii)&nbsp;manage the
Fund&#146;s assets in accordance with the Fund&#146;s investment
</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">objective and policies as stated in the Registration Statement, (iii)&nbsp;make investment decisions for
the Fund, (iv)&nbsp;exercise all voting rights in respect of the Fund&#146;s assets and (v)&nbsp;place purchase
and sale orders on behalf of the Fund. In rendering those services, the Adviser will provide
investment research and supervision of the Fund&#146;s investments and conduct a continual program of
investment, evaluation and, if appropriate, sale and reinvestment of the Fund&#146;s assets. In
addition, the Adviser will furnish the Fund with whatever statistical information the Fund may
reasonably request with respect to the securities that the Fund may hold or contemplate purchasing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Administration. The specific services to be provided or arranged for by the Adviser for
the Fund are (i)&nbsp;maintaining the Fund&#146;s books and records, such as journals, ledger accounts and
other records in accordance with applicable laws and regulations to the extent not maintained by
the Fund&#146;s custodian, transfer agent or dividend disbursing agent; (ii)&nbsp;initiating all money
transfers to the Fund&#146;s custodian and from the Fund&#146;s custodian for the payment of the Fund&#146;s
expenses, investments, and dividends; (iii)&nbsp;reconciling account information and balances among the
Fund&#146;s custodian, transfer agent, dividend disbursing agent and the Adviser; (iv)&nbsp;providing the
Fund, upon request, with such office space and facilities, utilities and office equipment as are
adequate for the Fund&#146;s needs; (v)&nbsp;preparing, but not paying for, all reports by the Fund to its
shareholders and all reports and filings required to maintain registration and qualification of the
Fund&#146;s shares under federal and state law including the updating of the Fund&#146;s Registration
Statement, when necessary; (vi)&nbsp;supervising the calculation of net asset value of the Fund&#146;s
shares; and (vii)&nbsp;preparing notices and agendas for meetings of the Fund&#146;s shareholders and the
Fund&#146;s Board of Trustees as well as minutes of such meetings in all matters required by applicable
law to be acted upon by the Board of Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Brokerage
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In executing transactions for the Fund and selecting brokers or dealers, the Adviser will seek
best execution. In doing so, the Adviser will consider all factors it deems relevant including,
but not limited to, the breadth of the market in the security, the price of the security, the
financial condition and execution capability of the broker or dealer and the reasonableness of any
commission for the specific transaction and on a continuing basis. In selecting brokers or dealers
to execute a particular transaction, the Adviser may consider the brokerage and research services
provided to the Fund and/or other accounts over which the Adviser or an affiliate of the Adviser
exercises investment discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Information Provided to the Fund
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser will keep the Fund informed of developments materially affecting the Fund, and
will, on its own initiative, furnish the Fund from time to time with whatever information the
Adviser believes is appropriate for this purpose.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Standard of Care
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser shall exercise its professional judgment in rendering the services described in
paragraphs 2 and 3 above. The Adviser shall not be liable for any error of judgment or mistake of
law or for any loss suffered by the Fund in connection with the matters of which this Agreement
relates, provided that nothing in this paragraph shall be deemed to protect or purport to protect
the Adviser against any liability to the Fund or to its shareholders to which the Adviser would
otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in
the performance of its duties or by reason of the Adviser&#146;s reckless disregard of its obligations
and duties under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Compensation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the services rendered pursuant to this Agreement, the Fund will pay the
Adviser, on the first business day of each month, a fee for the previous month at an annual rate
equal to a percentage set forth in the fee schedule attached to this agreement as Appendix&nbsp;A of the
Fund&#146;s average weekly net assets. Upon any termination of this Agreement before the end of a
month, the fee for such part of that month shall be prorated according to the proportion that such
period bears to the full monthly period and shall be payable upon the date of termination of this
Agreement. For the purpose of determining fees payable to the Adviser, the Fund&#146;s average weekly
net assets shall be determined at the end of each month on the basis of the Fund&#146;s average net
assets for each week during the month. The assets for each weekly period shall be determined by
averaging the net assets at the end of a week with the net assets at the end of the prior week.
The value of the Fund&#146;s average weekly net assets shall be deemed to be the average weekly value of
the Fund&#146;s total assets minus the sum of the Fund&#146;s liabilities (such liabilities shall exclude the
aggregate liquidation preference of outstanding preferred shares and accumulated dividends, if any,
on those shares and the outstanding principal amount of any debt securities the proceeds of which
were used for investment purposes, plus accrued and unpaid interest thereon).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Expenses
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser will bear all expenses in connection with the performance of
its services under this Agreement. The Fund will bear certain other expenses to be incurred in its
operation, including: underwriting compensation and reimbursements in connection with sales of its
securities, expenses for legal and independent accountants&#146; services, costs of printing proxies,
stock certificates and shareholder reports, charges of the custodian, any sub-custodian and
transfer and dividend paying agent, expenses in connection with the Automatic Dividend Reinvestment
and Voluntary Cash Purchase Plan, Securities and Exchange Commission fees, fees and expenses of
trustees who are
not officers or employees of the Adviser or its affiliates, compensation and other expenses of
officers and employees of the Fund (including, but not limited to, the Chief Compliance Officer,
Vice President and Ombudsman) as approved by the trustees, accounting and pricing costs, membership
fees in trade associations, fidelity bond coverage for the Fund&#146;s officers and employees, trustees
and officers&#146; errors and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">omissions insurance coverage, interest, brokerage costs, taxes, stock exchange listing fees and
expenses, all expenses of computing the Fund&#146;s net asset value per share, including any equipment
or services obtained solely for the purpose of pricing shares or valuing the Fund&#146;s investment
portfolios, expenses of qualifying the Fund&#146;s shares for sale in various states, preparation of
filings with the Securities and Exchange Commission (including but not limited to Form N-PX, Form
N-CSR and Form N-SAR), the costs of third-party services to monitor and recover class action
settlement amounts, litigation and other extraordinary or non-recurring expenses, and other
expenses properly payable by the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Services to Other Companies or Accounts
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund understands that the Adviser now acts and will continue to act as investment adviser
to other investment companies and may act in the future as investment adviser to other investment
companies or portfolios, and the Fund has no objection to the Adviser so acting, provided that
whenever the Fund and one or more other portfolios of or investment companies advised by the
Adviser and its affiliates have available funds for investment, investments suitable and
appropriate for each will be allocated in a manner believed to be equitable to each and that
whenever the Fund and one or more other portfolios of or investment companies advised by the
Adviser and its affiliates desire to dispose of the same assets, such dispositions will be
allocated in a manner believed equitable to each. The Fund recognizes that in some cases this
procedure may adversely affect the size of the position obtainable for the Fund. In addition, the
Fund understands that the Adviser&#146;s agents will not devote their full time to the discharge of its
duties under this Agreement and nothing contained herein shall be deemed to limit or restrict the
right of the Adviser or any affiliate of the Adviser to engage in and devote time and attention to
other businesses or to render services of whatever kind or nature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Indemnity
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Fund hereby agrees to indemnify the Adviser and each of the Adviser&#146;s trustees,
officers, employees, and agents (including any individual who serves at the Adviser&#146;s request as
director, officer, partner, trustee or the like of another corporation) and controlling persons
(each such person being an &#147;indemnitee&#148;) against any liabilities and expenses, including amounts
paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees (all
as provided in accordance with applicable corporate law) reasonably incurred by such indemnitee in
connection with the defense or disposition of any action, suit or other proceeding, whether civil
or criminal, before any court or administrative or investigative body in which he may be or may
have been involved as a party or otherwise or with which he may be or may have been threatened,
while acting in any capacity set forth above in this paragraph or thereafter by reason of his
having acted in any such capacity, except with respect to any matter as to which he shall have been
adjudicated not to have acted in good faith in the reasonable belief that his action was in the
best interest of the Fund and furthermore, in the case of any criminal proceeding, so long as he
had no reasonable cause to believe that the conduct was unlawful, provided, however, that (1)&nbsp;no
indemnitee shall be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">indemnified hereunder against any liability to the Fund or its shareholders or any expense of such
indemnitee arising by reason of (i)&nbsp;willful misfeasance, (ii)&nbsp;bad faith, (iii)&nbsp;gross negligence,
(iv)&nbsp;reckless disregard of the duties involved in the conduct of his position (the conduct referred
to in such clauses (i)&nbsp;through (v)&nbsp;being sometimes referred to herein as &#147;disabling conduct&#148;), (2)
as to any matter disposed of by settlement or a compromise payment by such indemnitee, pursuant to
a consent decree or otherwise, no indemnification either for said payment or for any other expenses
shall be provided unless there has been a determination that such settlement or compromise is in
the best interests of the Fund and that such indemnitee appears to have acted in good faith in the
reasonable belief that his action was in the best interest of the Fund and did not involve
disabling conduct by such indemnitee and (3)&nbsp;with respect to any action, suit or other proceeding
voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if
the prosecution of such action, suit or other proceeding by such indemnitee was authorized by a
majority of the full Board of the Fund. Notwithstanding the foregoing the Fund shall not be
obligated to provide any such indemnification to the extent such provision would waive any right
which the Fund cannot lawfully waive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Fund shall make advance payments in connection with the expenses of defending any
action with respect to which indemnification might be sought hereunder if the Fund receives a
written affirmation of the indemnitee&#146;s good faith belief that the standard of conduct necessary
for indemnification has been met and a written undertaking to reimburse the Fund unless it is
subsequently determined that he is entitled to such indemnification and if the trustees of the Fund
determine that the facts then known to them would not preclude indemnification. In addition, at
least one of the following conditions must be met: (A)&nbsp;the indemnitee shall provide a security for
his undertaking, (B)&nbsp;the Fund shall be insured against losses arising by reason of any lawful
advances, or (C)&nbsp;a majority of a quorum of trustees of the Fund who are neither &#147;interested
persons&#148; of the Fund (as defined in Section&nbsp;2(a)(19) of the Act) nor parties to the proceeding
(&#147;Disinterested Non-Party Trustees&#148;) or an independent legal counsel in a written opinion, shall
determine, based on a review of readily available facts (as opposed to a full trial-type inquiry),
that there is reason to believe that the indemnitee ultimately will be found entitled to
indemnification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All determinations with respect to indemnification hereunder shall be made (1)&nbsp;by a final
decision on the merits by a court or other body before whom the proceeding was brought that such
indemnitee is not liable by reason of disabling conduct or, (2)&nbsp;in the absence of such a decision,
by (i)&nbsp;a majority vote of a quorum of the Disinterested Non-party Trustees of the Fund, or (ii)&nbsp;if
such a quorum is not obtainable or even, if obtainable, if a majority vote of such quorum so
directs, independent legal counsel in a written opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights accruing to any indemnitee under these provisions shall not exclude any other right
to which he may be lawfully entitled.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Use of the Word &#147;Gabelli&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is understood and agreed that the word &#147;Gabelli&#148; is the Adviser&#146;s property for copyright
and other purposes. The Fund further agrees that the word &#147;Gabelli&#148; in its name is derived from
the name of Mario J. Gabelli and such name may freely be used by the Adviser for other investment
companies, entities or products. The Fund further agrees that, in the event that the Adviser shall
cease to act as an investment adviser to the Fund, the Fund shall promptly take all necessary and
appropriate action to change its name to one that does not include the word &#147;Gabelli&#148;; provided,
however, that the Fund may continue to use such name if the Adviser consents in writing to such
use.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Term of Agreement
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall become effective, if it has been approved by the Board of Trustees and
the sole shareholder or the shareholders of the Fund in accordance with the requirements of the
1940 Act, on the day the Fund commences operations and will continue in effect for two years and
thereafter will continue for successive annual periods, provided such continuance is specifically
approved at least annually in accordance with the requirements of the 1940 Act. This Agreement is
terminable, without penalty, on 60&nbsp;days written notice by the Fund&#146;s Board of Trustees, by vote of
holders of a majority of the Fund&#146;s shares, or by the Adviser. This Agreement will also terminate
automatically in the event of its assignment (as defined in the 1940 Act and the rules thereunder).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Amendment
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser and the Fund may amend this Agreement without shareholder approval so long as such
amendment does not materially change the advisory relationship between the Adviser and the Fund.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing is in accordance with your understanding, kindly indicate your acceptance of
this Agreement by signing and returning the enclosed copy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE GABELLI NATURAL RESOURCES, GOLD &#038; INCOME TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Agnes Mullady
&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">Agnes Mullady&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">Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Agreed to and Accepted:<BR>
<BR>
GABELLI FUNDS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Bruce N. Alpert
&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">Bruce N. Alpert&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">Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>APPENDIX A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><U>FEE SCHEDULE</U></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following percentage shall apply for the purpose of calculating the Adviser&#146;s fee under
section 6 of the Investment Advisory Agreement:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.00% from the commencement of investment operations by the Fund.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.I
<SEQUENCE>3
<FILENAME>y89182a4exv99whwi.htm
<DESCRIPTION>EX-99.H.I
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whwi</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&nbsp;99(h)(i)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;<B>&#149;</B>&#093; Shares</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE GABELLI NATURAL RESOURCES, GOLD &#038; INCOME TRUST</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMMON SHARES OF BENEFICIAL INTEREST<BR>
(PAR VALUE $0.001 PER SHARE)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNDERWRITING AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">January &#091;<B>&#149;</B>&#093;, 2011
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">January &#091;<B>&#149;</B>&#093;, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Morgan Stanley &#038; Co. Incorporated<BR>
Citigroup Global Markets Inc.<BR>
Merrill Lynch, Pierce, Fenner &#038; Smith

</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 0pt">Incorporated
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">c/o Morgan Stanley &#038; Co. Incorporated
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 2%; margin-top: 0pt">1585 Broadway<BR>
New York, New York 10036
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Gabelli Natural Resources, Gold &#038; Income Trust, an unincorporated statutory trust
organized under the laws of the State of Delaware (the &#147;<B>Fund</B>&#148;), is a non-diversified, closed end
management investment company registered under the Investment Company Act of 1940, as amended (the
&#147;<B>Investment Company Act</B>&#148;). The Fund proposes to issue and sell to the several Underwriters named
in Schedule&nbsp;I hereto (the &#147;<B>Underwriters</B>&#148;) &#091;<B>&#149;</B>&#093; common shares of beneficial interest (par value
$0.001 per share) (the &#147;<B>Firm Shares</B>&#148;). The Fund also proposes to issue and sell to the several
Underwriters not more than an additional &#091;<B>&#149;</B>&#093; common shares of beneficial interest (par value $0.001
per share) (the &#147;<B>Additional Shares</B>&#148;) if and to the extent that you, as Managers of the offering,
shall have determined to exercise, on behalf of the Underwriters, the right to purchase such shares
granted to the Underwriters in Section&nbsp;3 hereof. The Firm Shares and the Additional Shares are
hereinafter collectively referred to as the &#147;<B>Shares</B>.&#148; The common shares of beneficial interest
(par value $0.001 per share) of the Fund to be outstanding after giving effect to the sales
contemplated hereby are hereinafter referred to as the &#147;<B>Common Shares</B>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabelli Funds, LLC (the &#147;<B>Adviser</B>&#148;) acts as the Fund&#146;s investment adviser pursuant to an
Investment Advisory Agreement between the Adviser and the Fund (the &#147;<B>Investment Advisory
Agreement</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has filed with the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) a
notification on Form N-8A (the &#147;<B>Notification</B>&#148;) of registration of the Fund as an investment company
and a registration statement on Form N-2 (File Nos. 333-152424 and 811-22216), including a
prospectus and a statement of additional information incorporated by reference in the prospectus,
relating to the Shares. The registration statement as amended at the time it becomes effective,
including the information (if any) deemed to be part of the registration statement at the time of
effectiveness pursuant to Rule&nbsp;430A under the Securities Act of
</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">1933, as amended (the &#147;<B>Securities Act</B>&#148;), is hereinafter referred to as the &#147;<B>Registration
Statement</B>&#148;; the prospectus in the form first used to confirm sales of Shares and filed with the
Commission in accordance with Rule&nbsp;497 of the Securities Act, including the statement of additional
information incorporated therein by reference, is hereinafter referred to as the &#147;<B>Prospectus</B>.&#148; If
the Fund has filed an abbreviated registration statement to register additional Common Shares
pursuant to Rule 462(b) under the Securities Act (the &#147;<B>Rule&nbsp;462 Registration Statement</B>&#148;), then any
reference herein to the term &#147;<B>Registration Statement</B>&#148; shall be deemed to include such Rule&nbsp;462
Registration Statement. The Investment Company Act and the Securities Act are hereinafter referred
to collectively as the &#147;<B>Acts</B>,&#148; and the rules and regulations of the Commission under the Acts and
under the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;) are hereinafter referred
to collectively as the &#147;<B>Rules and Regulations</B>.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, &#147;<B>Omitting Prospectus</B>&#148; means any advertisement used in the
public offering of the Shares pursuant to Rule&nbsp;482 of the Rules and Regulations (&#147;<B>Rule&nbsp;482</B>&#148;) and
&#147;<B>Time of Sale Prospectus</B>&#148; means the preliminary prospectus, dated December &#091;<B>&#149;</B>&#093;, 2010, including the
statement of additional information incorporated therein by reference, and each Omitting Prospectus
identified on Schedule&nbsp;II hereto as a Retail Omitting Prospectus. As used herein, the terms
&#147;Registration Statement,&#148; &#147;preliminary prospectus,&#148; &#147;Time of Sale Prospectus&#148; and &#147;Prospectus&#148;
shall include the documents, if any, incorporated by reference therein, including the statement of
additional information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<I>Representations and Warranties of the Fund and the Adviser</I>. The Fund and the Adviser,
jointly and severally, represent and warrant to and agree with each of the Underwriters as of the
date hereof, as of the Applicable time referred to in Section&nbsp;1(b)(i) hereof, as of the Closing
Date referred to in Section&nbsp;5 hereof, and as of each Option Closing Date (if any) referred to in
Section&nbsp;3 hereof, that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund meets the requirements for the use of Form N-2 under the Acts. The
Registration Statement has become effective under the Securities Act; no stop order
suspending the effectiveness of the Registration Statement has been issued under the
Securities Act and is in effect, or order of suspension or revocation of registration
pursuant to Section 8(e) of the Investment Company Act, and no proceedings for any such
purpose have been instituted, are pending before or contemplated by the Commission and any
request for additional information on the part of the Commission has been complied with.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;The Registration Statement, and any amendments or supplements thereto, when
it became effective, on the Closing Date
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">referred to in Section&nbsp;5 hereof (and if any Additional Shares are purchased, on the
Option Closing Date), did not contain and, as amended or supplemented, if applicable, will
not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading,
(ii)&nbsp;the Registration Statement, the Prospectus and Notification comply and, as amended or
supplemented, if applicable, will comply in all material respects with the Acts and the
applicable Rules and Regulations thereunder, (iii)&nbsp;the Time of Sale Prospectus and the
information included on Schedule&nbsp;III hereto, (together, the &#147;<B>General Disclosure Package</B>&#148;)
and each Preliminary Prospectus, and any amendments or supplements thereto does not, and
at the time of each sale of the Shares in connection with the offering when the Prospectus
is not yet available to prospective purchasers, and at the Closing Date (as defined in
Section&nbsp;5), the General Disclosure Package, as then amended or supplemented, if
applicable, will not, contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading and (iv)&nbsp;neither the Prospectus nor any
amendments or supplements thereto contains and, as amended or supplemented, if applicable,
will contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading, except that the representations and warranties set forth
in this paragraph do not apply to statements or omissions in the Registration Statement,
the Time of Sale Prospectus or the Prospectus based upon information relating to any
Underwriter furnished to the Fund in writing by such Underwriter through you expressly for
use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this subsection and elsewhere in this Agreement &#147;<B>Applicable Time</B>&#148; means
&#091;<B>&#149;</B>&#093; P.M. (Eastern Time) on &#091;<B>&#149;</B>&#093;, 2011 or such other time as agreed to by the Fund and
Morgan Stanley &#038; Co. Incorporated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Time of Sale Prospectus and the Prospectus filed as part of the effective
Registration Statement or as part of any amendment thereto, or filed pursuant to Rule&nbsp;497
under the Securities Act, complied when so filed in all material respects with the Rules
and Regulations, the Time of Sale Prospectus and the Prospectus delivered to the
Underwriters for use in connection with this offering was identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the
extent permitted by Regulation&nbsp;S T.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Rule 462(b) Registration Statement is required in connection with the offering
and sale of the Shares, the Fund has complied or will
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">comply with the requirements of Rule&nbsp;111 under the Rules and Regulations and Rule&nbsp;3a
of the Commission&#146;s Internal and Other Procedures (&#147;<B>Rule&nbsp;3a</B>&#148;) relating to the payment of
filing fees thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund, subject to the Registration Statement having been declared effective and
the filing of the Prospectus under Rule&nbsp;497, has taken all required action under the
Securities Act, the Investment Company Act, the Exchange Act of 1934, and the Rules and
Regulations to make the public offering and consummate the sale of the Securities as
contemplated by this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund has been duly organized, is validly existing and in good standing as an
unincorporated statutory trust in good standing under the laws of the State of Delaware,
has the power and authority to own its property and to conduct its business as described
in the Registration Statement, Time of Sale Prospectus and Prospectus and is duly
qualified to transact business and is in good standing in each jurisdiction in which the
conduct of its business or its ownership or leasing of property requires such
qualification. The Fund has no subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund is duly registered with the Commission as a non-diversified, closed-end
management investment company under the Investment Company Act and no order of suspension
or revocation of such registration has been issued or proceedings therefor initiated or
threatened by the Commission. No person is serving or acting as an officer or trustee of,
or investment adviser to, the Fund except in accordance with the provisions of the
Investment Company Act and the Investment Advisers Act of 1940, as amended (the &#147;<B>Advisers
Act</B>&#148;). Except as otherwise disclosed in the Registration Statement, the Time of Sale
Prospectus and the Prospectus, no trustee of the Fund is an &#147;interested person&#148; of the
Fund or an &#147;affiliated person&#148; of any Underwriter (each as defined in the Investment
Company Act). The Fund is, and at all times through the completion of the transactions
contemplated hereby, will be, in compliance with the Acts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of this Agreement, the Investment Advisory Agreement, the Custodian
Agreement between Bank of New York Mellon (the &#147;<B>Custodian</B>&#148;) and the Fund (the &#147;<B>Custodian
Agreement</B>&#148;) and the Transfer Agency, Registrar and Dividend Disbursing Agency Agreement
between American Stock Transfer &#038; Trust Company (the &#147;<B>Transfer Agent</B>&#148;) and the Fund (the &#147;<B>Transfer
Agency Agreement</B>&#148;) (this Agreement, the Investment Advisory Agreement, the Custodian
Agreement and the Transfer Agency Agreement being referred to herein collectively as the
&#147;<B>Fundamental Agreements</B>&#148;) has been duly authorized, executed and delivered by the Fund and
complies with all applicable provisions of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Acts, the Advisers Act and the applicable Rules and Regulations and the Investment
Advisory Agreement has been approved in accordance with Section&nbsp;15 of the Investment
Company Act. The Fund has adopted the Dividend Reinvestment Plan (the &#147;<B>Plan</B>&#148;). Each
Fundamental Agreement, other than this Agreement, and the Plan is a valid and binding
agreement of the Fund, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally and
equitable principles of general applicability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of (1)&nbsp;the execution and delivery by the Fund of, and the performance by the
Fund of its obligations under, each Fundamental Agreement or the adoption by the Fund of
the Plan, or (2)&nbsp;the issue and sale by the Fund of the Shares as contemplated by this
Agreement contravenes or will contravene any provision of applicable law or (i)&nbsp;the
certificate of trust (as amended, restated or supplemented) and by-laws (as amended,
restated or supplemented) of the Fund, (ii)&nbsp;any agreement or other instrument binding upon
the Fund, or (iii)&nbsp;any provision of applicable law, judgment, order or decree of any
governmental body, agency or court having jurisdiction over the Fund, whether foreign or
domestic. No consent, approval, authorization, order or permit of, or qualification with,
any governmental body or agency, self-regulatory organization or court or other tribunal,
whether foreign or domestic, is required for the performance by the Fund of its
obligations under the Fundamental Agreements or the Plan, except such as have been
obtained and as may be required by the Acts, the Advisers Act, the Exchange Act, or the
applicable Rules and Regulations, or by the securities or Blue Sky laws of the various
states and foreign jurisdictions in connection with the offer and sale of the Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The authorized capital stock of the Fund conforms in all material respects to the
description thereof contained in each of the Time of Sale Prospectus and the Prospectus,
and the certificate of trust and by-laws of the Fund, the Fundamental Agreements and the
Plan conform in all material respects to the descriptions thereof contained in each of the
Time of Sale Prospectus and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The certificate of trust and by-laws of the Fund, the Fundamental Agreements and
the Plan comply with all applicable provisions of the Acts and the applicable Rules and
Regulations, and all approvals of such documents required under the Investment Company Act
by the Fund&#146;s stockholders and Board of Trustees have been obtained and are in full force
and effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fundamental Agreements (other than this Agreement) and the Plan are in full
force and effect and the Fund is not in default
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">thereunder, and no event has occurred which with the passage of time or the giving of
notice or both would constitute a default thereunder. The Fund is not currently in breach
of, or in default under, any other written agreement or instrument to which it or its
property is bound or affected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Common Shares outstanding prior to the issuance of the Shares have been duly
authorized and are validly issued, fully paid and non-assessable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Shares have been duly authorized and, when issued and delivered in accordance
with the terms of this Agreement, will be validly issued, fully paid and non-assessable,
and the issuance of the Shares will not be subject to any preemptive or similar rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Shares and any Common Shares outstanding prior to the issuance of the Shares
have been approved for listing on the New York Stock Exchange, subject to official notice
of issuance. The Fund&#146;s registration statement on Form 8-A under the Exchange Act is
effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Each Omitting Prospectus (i)&nbsp;complies with the requirements of Rule&nbsp;482, (ii)
does not contain any untrue statement of a material fact or omit to state any fact
necessary in order to make the statements therein not misleading, (iii)&nbsp;complied and will
comply in all material respects with the Acts, the Rules and Regulations and the rules and
regulations of the Financial Industry Regulatory Authority (&#147;<B>FINRA</B>&#148;) and (iv)&nbsp;if required
to be filed by FINRA, has been delivered to the Underwriters for filing with FINRA, and
FINRA has issued no objections with respect to such Omitting Prospectuses. Except for the
Omitting Prospectuses identified on Schedule&nbsp;II hereto, the Fund has not prepared, used or
referred to and will not, without your prior written consent, prepare, use or refer to any
prospectus in reliance upon Rule&nbsp;482.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Fund intends to direct the investment of the proceeds of the offering
described in the Time of Sale Prospectus and the Prospectus in such a manner as to comply
with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended
(the &#147;<B>Code</B>&#148;), and the Fund is eligible to qualify as a regulated investment company under
Subchapter M of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Since the respective dates as of which information is given in the Registration
Statement, the Time of Sale Prospectus and the Prospectus, (i)&nbsp;there has not occurred any
material adverse change, or any development involving a prospective material adverse
change, in or affecting the condition, financial or otherwise, business prospects,
earnings, business or properties of the Fund whether or not arising in the ordinary course
of business,, and (ii)&nbsp;there have been no transactions
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">entered into by the Fund which are material to the Fund other than those in the
ordinary course of its business or as described in the Time of Sale Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) There are no legal or governmental proceedings pending or threatened to which the
Fund is a party or to which any of the properties of the Fund is subject (i)&nbsp;other than
proceedings accurately described in the Time of Sale Prospectus and the Prospectus, and
proceedings that would not have a material adverse effect on the Fund, or on the power or
ability of the Fund to perform its obligations under this Agreement or to consummate the
transactions contemplated by the Time of Sale Prospectus or the Prospectus or (ii)&nbsp;that
are required to be described in the Registration Statement, the Time of Sale Prospectus or
the Prospectus and are not so described; and there are no statutes, regulations, contracts
or other documents that are required to be described in the Registration Statement, Time
of Sale Prospectus or the Prospectus or to be filed as exhibits to the Registration
Statement that are not described or filed as required by the Acts and the applicable Rules
and Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The statements in the Registration Statement, the Time of Sale Prospectus and
Prospectus under the headings &#147;Management of the Fund,&#148; &#147;Automatic Dividend Reinvestment
and Voluntary Cash Purchase Plan,&#148; &#147;Description of the Shares,&#148; &#147;Taxation,&#148; &#147;Anti-Takeover
Provisions of the Fund&#146;s Governing Documents&#148; and &#147;Repurchase of Common Shares&#148; insofar as
such statements summarize legal matters, agreements, documents or proceedings discussed
therein, are accurate and fair summaries of such legal matters, agreements, documents or
proceedings
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Fund has taken all required action under the Acts and the Exchange Act and
the Rules and Regulations to make the public offering and consummate the sale of the
Shares as contemplated by this Agreement. The Fund has all necessary consents,
authorizations, approvals, orders (including exemptive orders), certificates and permits
of and from, and has made all declarations and filings with, all governmental authorities,
self-regulatory organizations and courts and other tribunals, whether foreign or domestic,
to own and use its assets and to conduct its business in the manner described in the Time
of Sale Prospectus and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Each preliminary prospectus (including the statement of additional information
incorporated therein by reference) filed as part of the Registration Statement as
originally filed or as part of any amendment thereto, or filed pursuant to Rule&nbsp;497 of the
Rules and Regulations, complied when so filed in all material respects with the Acts and
the applicable Rules and Regulations.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The statement of net assets included in the Registration Statement, the Time of Sale Prospectus and the Prospectus,
together with the related notes, presents fairly the financial position of the Fund as of
the date indicated and said statement has been prepared in conformity with generally
accepted accounting principles applied on a consistent basis throughout the periods
involved (except as otherwise noted therein); and the other financial and statistical
information and data included in the Registration Statement, the Time of Sale Prospectus
and the Prospectus are accurately derived from such financial statements and the books and
records of the Fund. PricewaterhouseCoopers LLP, whose report appears in the Prospectus and who has certified the financial statements and
supporting schedules, if any, included in the Registration Statement, is an independent
registered public accounting firm as required by the Acts and the applicable Rules and
Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) There are no material restrictions, limitations or regulations with respect to
the ability of the Fund to invest its assets as described in the Time of Sale Prospectus
and the Prospectus, other than as described therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There are no contracts, agreements or understandings between the Fund and any
person granting such person the right to require the Fund to file a registration statement
under the Securities Act with respect to any securities of the Fund or to require the Fund
to include such securities with the Shares registered pursuant to the Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) The expense summary information set forth in the Time of Sale Prospectus and the
Prospectus under the caption &#147;Summary of Fund Expenses&#148; has been prepared in accordance
with the requirements of Form N-2 and any fee projections or estimates, if applicable, are
reasonably based and attainable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Subsequent to the respective dates as of which information is given in each of
the Registration Statement, the Time of Sale Prospectus and the Prospectus, (i)&nbsp;the Fund
has not incurred any material liability or obligation, direct or contingent, nor entered
into any material transaction; (ii)&nbsp;the Fund has not purchased any of its outstanding
capital stock, nor declared, paid or otherwise made any dividend or distribution of any
kind on its capital stock (other than, in the event this representation and warranty is
made after the Closing Date, ordinary and customary dividends declared and payable after
the Closing Date); and (iii)&nbsp;there has not been any material change in the capital stock,
short-term debt or long-term debt of the Fund except in each case as described in each of
the Registration Statement, the Time of Sale Prospectus and the Prospectus, respectively.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) The Fund owns or leases all such properties as are necessary to the conduct of
its operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) The Fund owns or possesses, or can acquire on reasonable terms, all material
patents, patent rights, licenses, inventions, copyrights, know-how (including trade
secrets and other unpatented and/or unpatentable proprietary or confidential information,
systems or procedures), trademarks, service marks and trade names currently employed by
them in connection with the business now operated by it, and the Fund has not received any
notice of infringement of or conflict with asserted rights of others with respect to any
of the foregoing which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would have a material adverse effect on the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) The Fund maintains a system of internal accounting controls sufficient to
provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with
management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as
necessary to permit preparation of financial statements in conformity with generally
accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to
assets is permitted only in accordance with management&#146;s general or specific
authorization; and (iv)&nbsp;the recorded accountability for assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with respect to
any differences. Except as described in the Prospectus, since the date of the
Fund&#146;s most recent audited financial statements included or incorporated by reference in
the Prospectus, there has been (i)&nbsp;no material weakness in the Fund&#146;s
internal control over financial reporting (whether or not remediated) and (ii)&nbsp;no change
in the Fund&#146;s internal control over financial reporting that has materially affected, or
is reasonably likely to materially affect, the Fund&#146;s internal control over financial
reporting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The Fund has not taken, directly or indirectly, any action designed to or that
would constitute or that might reasonably be expected to cause or result in violation of
federal securities laws, in stabilization or manipulation of the price of any security of
the Fund to facilitate the sale or resale of the Shares, and the Fund is not aware of any
such action taken or to be taken by any affiliates of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Neither the Fund nor any employee nor agent of the Fund has made any payment of
funds of the Fund or received or retained any funds, which payment, receipt or retention
is of a character to be disclosed in the Time of Sale Prospectus, the Prospectus or the Registration Statement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Fund is insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as are prudent and customary in the businesses
in which it is engaged and which the Fund deems adequate; all policies of insurance
insuring the Fund or its business, assets, employees, officers and trustees, including the
Fund&#146;s trustees and officers errors and omissions insurance policy and its fidelity bond
required by Rule&nbsp;17g-1 of the Rules and Regulations, 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 and fidelity bond as and when such coverage and fidelity bond expires
or to obtain similar coverage and fidelity bond from similar insurers as may be necessary
to continue its business at a cost that would not have a material adverse effect on the
Fund, whether or not arising from transactions in the ordinary course of business, except
as set forth in or contemplated in the Registration Statement, the Time of Sale Prospectus
and the Prospectus (exclusive of any supplement thereto).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Except as disclosed in the Registration Statement, the Time of Sale Prospectus
and the Prospectus, the Fund (i)&nbsp;does not have any material lending or other relationship
with any bank or lending affiliate of any of the Underwriters and (ii)&nbsp;does not intend to
use any of the proceeds from the sale of the Shares hereunder to repay any outstanding
debt owed to any affiliate of any of the Underwriters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) 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 with any provision of the
Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection
therewith (the &#147;<B>Sarbanes-Oxley Act</B>&#148;) applicable to them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) The operations of the Fund are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements and the
money laundering statutes and the rules and regulations thereunder and any related or
similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the &#147;<B>Money Laundering Laws</B>&#148;) and no action, suit or
proceeding by or before any court or governmental agency, authority or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">body or any arbitrator involving the Fund with respect to the Money Laundering Laws
is pending or, to the best knowledge of the Fund, threatened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) There are no business relationships or related-party transactions involving the
Fund or any other person required to be described in the Registration Statement, the Time
of Sale Prospectus and the Prospectus which have not been described as required, it being
understood and agreed that the Fund and the Adviser make no representation or warranty
with respect to any such relationships involving any Underwriter or any affiliate and any
other person that have not been disclosed to the Fund by the relevant underwriter in
connection with this offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither the Fund nor, to the knowledge of the Fund, any trustee, officer, agent,
employee or affiliate of the Fund is aware of or has taken any action in connection with
the Fund, directly or indirectly, that would result in a violation by such persons of the
Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (&#147;<B>FCPA</B>&#148;), including, without limitation, making use of the mails or any means
or instrumentality of interstate commerce corruptly in furtherance of an offer, payment,
promise to pay or authorization of the payment of any money, or other property, gift,
promise to give, or authorization of the giving of anything of value to any &#147;foreign
official&#148; (as such term is defined in the FCPA) or any foreign political party or official
thereof or any candidate for foreign political office, in contravention of the FCPA, and
the Fund, and to the knowledge of the Fund, its affiliates have conducted their businesses
in compliance with the FCPA and have instituted and maintain policies and procedures
designed to ensure, and which are reasonably expected to continue to ensure, continued
compliance therewith.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Neither the Fund nor, to the knowledge of the Fund, any trustee, officer, agent,
employee or affiliate of the Fund is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (&#147;<B>OFAC</B>&#148;); and the
Fund will not directly or indirectly use the proceeds of the offering contemplated by this
Agreement, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity, for the purpose of financing
the activities of any person currently subject to any U.S. sanctions administered by OFAC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) American Stock Transfer &amp; Trust Company is duly enrolled as a participant in the Fast
Automated Transfer Program (FAST)&nbsp;of The Depository Trust Company (&#147;<B>DTC</B>&#148;).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<I>Representations and Warranties of the Adviser</I>. The Adviser represents and warrants to and
agrees with each of the Underwriters as of the date hereof, as of the Applicable Time, as of the
Closing Date referred to in Section&nbsp;5 hereof, and as of each Option Closing Date (if any) referred
to in Section&nbsp;3 hereof, that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser has been duly organized, is validly existing as a limited liability
company in good standing under the laws of the State of New York, has the limited
liability company power and authority to own its property and to conduct its business as
described in the Time of Sale Prospectus and is duly qualified to transact business and is
in good standing in each jurisdiction in which the conduct of its business or its
ownership or leasing of property requires such qualification of the Adviser. The Adviser
has no subsidiaries
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 Investment Advisory Agreement as an investment adviser to the Fund as contemplated by
the Time of Sale Prospectus, and no order of suspension or revocation of such registration
has been issued or proceedings therefor initiated or threatened by the Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of this Agreement, the Investment Advisory Agreement, the Marketing and
Structuring Fee Agreement between Morgan Stanley &#038; Co. Incorporated and the Adviser dated
January &#091;<B>&#149;</B>&#093;, 2011 (the &#147;<B>Morgan Stanley Fee Agreement</B>&#148;), the Structuring Fee Agreement
between Citigroup Global Markets Inc. and the Adviser dated January &#091;<B>&#149;</B>&#093;, 2011 (the &#147;<B>Citi
Fee Agreement</B>&#148;) and the Structuring Fee Agreement between Merrill Lynch, Pierce, Fenner &#038;
Smith Incorporated and the Adviser dated January &#091;<B>&#149;</B>&#093;, 2011 (the &#147;M<B>errill Lynch Fee
Agreement</B>&#148;) (this Agreement, the Investment Advisory Agreement, the Morgan Stanley Fee
Agreement, the Citi Fee Agreement and the Merrill Lynch Fee Agreement are referred to
herein, collectively, as the &#147;<B>Adviser Agreements</B>&#148;) has been duly authorized, executed and
delivered by the Adviser and complies with all applicable provisions of the Acts, the
Advisers Act and the applicable Rules and Regulations. Each of the Adviser Agreements,
other than this Agreement, assuming due authorization, execution and delivery by the other
parties thereto, is a valid and binding agreement of the Adviser, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors&#146; rights generally and by equitable principles of general
applicability.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution and delivery by the Adviser of, and the performance by the Adviser
of its obligations under the Adviser Agreements will not contravene (i)&nbsp;the certificate of
formation or operating agreement of the Adviser, (ii)&nbsp;any agreement or other instrument
binding upon the Adviser, or (iii)&nbsp;any provision of applicable law, judgment, order or
decree of any governmental body, agency or court having jurisdiction over the Adviser,
whether foreign or domestic. No consent, approval, authorization, order or permit of, or
qualification with, any governmental body or agency, self-regulatory organization or court
or other tribunal, whether foreign or domestic, is required for the performance by the
Adviser of its obligations under the Adviser Agreements, except such as have been obtained
and as may be required by the Acts, the Advisers Act, the Exchange Act or the applicable
Rules and Regulations, or by the securities or Blue Sky laws of the various states and
foreign jurisdictions in connection with the offer and sale of the Shares, or such as
which failure to obtain would neither have (i)&nbsp;a material adverse effect on the condition,
(financial or otherwise), business prospects, earnings, business, properties, management
or personnel of the Adviser, whether or not arising from transactions in the ordinary
course of business (an &#147;<B>Adviser Material Adverse Effect</B>&#148;) or (ii)&nbsp;an adverse effect on the
consummation of the transactions contemplated by this Agreement or on any Underwriter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There are no legal or governmental proceedings pending or threatened to which the
Adviser or any parent or subsidiary of the Adviser or any partners, directors, officers or
employees of the foregoing is a party or to which any of the properties of the Adviser is
subject (i)&nbsp;other than proceedings accurately described in all material respects in the
Time of Sale Prospectus and proceedings that would not have an Adviser Material Adverse
Effect or an adverse effect on the power or ability of the Adviser to perform its
obligations under this Agreement or to consummate the transactions contemplated by the
Time of Sale Prospectus or (ii)&nbsp;that are required to be described in the Registration
Statement or the Prospectus and are not so described; and there are no statutes,
regulations, contracts or other documents that are required to be described in the
Registration Statement or the Prospectus or to be filed as exhibits to the Registration
Statement that are not described or filed as required.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser has all necessary consents, authorizations, approvals, orders
(including exemptive orders), certificates and permits (collectively, &#147;<B>Government
Licenses</B>&#148;) of and from, and has made all declarations and filings with, all governmental
authorities, self-regulatory organizations and courts and other tribunals, whether foreign
or domestic, to own and use its assets and to conduct its business in the manner described
in the Registration Statement, Time of Sale Prospectus and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Prospectus, except to the extent that the failure to obtain or file the foregoing
would not have a material adverse effect on the Adviser or on the Fund. The Adviser is in
compliance with the terms and conditions of all such Governmental Licenses; all of the
Governmental Licenses are valid and in full force and effect; and the Adviser has not
received any notice of proceedings relating to the revocation or modification of any such
Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, might reasonably be expected to result in a material adverse
change in the condition, financial or otherwise, or earnings, business affairs or business
prospects of the Adviser, to materially and adversely affect the properties or assets of
the Adviser or to materially impair or adversely affect the ability of the Adviser to
function as an investment adviser or perform its obligations under the Investment Advisory
Agreement or this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser has the financial resources available to it necessary for the
performance of its services and obligations as contemplated in the Time of Sale Prospectus
and by the Adviser Agreements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Investment Advisory Agreement is in full force and effect and neither the
Fund nor the Adviser is in default thereunder, and, no event has occurred which with the
passage of time or the giving of notice or both would constitute a default under such
document. The Adviser is not in is not in violation of its organizational documents or in
default under any agreement, indenture or instrument, where such violation or default
would reasonably be expected to have an Adviser Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The description of the Adviser and its business and the statements attributable
to the Adviser in the Registration Statement, the Time of Sale Prospectus and Prospectus,
including, without limitation, the description of the Adviser, does not, and on the
Closing Date will not, contain any untrue statement of a material fact or omit to state
any material fact necessary to make such information not misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) There has not occurred any material adverse change, or any development involving
a prospective material adverse change, in or affecting the condition (financial or
otherwise), business prospects, earnings, business, properties, management or personnel of
the Adviser from that set forth in the Time of Sale Prospectus, and there have been no
transactions entered into by the Adviser which are material to the Adviser other than
those in the ordinary course of its business or as described in the Time of Sale
Prospectus.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In the event that the Fund or the Adviser makes available any promotional
materials related to the Securities or the transactions contemplated hereby intended for
use only by registered broker-dealers and registered representatives thereof by means of
an Internet web site or similar electronic means, the Adviser will install and maintain or
will cause to be installed and maintained, pre qualification and password protection or
similar procedures which are reasonably designed to effectively prohibit access to such
promotional materials by persons other than registered broker-dealers and registered
representatives thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Adviser has not taken, directly or indirectly, any action designed to or that
would constitute or that might reasonably be expected to cause or result in violation of
federal securities laws, in stabilization or manipulation of the price of any security of
the Fund to facilitate the sale or resale of the Shares, and the Adviser is not aware of
any such action taken or to be taken by any affiliates of the Adviser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The operations of the Adviser and its subsidiaries are and have been conducted at
all times in compliance with applicable Money Laundering Laws and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Adviser or any of its subsidiaries with respect to the Money
Laundering Laws is pending or, to the best knowledge of the Adviser, threatened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Adviser maintains a system of internal controls sufficient to provide
reasonable assurance that (i)&nbsp;transactions effectuated by it under the Investment Advisory
Agreement are executed in accordance with its management&#146;s general or specific
authorization; and (ii)&nbsp;access to the Fund&#146;s assets is permitted only in accordance with
its management&#146;s general or specific authorization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<I>Agreements to Sell and Purchase. </I>The Fund hereby agrees to sell to the several
Underwriters, and each Underwriter, upon the basis of the representations and warranties herein
contained, but subject to the conditions hereinafter stated, agrees, severally and not jointly, to
purchase from the Fund the respective numbers of Firm Shares set forth in Schedule&nbsp;I hereto
opposite its name at $&#091;19.10&#093; a share (the &#147;<B>Purchase Price</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the basis of the representations and warranties contained in this Agreement, and subject to
its terms and conditions, the Fund agrees to sell to the Underwriters the Additional Shares, and
the Underwriters shall have the right to purchase, severally and not jointly, up to &#091;<B>&#149;</B>&#093; Additional
Shares at the Purchase Price. You may exercise this right on behalf of the Underwriters in whole
or from time to time in part by giving written notice not later than 45&nbsp;days after the date of this
Agreement. Any exercise notice shall specify the number of Additional Shares to be purchased by
the Underwriters and the date on which such shares are
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to be purchased. Each purchase date must be at least one business day after the written
notice is given and may not be earlier than the closing date for the Firm Shares or later than ten
business days after the date of such notice. Additional Shares may be purchased as provided in
Section&nbsp;5 hereof solely for the purpose of covering over-allotments made in connection with the
offering of the Firm Shares. On each day, if any, that Additional Shares are to be purchased (an
&#147;<B>Option Closing Date</B>&#148;), each Underwriter agrees, severally and not jointly, to purchase the number
of Additional Shares (subject to such adjustments to eliminate fractional shares as you may
determine) that bears the same proportion to the total number of Additional Shares to be purchased
on such Option Closing Date as the number of Firm Shares set forth in Schedule&nbsp;I hereto opposite
the name of such Underwriter bears to the total number of Firm Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund hereby agrees that, without the prior written consent of Morgan Stanley &#038; Co.
Incorporated, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated
on behalf of the Underwriters, it will not, during the period ending 180&nbsp;days after the date of the
Prospectus, (1)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or
otherwise transfer or dispose of, directly or indirectly, any Common Shares or any securities
convertible into or exercisable or exchangeable for Common Shares or (2)&nbsp;enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of the Common Shares, whether any such transaction described in clause (1)&nbsp;or (2)
above is to be settled by delivery of Common Shares or such other securities, in cash or otherwise
or (3)&nbsp;file any registration statement with the Commission relating to the offering of any Common
Shares or any securities convertible into or exercisable or exchangeable for Common Shares,
<I>provided, however</I>, that the Fund may issue and sell Common Shares pursuant to the Plan.
Notwithstanding the foregoing, if (i)&nbsp;during the last 17&nbsp;days of the 180-day restricted period, the
Fund issues an earnings release or announces material news or a material event relating to the
Fund; or (ii)&nbsp;prior to the expiration of the 180-day restricted period, the Fund announces that it
will release earnings results during the 16-day period beginning on the last day of the 180-day
restricted period, the restrictions described above shall continue to apply until the expiration of
the 18-day period beginning on the date of the earnings release or the announcement of the material
news or material event. The agreements contained in this paragraph shall not apply to the Shares to
be sold hereunder, any Common Shares issued pursuant to the Plan or any preferred share issued by
the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<I>Terms of Public Offering</I>. The Fund and the Adviser are advised by you that the
Underwriters propose to make a public offering of their respective portions of the Shares as soon
after the Registration Statement and this Agreement have become effective as in your judgment is
advisable. The Fund and the Adviser are further advised by you that the Shares are to be offered
to the public
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">initially at $&#091;20.00&#093; a share (the &#147;<B>Public Offering Price</B>&#148;), and to certain dealers selected
by you at a price that represents a concession not in excess of $&#091;0.60&#093; a share under the Public
Offering Price, and that any Underwriter may allow, and such dealers may reallow, a concession, not
in excess of $&#091;0.10&#093; a share, to any Underwriter or to certain other dealers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<I>Payment and Delivery. </I>Payment for the Firm Shares shall be made to the Fund in Federal or
other funds immediately available in New York City against delivery of such Firm Shares for the
respective accounts of the several Underwriters at 10:00&nbsp;A.M. (New York City time), on &#091;<B>&#149;</B>&#093;, or at
such other time on the same or such other date, not later than &#091;<B>&#149;</B>&#093;, as shall be designated in
writing by you. The time and date of such payment are hereinafter referred to as the &#147;<B>Closing
Date</B>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment for any Additional Shares shall be made to the Fund in Federal or other funds
immediately available in New York City against delivery of such Additional Shares for the
respective accounts of the several Underwriters at 10:00&nbsp;A.M. (New York City time), on the date
specified in the corresponding notice described in Section&nbsp;3 or at such other time on the same or
on such other date, in any event not later than &#091;<B>&#149;</B>&#093;, as shall be designated in writing by you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Firm Shares and Additional Shares shall be registered in such names and in such
denominations as you shall request in writing not later than one full business day prior to the
Closing Date or the applicable Option Closing Date, as the case may be. The Firm Shares and
Additional Shares shall be delivered to you through the facilities of DTC on the Closing Date or an
Option Closing Date, as the case may be, for the respective accounts of the several Underwriters,
with any transfer taxes payable in connection with the transfer of the Shares to the Underwriters
duly paid, against payment of the Purchase Price therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<I>Conditions to the Underwriters&#146; Obligations</I>. The respective obligations of the Fund and
the Adviser and the several obligations of the Underwriters hereunder are subject to the condition
that the Registration Statement shall have become effective not later than 2:00 P.M. (New York City
time) on the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The several obligations of the Underwriters are subject to the following further conditions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subsequent to the execution and delivery of this Agreement and prior to the
Closing Date, in the case of the Fund there shall not have occurred any change, or any
development involving a prospective change, in or affecting the condition (financial or
otherwise), business prospects, earnings, business or properties of the Fund, from that
set forth in the Time of Sale Prospectus, and, in the case of the Adviser, there shall not
have occurred any change or any development involving a prospective
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">change, in or affecting the condition (financial or otherwise), business prospects,
earnings, business, properties, management or personnel of the Adviser, in each case,
that, in your judgment, is material and adverse and that makes it, in your judgment,
impracticable to market the Shares on the terms and in the manner contemplated in the Time
of Sale Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall have received on the Closing Date certificates, dated the
Closing Date and signed by an executive officer of each of the Fund and the Adviser, to
the effect (i)&nbsp;that no stop order suspending the effectiveness of the Registration
Statement is in effect, and no proceedings for such purpose are, as of the Closing Date,
pending before or threatened by the Commission, (ii)&nbsp;that the representations and
warranties of the Fund and the Adviser contained in this Agreement are true and correct as
of the Closing Date, (iii)&nbsp;that each of the Fund and the Adviser has complied with all of
the agreements and satisfied all of the conditions on its part to be performed or
satisfied hereunder on or before the Closing Date and (iv)&nbsp;as set forth in paragraph (a)
above, with respect to the Fund or the Adviser, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each officer signing and delivering such a certificate may rely upon the best of his or her
knowledge as to proceedings threatened.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser and the Fund shall have performed all of their respective obligations
to be performed hereunder on or prior to the Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received on the Closing Date an opinion of Skadden,
Arps, Slate, Meagher &#038; Flom LLP, special counsel for the Fund, dated the Closing Date and
addressed to the Underwriters, in form and substance reasonably satisfactory to Morgan
Stanley &#038; Co. Incorporated, Citigroup Global Markets Inc. and Merrill Lynch, Pierce,
Fenner &#038; Smith Incorporated, to the effect set forth in Exhibit&nbsp;A hereto and to such
further effect as counsel to Morgan Stanley &#038; Co. Incorporated, Citigroup Global Markets
Inc. and Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated may reasonably request. The
opinion of special counsel for the Fund shall state that Simpson Thacher &#038; Bartlett LLP,
counsel for the Underwriters, may rely on such opinion as to matters of Delaware law for
the purposes of rendering its opinion referenced in Section&nbsp;6(f).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Underwriters shall have received on the Closing Date an opinion of David M.
Goldman, counsel for the Adviser, dated the Closing Date, in form and substance
satisfactory to counsel for the Underwriters, together with signed or reproduced copies of
such letter for each of the other Underwriters, to the effect set forth in Exhibit&nbsp;B
hereto and to such further effect as counsel to the Underwriters may reasonably request.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Underwriters shall have received on the Closing Date the favorable opinion of
Simpson Thacher &#038; Bartlett LLP, counsel for the Underwriters, dated the Closing Date, and
covering such matters as the Underwriters shall reasonably request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to Section&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] above, Skadden, Arps, Slate, Meagher &#038; Flom LLP, special
counsel for the Fund, may state that their opinions and beliefs are based upon their participation
in the preparation of the Registration Statement, Time of Sale Prospectus and Prospectus and any
amendments or supplements thereto and review and discussion of the contents thereof, but are
without independent check or verification, except as specified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions of Skadden, Arps, Slate, Meagher &#038; Flom LLP special counsel for the Fund and &#091;<B>&#149;</B>&#093;,
counsel to the Adviser described in Sections 6(d) and 6(e) above, respectively, shall be rendered
to the Underwriters at the request of the Fund and shall so state therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Underwriters shall have received on the Closing Date a certificate from a
duly authorized officer of the Custodian, certifying that the Custodian Agreement is in
full force and effect and is a valid and binding agreement of the Custodian.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Underwriters shall have received on the Closing Date a certificate from a
duly authorized officer of the Transfer Agent, certifying that the Transfer Agency
Agreement is in full force and effect and is a valid and binding agreement of the Transfer
Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received, on each of the date hereof and the Closing
Date, a letter dated the date hereof or the Closing Date, as the case may be, in form and
substance satisfactory to the Underwriters, from PricewaterhouseCoopers LLP, independent
public accountants, containing statements and information of the type ordinarily included
in accountants&#146; &#147;comfort letters&#148; to underwriters with respect to the financial statements
and certain financial information contained in the Registration Statement and the Time of
Sale Prospectus, <I>provided </I>that the letter delivered on the Closing Date shall use a
&#147;cut-off date&#148; not earlier than the date hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All filings, applications and proceedings taken by the Fund and the Adviser in
connection with the organization and registration of the Fund and the Shares under the
Acts and the applicable Rules and Regulations shall be satisfactory in form and substance
to you and counsel for the Underwriters.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No action, suit, proceeding, inquiry or investigation shall have been instituted
or threatened by the Commission which would adversely affect the Fund&#146;s standing as a
registered investment company under the Investment Company Act or the standing of the
Adviser as a registered investment adviser under the Advisers Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Shares shall have been duly authorized for listing on the New York Stock
Exchange, subject only to official notice of issuance thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) On the Closing Date, counsel for the Underwriters shall have been furnished with
such documents and opinions as they may require for the purpose of enabling them to pass
upon the issuance and sale of the Shares as herein contemplated, or in order to evidence
the accuracy of any of the representations or warranties, or the fulfillment of any of the
conditions, herein contained; and all proceedings taken by the Fund and the Adviser in
connection with the organization and registration of the Fund under the 1940 Act and the
issuance and sale of the Shares as herein contemplated shall be satisfactory in form and
substance to the Underwriters and counsel for the Underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The several obligations of the Underwriters to purchase Additional Shares hereunder are
subject to the delivery to you on the applicable Option Closing Date of such documents as you may
reasonably request with respect to the good standing of the Fund and the Adviser, the due
authorization and issuance of the Additional Shares to be sold on such Option Closing Date and
other matters related to the issuance of such Additional Shares, and officers&#146; certificates and
opinions of Skadden, Arps, Slate, Meagher &#038; Flom LLP, &#091;<B>&#149;</B>&#093;, special counsel for the Fund, counsel to
the Adviser, and Simpson Thacher &#038; Bartlett LLP to the effect set forth above, except that such
certificates and opinions shall be dated as of the applicable Option Closing Date and statements
and opinions above contemplated to be given as of the Closing Date shall instead be made and given
as of such Option Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<I>Covenants of the Fund and the Adviser</I>. In further consideration of the agreements of the
Underwriters herein contained, the Fund and the Adviser, jointly and severally, covenant and agree
with each Underwriter as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To notify you immediately, and confirm such notice in writing, (i)&nbsp;of the
institution of any proceedings pursuant to Section 8(e) of the Investment Company Act,
(ii)&nbsp;of the happening of any event during the period mentioned in Section 7(h) below which
in the judgment of the Fund makes any statement in the Notification, the Registration
Statement the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Time of Sale Prospectus, any Omitting Prospectus or the Prospectus untrue in
any material respect or which requires the making of any change in or addition to the
Notification, the Registration Statement, the Time of Sale Prospectus, any Omitting Prospectus or the Prospectus in order to make the
statements therein not misleading in any material respect and (iii)&nbsp;if the Fund becomes
the subject of a proceeding under Section&nbsp;8A of the Securities Act in connection with the
offering of the Shares. The Fund shall make every reasonable effort to prevent the
issuance of any order suspending the effectiveness of the Registration Statement or an
order pursuant to Section 8(e) of the Investment Company Act, and if such stop order or
order of suspension or revocation of registration is issued the Fund will make every
reasonable effort to obtain the lifting thereof at the earliest possible moment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To furnish to you, without charge, three signed copies of the Notification, the
Registration Statement (including exhibits thereto) and any amendments thereto and for
delivery to each other Underwriter a conformed copy of the Notification, the Registration
Statement (without exhibits thereto), and any amendments thereto and to furnish to you in
New York City, without charge, prior to 10:00&nbsp;A.M. (New York City time) on the business
day next succeeding the date of this Agreement and during the period mentioned in Section
7(d) below, as many copies of the Time of Sale Prospectus, Prospectus and any supplements
and amendments thereto or to the Registration Statement as you may reasonably request.
The Time of Sale Prospectus, Prospectus and any amendments or supplements thereto
furnished to the Underwriters will be identical to the electronically transmitted copies
thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by
Regulation&nbsp;S-T.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Before amending or supplementing the Registration Statement, the Time of Sale
Prospectus or the Prospectus, to furnish to you a copy of each such proposed amendment or
supplement and not to file any such proposed amendment or supplement to which you
reasonably object, and to file with the Commission within the applicable period specified
in Rule&nbsp;497 of the Rules and Regulations any prospectus required to be filed pursuant to
such Rule.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To furnish to you a copy of each proposed Omitting Prospectus to be prepared by
or on behalf of, used by, or referred to by the Fund and not to use or refer to any
proposed Omitting Prospectus to which you reasonably object.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Time of Sale Prospectus is being used to solicit offers to buy the Shares
at a time when the Prospectus is not yet available to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement
the Time of Sale Prospectus in order to make the statements therein, in the light of the
circumstances, not misleading, or if any event shall occur or condition exist as a
result of which the Time of Sale Prospectus conflicts with the information contained in
the Registration Statement then on file, or if, in the opinion of counsel for the
Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply
with applicable law, forthwith to prepare, file with the Commission and furnish, at its
own expense, to the Underwriters and to any dealer upon request, either amendments or
supplements to the Time of Sale Prospectus so that the statements in the Time of Sale
Prospectus as so amended or supplemented will not, in the light of the circumstances when
delivered to a prospective purchaser, be misleading or so that the Time of Sale
Prospectus, as amended or supplemented, will no longer conflict with the Registration
Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply
with applicable law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund will use the net proceeds received by it from the sale of the Shares in
the manner specified in the Time of Sale Prospectus under the caption &#147;Use of Proceeds.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund and the Adviser will not take any action designed to cause or result in
the manipulation of the price of any security of the Fund to facilitate the sale of Shares
in violation of the Acts or the Securities Act and the applicable Rules and Regulations,
or the securities or Blue Sky laws of the various states and foreign jurisdictions in
connection with the offer and sale of Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If, during such period after the first date of the public offering of the Shares
as in the opinion of counsel for the Underwriters the Prospectus is required by law to be
delivered in connection with sales by an Underwriter or dealer, any event shall occur or
condition exist as a result of which it is necessary to amend or supplement the Prospectus
in order to make the statements therein, in the light of the circumstances when the
Prospectus is delivered to a purchaser, not misleading, or if, in the opinion of counsel
for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with
applicable law, forthwith to prepare, file with the Commission and furnish, at its own
expense, to the Underwriters and to the dealers (whose names and addresses you will
furnish to the Fund) to which Shares may have been sold by you on behalf of the
Underwriters and to any other dealers upon request, either amendments or supplements to
the Prospectus so that the statements in the Prospectus as so amended or supplemented will
not, in the light of the circumstances when the Prospectus is delivered to a purchaser, be
misleading or so that the Prospectus, as amended or supplemented, will comply with law.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund will comply with the requirements of Subchapter M of the Code to qualify
as a regulated investment company under the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Fund will use its best efforts, in cooperation with the Underwriters, to
qualify the Shares for offering and sale under the applicable securities laws of such
states and other jurisdictions of the United States as Morgan Stanley &#038; Co. Incorporated,
Citigroup Global Markets and Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated may
designate and to maintain such qualifications in effect for a period of not less than one
year from the later of the effective date of the Registration Statement; provided,
however, that the Fund shall not be obligated to file any general consent to service of
process or to qualify as a foreign entity or as a dealer in securities in any jurisdiction
in which it is not so qualified or to subject itself to taxation in respect of doing
business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction
in which the Securities have been so qualified, the Fund will file such statements and
reports as may be required by the laws of such jurisdiction to continue such qualification
in effect for a period of not less than one year from the effective date of the
Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Fund, during the period when the Prospectus is required to be delivered under
the Securities Act or the Exchange Act, will file all documents required to be filed with
the Commission pursuant to the Investment Company Act and the Exchange Act within the time
periods required by the Investment Company Act and the Rules and Regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Fund will comply with all applicable securities and other applicable laws,
rules and regulations, including, without limitation, the Sarbanes-Oxley Act, and will use
its reasonable best efforts to cause the Fund&#146;s trustees and officers, in their capacities
as such, to comply with such laws, rules and regulations, including, without limitation,
the provisions of the Sarbanes-Oxley Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To make generally available to the Fund&#146;s security holders and to you as soon as
practicable an earning statement covering a period of at least twelve months beginning
with the first fiscal quarter of the Fund occurring after the date of this Agreement which
shall satisfy the provisions of Section 11(a) of the Securities Act and the Rules and
Regulations, including Rule&nbsp;158, of the Commission thereunder.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Whether or not the transactions contemplated in this Agreement are consummated or
this Agreement is terminated, to pay or cause to be paid all expenses incident to the
performance of the obligations of the Fund and the Adviser under this Agreement,
including: (i)&nbsp;the fees, disbursements and expenses of the Fund&#146;s counsel and the Fund&#146;s
accountants in connection with the registration and delivery of the Shares under the
Securities Act and all other fees or expenses in connection with the preparation and
filing of the Notification, the Registration Statement, any preliminary prospectus, the
Time of Sale Prospectus, the Prospectus, and any Omitting Prospectus prepared by or on
behalf of, used by, or referred to by the Fund and amendments and supplements to any of
the foregoing, including all printing costs associated therewith, and the mailing and
delivering of copies thereof to the Underwriters and dealers, in the quantities
hereinabove specified, (ii)&nbsp;all costs and expenses related to the transfer and delivery of
the Shares to the Underwriters, including any transfer or other taxes payable thereon,
(iii)&nbsp;the cost of printing or producing any Blue Sky memorandum in connection with the
offer and sale of the Shares under state securities laws and all expenses in connection
with the qualification of the Shares for offer and sale under state securities laws as
provided in Section 7(j) hereof, including filing fees and the reasonable fees and
disbursements of counsel for the Underwriters in connection with such qualification and in
connection with the Blue Sky memorandum, (iv)&nbsp;all filing fees and the reasonable fees and
disbursements of counsel to the Underwriters incurred in connection with the review and
qualification of the offering of the Shares by FINRA, (v)&nbsp;all fees and expenses in
connection with the preparation and filing of the registration statement on Form 8-A
relating to the Common Shares and all costs and expenses incident to listing the Shares on
the New York Stock Exchange, (vi)&nbsp;the cost of printing certificates representing the
Shares, (vii)&nbsp;the costs and charges of any transfer agent, registrar or depositary, (viii)
the costs and expenses of the Fund relating to investor presentations on any &#147;road show&#148;
undertaken in connection with the marketing of the offering of the Shares, including,
without limitation, expenses associated with the preparation or dissemination of any
electronic road show, expenses associated with production of road show slides and
graphics, fees and expenses of any consultants engaged in connection with the road show
presentations with the prior approval of the Fund, travel and lodging expenses of the
representatives and officers of the Fund and any such consultants, and the cost of any
aircraft chartered in connection with the road show, (ix)&nbsp;the document production charges
and expenses associated with printing this Agreement and (x)&nbsp;all other costs and expenses
incident to the performance of the obligations of the Fund hereunder for which provision
is not otherwise made in this Section. It is understood, however, that except as provided
in this Section, Section&nbsp;8 entitled &#147;Indemnity and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Contribution&#148; and the last paragraph of Section&nbsp;10 below, the Underwriters will pay all of their costs and expenses, including
fees and disbursements of their counsel, stock transfer taxes payable on resale of
any of the Shares by them and any advertising expenses connected with any offers they may make.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Fund will not declare or pay any dividend or other distribution on any of the
Common Shares unless a holder of such Common Shares that was not a holder of record until
the close of business on &#091;<B>&#149;</B>&#093; would be entitled to receive the full amount thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<I>Indemnity and Contribution. </I>(a)&nbsp;Each of the Fund and the Adviser, jointly and severally,
agrees to indemnify and hold harmless each Underwriter, each person, if any, who controls any
Underwriter within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the
Exchange Act, each agent of any Underwriter and each director, officer or affiliate of any
Underwriter within the meaning of Rule&nbsp;405 of the Rules and Regulations from and against any and
all losses, claims, damages and liabilities (including, without limitation, any legal or other
expenses reasonably incurred in connection with defending or investigating any such action or
claim), caused by any untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement or any amendment thereof, any Omitting Prospectus, any preliminary
prospectus (including any statement of additional information incorporated therein by reference),
the Time of Sale Prospectus, or the Prospectus or any amendment or supplement thereto, or caused by
any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as such losses, claims,
damages or liabilities are caused by any such untrue statement or omission or alleged untrue
statement or omission based upon information relating to any Underwriter furnished to the Fund in
writing by such Underwriter through you expressly for use therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter agrees, severally and not jointly, to indemnify and hold
harmless each of the Fund and the Adviser, its directors or trustees (as the case may be),
and each officer of the Fund who signs the Registration Statement and each person, if any,
who controls the Fund or the Adviser within the meaning of either Section&nbsp;15 of the
Securities Act or Section&nbsp;20 of the Exchange Act to the same extent as the foregoing
indemnity from the Fund and the Adviser to such Underwriter, but only with reference to
information relating to such Underwriter furnished to the Fund in writing by such
Underwriter through you expressly for use in the Registration Statement, any preliminary
prospectus (including any statement of additional information incorporated therein by
reference), the Time of Sale Prospectus, any Omitting Prospectus or Prospectus or any
amendments or supplements thereto.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought pursuant to
Section 8(a) or 8(b), such person (the &#147;<B>indemnified party</B>&#148;) shall promptly notify the
person against whom such indemnity may be sought (the &#147;<B>indemnifying party</B>&#148;) in writing and
the indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified party and
any others the indemnifying party may designate in such proceeding and shall pay the fees
and disbursements of such counsel related to such proceeding. In any such proceeding, any
indemnified party shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such indemnified party unless (i)&nbsp;the
indemnifying party and the indemnified party shall have mutually agreed to the retention
of such counsel or (ii)&nbsp;the named parties to any such proceeding (including any impleaded
parties) include both the indemnifying party and the indemnified party and representation
of both parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood that the indemnifying party shall not,
in respect of the legal expenses of any indemnified party in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for (i)&nbsp;the fees and
expenses of more than one separate firm (in addition to any local counsel) for all
Underwriters and all persons, if any, who control any Underwriter within the meaning of
either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, all persons who
are agents of any Underwriters or all persons who are directors, officers or affiliates of
any Underwriters within the meaning of Rule&nbsp;405 of the Rules and Regulations, (ii)&nbsp;the
fees and expenses of more than one separate firm (in addition to any local counsel) for
the Fund, its trustees, its officers who sign the Registration Statement and each person,
if any, who controls the Fund within the meaning of either such Section, and (iii)&nbsp;the
fees and expenses of more than one separate firm (in addition to any local counsel) for
the Adviser, its directors or trustees, as the case may be, and each person, if any, who
controls the Adviser within the meaning of either such Section, and that all such fees and
expenses shall be reimbursed as they are incurred. In the case of any such separate firm
for the Underwriters and such control persons, agents, directors, officers and affiliates
of any Underwriters, such firm shall be designated in writing by Morgan Stanley &#038; Co.
Incorporated, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner &#038; Smith
Incorporated. In the case of any such separate firm for the Fund, and such directors,
officers and control persons of the Fund, such firm shall be designated in writing by the
Fund. In the case of any such separate firm
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">for the Adviser, and such directors and control persons of the Adviser, such firm shall be designated in writing by the Adviser.
The indemnifying party shall not be liable for any settlement of any proceeding effected
without its written consent, but if settled with such consent or if there be a final
judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified
party from and against any loss or liability by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an indemnified party shall have
requested an indemnifying party to reimburse the indemnified party for fees and expenses
of counsel as contemplated by the second and third sentences of this paragraph, the
indemnifying party agrees that it shall be liable for any settlement of any proceeding
effected without its written consent if (i)&nbsp;such settlement is entered into more than 30
days after receipt by such indemnifying party of the aforesaid request and (ii)&nbsp;such
indemnifying party shall not have reimbursed the indemnified party in accordance with such
request prior to the date of such settlement. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any pending or
threatened proceeding in respect of which any indemnified party is or could have been a
party and indemnity could have been sought hereunder by such indemnified party, unless
such settlement includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the indemnification provided for in Section 8(a) or 8(b) is
unavailable to an indemnified party or insufficient in respect of any losses, claims,
damages or liabilities referred to therein, then each indemnifying party under such
paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities (i)&nbsp;in such proportion as is appropriate to reflect the relative
benefits received by the Fund and the Adviser on the one hand and the Underwriters on the
other hand from the offering of the Shares or (ii)&nbsp;if the allocation provided by clause
8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause 8(d)(i) above but also the
relative fault of the Fund and the Adviser on the one hand and of the Underwriters on the
other hand in connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable considerations.
The relative benefits received by the Fund and the Adviser on the one hand and the
Underwriters on the other hand in connection with the offering of the Shares shall be
deemed to be in the same respective proportions as the net proceeds from the offering of
the Shares (before deducting expenses) received by the Fund and the total underwriting
discounts and commissions received by the Underwriters, in each case as set forth in the
table on the cover of the Prospectus, bear to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the aggregate Public Offering Price of the Shares. The relative fault of the Fund and the Adviser on the one hand and the
Underwriters on the other hand shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Fund or any of
the Adviser or by the Underwriters and the parties&#146; relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. The
Underwriters&#146; respective obligations to contribute pursuant to this Section&nbsp;8 are several
in proportion to the respective number of Shares they have purchased hereunder, and not
joint. The Adviser agrees to pay any amounts that are payable by the Fund pursuant to
this paragraph to the extent that the Fund fails to make all contributions required to be
made by the Fund pursuant to this Section&nbsp;8.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund, the Adviser and the Underwriters agree that it would not be just or
equitable if contribution pursuant to this Section&nbsp;8 were determined by <I>pro rata</I>
allocation (even if the Underwriters were treated as one entity for such purpose) or by
any other method of allocation that does not take account of the equitable considerations
referred to in Section&nbsp;8(d). The amount paid or payable by an indemnified party as a
result of the losses, claims, damages and liabilities referred to in Section 8(d) shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section&nbsp;8, no
Underwriter shall be required to contribute any amount in excess of the amount by which
the total price at which the Shares underwritten by it and distributed to the public were
offered to the public exceeds the amount of any damages that such Underwriter has
otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. The remedies provided
for in this Section&nbsp;8 are not exclusive and shall not limit any rights or remedies which
may otherwise be available to any indemnified party at law or in equity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity and contribution provisions contained in this Section&nbsp;8 and the
representations, warranties and other statements of the Fund and the Adviser contained in
this Agreement shall remain operative and in full force and effect regardless of (i)&nbsp;any
termination of this Agreement, (ii)&nbsp;any investigation made by or on behalf of any
Underwriter, any person controlling any Underwriter, any agent of any Underwriter or any
director, officer and affiliate of any Underwriter or by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">or on behalf of the Adviser, its officers or directors or any person controlling the Adviser or by or on behalf of the
Fund, its officers or trustees or any person controlling the Fund and (iii)&nbsp;acceptance of and payment for
any of the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<I>Termination</I>. The Underwriters may terminate this Agreement by notice given by you to the
Fund, if after the execution and delivery of this Agreement and prior to the Closing Date (i)
trading generally shall have been suspended or materially limited on, or by, as the case may be,
any of the New York Stock Exchange, the American Stock Exchange, the NASDAQ Global Market, the
Chicago Board of Options Exchange, the Chicago Mercantile Exchange or the Chicago Board of Trade,
(ii)&nbsp;trading of any securities of the Fund shall have been suspended on any exchange or in any
over-the-counter market, (iii)&nbsp;a material disruption in securities settlement, payment or clearance
services in the United States shall have occurred, (iv)&nbsp;any moratorium on commercial banking
activities shall have been declared by Federal or New York State authorities or (v)&nbsp;there shall
have occurred any outbreak or escalation of hostilities, or any change in financial markets,
currency exchange rates or controls or any calamity or crisis that, in your judgment, is material
and adverse and which, singly or together with any other event specified in this clause (v), makes
it, in your judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of
the Shares on the terms and in the manner contemplated in the Time of Sale Prospectus or the
Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<I>Effectiveness; Defaulting Underwriters</I>. This Agreement shall become effective upon the
execution and delivery hereof by the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, on the Closing Date or an Option Closing Date, as the case may be, any one or more of the
Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase
hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or
Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate
number of the Shares to be purchased on such date, the other Underwriters shall be obligated
severally in the proportions that the number of Firm Shares set forth opposite their respective
names in Schedule&nbsp;I bears to the aggregate number of Firm Shares set forth opposite the names of
all such non-defaulting Underwriters, or in such other proportions as you may specify, to purchase
the Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to
purchase on such date; <I>provided </I>that in no event shall the number of Shares that any Underwriter
has agreed to purchase pursuant to this Agreement be increased pursuant to this Section&nbsp;10 by an
amount in excess of one-ninth of such number of Shares without the written consent of such
Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to
purchase Firm Shares and the aggregate number of Firm Shares with respect to which such default
occurs is more than one-tenth of the aggregate number of Firm Shares to be purchased on
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such date, and arrangements satisfactory to you and the Fund for the purchase of such Firm Shares are not made
within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Fund.
In any such case either you or the Fund shall have the right to postpone the Closing Date, but in
no event for longer than seven days, in order that the required changes, if any, in the
Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in any other documents
or arrangements may be effected. If, on an Option Closing Date, any Underwriter or Underwriters
shall fail or refuse to purchase Additional Shares and the aggregate number of Additional Shares
with respect to which such default occurs is more than one-tenth of the aggregate number of
Additional Shares to be purchased on such Option Closing Date, the non-defaulting Underwriters
shall have the option to (i)&nbsp;terminate their obligation hereunder to purchase the Additional Shares
to be sold on such Option Closing Date or (ii)&nbsp;purchase not less than the number of Additional
Shares that such non-defaulting Underwriters would have been obligated to purchase in the absence
of such default. Any action taken under this paragraph shall not relieve any defaulting
Underwriter from liability in respect of any default of such Underwriter under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Agreement shall be terminated by the Underwriters, or any of them, because of any
failure or refusal on the part of the Fund or the Adviser to comply with the terms or to fulfill
any of the conditions of this Agreement, or if for any reason the Fund or the Adviser shall be
unable to perform its obligations under this Agreement, the Fund and the Adviser, jointly and
severally, will reimburse the Underwriters or such Underwriters as have so terminated this
Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees
and disbursements of their counsel) reasonably incurred by such Underwriters in connection with
this Agreement or the offering contemplated hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<I>Entire Agreement</I>. (a)&nbsp;This Agreement, together with any contemporaneous written
agreements and any prior written agreements (to the extent not superseded by this Agreement) that
relate to the offering of the Shares, represents the entire agreement between the Fund, the Adviser
and the Underwriters with respect to the preparation of any preliminary prospectus, the Time of
Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the
Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund and the Adviser acknowledge that in connection with the offering of the
Shares: (i)&nbsp;the Underwriters have acted at arms length, are not agents of, and owe no
fiduciary duties to, the Fund, the Adviser or any other person, (ii)&nbsp;the Underwriters owe
the Fund and the Adviser only those duties and obligations set forth in this Agreement and
prior written agreements (to the extent not superseded by this Agreement), if any, and
(iii)&nbsp;the Underwriters may have interests that differ from those of the Fund and the
Adviser. The Fund and the Adviser waive to the full
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">extent permitted by applicable law any claims any of them may have against the Underwriters arising from an alleged breach of fiduciary duty in
connection with the offering of the Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<I>Counterparts</I>. This Agreement may be signed in two or more counterparts, each of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the
same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<I>Applicable Law</I>. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<I>Headings</I>. The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<I>Notices</I>. All communications hereunder shall be in writing and effective only upon
receipt and if to the Underwriters shall be delivered, mailed or sent to you in care of
Morgan Stanley &#038; Co. Incorporated, 1585 Broadway, New York, New York 10036, Attention:
Equity Syndicate Desk, with a copy to the Legal Department; if to the Fund, shall be
delivered, mailed or sent to One Corporate Center, Rye, New York 10580-1422; and if to
the Adviser, shall be delivered, mailed or sent to One Corporate Center, Rye, New York
10580-1422.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
THE GABELLI NATURAL<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOURCES, GOLD &#038; INCOME<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">GABELLI FUNDS, LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted as of the date hereof
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Morgan Stanley &#038; Co. Incorporated<BR>
Citigroup Global Markets Inc.<BR>
Merrill Lynch, Pierce, Fenner &#038; Smith

</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 0pt">Incorporated
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Acting severally on behalf of themselves and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the several Underwriters named in<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule&nbsp;I hereto

</DIV>
<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Morgan Stanley &#038; Co. Incorporated</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&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="bottom" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Name:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Title:</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="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE I</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Firm</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares To Be</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Underwriter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Purchased</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Morgan Stanley &#038; Co. Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Citigroup Global Markets Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Merrill Lynch, Pierce, Fenner &#038; Smith
Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->I-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Omitting Prospectuses</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Retail Omitting Prospectus:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;Client guide&#093; dated &#95;&#95;&#95;&#95;&#95;, 200&#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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following documents labeled &#147;<I>For Registered Representative Use Only</I>&#148;:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;Broker-dealer guide&#093; dated &#95;&#95;&#95;&#95;&#95;, 200&#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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#091;Broker-dealer PowerPoint presentation&#093; dated &#95;&#95;&#95;&#95;&#95;, 200&#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="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press release dated &#95;&#95;&#95;&#95;&#95;, 200&#95;&#95;.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>SCHEDULE III</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Oral information, if any, included as part of the General Disclosure Package</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The number of common shares of beneficial interest (par value $0.001 per share) offered by
the Fund (assuming no exercise of the underwriters&#146; overallotment option) is &#091;<B>&#149;</B>&#093;, the initial
public offering price of those shares is $&#091;20.00&#093; and the underwriting discounts and commissions
are &#091;<B>&#149;</B>&#093;%.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;FORM OF&#093;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OPTION EXERCISE NOTICE</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;OPTION EXERCISE DATE&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE GABELLI NATURAL<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESOURCES, GOLD &#038; INCOME<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRUST

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">One Corporate Center<BR>
Rye, New York 10580-1422

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GABELLI FUNDS, LLC<BR>
One Corporate Center<BR>
Rye, New York 10580-1422

</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 refer to the Underwriting Agreement dated January &#091;<B>&#149;</B>&#093;, 2011 (the &#147;Underwriting Agreement&#148;)
among Gabelli Funds, LLC and Morgan Stanley &#038; Co. Incorporated, as representative of the several
Underwriters listed in Schedule&nbsp;I thereto; capitalized terms being used herein as therein defined.
We hereby exercise an option to purchase &#091;<B>&#149;</B>&#093; Additional Shares, on the basis of the representations
and warranties contained in the Underwriting Agreement, and subject to its terms and conditions.
Such Additional Shares will be purchased on &#091;OPTION EXERCISE DATE&#093; (which shall be an Option
Closing Date) at the offices of Simpson Thacher &#038; Bartlett LLP, New York, New York, at 10:00&nbsp;A.M.
(New York City time). This option exercise is without prejudice to the Underwriters&#146; right under
the Underwriting Agreement to exercise one or more options covering some or all of the remaining
Additional Shares.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,&nbsp;<BR>
<BR>
Morgan Stanley &#038; Co. Incorporated,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as representative of the several<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;underwriters listed in Schedule&nbsp;I to<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Underwriting Agreement<BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.II
<SEQUENCE>4
<FILENAME>y89182a4exv99whwii.htm
<DESCRIPTION>EX-99.H.II
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whwii</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99(h)(ii)</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Morgan Stanley&#160;&#038; Co. Incorporated</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>MASTER AGREEMENT AMONG UNDERWRITERS</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>REGISTERED SEC OFFERINGS</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>(INCLUDING MULTIPLE SYNDICATE OFFERINGS)</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>AND</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>EXEMPT OFFERINGS</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>(OTHER THAN OFFERINGS OF MUNICIPAL SECURITIES)</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>April&#160;1, 2009</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Master Agreement Among Underwriters (this <B>&#147;Master
    AAU&#148;</B>), dated as of April&#160;1, 2009, is by and
    between Morgan Stanley&#160;&#038; Co. Incorporated
    (<B><I>&#147;Morgan Stanley,&#148;</I></B> or
    <B>&#147;we&#148;</B>) and the party named on the signature page
    hereof (an <B>&#147;Underwriter,&#148;</B> as defined in
    Section&#160;1.1 hereof, or <B>&#147;you&#148;</B>). From time
    to time we or one or more of our affiliates may invite you (and
    others) to participate on the terms set forth herein as an
    underwriter or an initial purchaser, or in a similar capacity,
    in connection with certain offerings of securities that are
    managed solely by us or with one or more other co-managers. If
    we invite you to participate in a specific offering and sale of
    securities (an <B>&#147;Offering&#148;</B>) to which this Master
    AAU will apply, we will send the information set forth in
    Section&#160;1.1 hereof to you by one or more wires, telexes,
    telecopy or electronic data transmissions, or other written
    communications (each, a <B>&#147;Wire,&#148;</B> and
    collectively, an <B>&#147;AAU&#148;</B>), unless you are
    otherwise deemed to have accepted an AAU with respect to such
    Offering pursuant to Section&#160;1.2 hereof. Each Wire will
    indicate that it is a Wire pursuant to this Master AAU. The Wire
    inviting you to participate in an Offering is referred to herein
    as an <B>&#147;Invitation Wire.&#148;</B> You and we hereby
    agree that by the terms hereof the provisions of this Master AAU
    automatically will be incorporated by reference in each AAU,
    <B>except that any such AAU may also exclude or revise such
    provisions of this Master AAU in respect of the Offering to
    which such AAU relates, and may contain such additional
    provisions as may be specified in any Wire relating to such AAU.
    You and we further agree as follows:</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">I.
    GENERAL</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.1.&#160;&#160;<I>Terms of AAU; Certain Definitions;
    Construction.</I>&#160;&#160;Each AAU will relate to an
    Offering, and will identify: (i)&#160;the securities to be
    offered in the Offering (the <B>&#147;Securities&#148;</B>),
    their principal terms, the issuer or issuers (each, an
    <B>&#147;Issuer&#148;</B>) and any guarantor (each, a
    <B>&#147;Guarantor&#148;</B>) thereof, and, if different from
    the Issuer, the seller or sellers (each, a
    <B>&#147;Seller&#148;</B>) of the Securities, (ii)&#160;the
    underwriting agreement, purchase agreement, standby underwriting
    agreement, distribution agreement, or similar agreement (as
    identified in such AAU and as amended or supplemented, including
    a terms agreement or pricing agreement pursuant to any of the
    foregoing, collectively, the <B>&#147;Underwriting
    Agreement&#148;</B>) providing for the purchase, on a several
    and not joint basis, of the Securities by the several
    underwriters, initial purchasers, or others acting in a similar
    capacity (the <B>&#147;Underwriters&#148;</B>) on whose behalf
    the Manager (as defined below) executes the Underwriting
    Agreement, and whether such agreement provides for: (x)&#160;an
    option to purchase Additional Securities (as defined below) to
    cover over-allotments, or (y)&#160;an offering in multiple
    jurisdictions or markets involving two or more syndicates (an
    <B>&#147;International Offering&#148;</B>), each of which will
    offer and sell Securities subject to such restrictions as may be
    specified in any Intersyndicate Agreement (as defined below)
    referred to in such AAU, (iii)&#160;the price at which the
    Securities are to be purchased by the several Underwriters from
    any Issuer or Seller thereof (the <B>&#147;Purchase
    Price&#148;</B>), (iv)&#160;the offering terms, including, if
    applicable, the price or prices at which the Securities
    initially will be offered by the Underwriters (the
    <B>&#147;Offering Price&#148;</B>), any selling concession to
    dealers (the <B>&#147;Selling Concession&#148;</B>), reallowance
    (the <B>&#147;Reallowance&#148;</B>), management fee, global
    coordinators&#146; fee, praecipium, or other similar fees,
    discounts, or commissions (collectively, the <B>&#147;Fees and
    Commissions&#148;</B>) with respect to the Securities, and
    (v)&#160;other principal terms of the Offering, which may
    include, without limitation: (A)&#160;the proposed or actual
    pricing date <B>(&#147;Pricing Date&#148;)</B> and settlement
    date (the <B>&#147;Settlement Date&#148;</B>), (B)&#160;any
    contractual restrictions on the offer and sale of the Securities
    pursuant to the Underwriting Agreement, Intersyndicate
    Agreement, or otherwise, (C)&#160;any co-managers for such
    Offering (the <B>&#147;Co-Managers&#148;</B>), (D)&#160;your
    proposed participation in the Offering, and (E)&#160;any
    trustee, fiscal agent, or similar agent (the
    <B>&#147;Trustee&#148;</B>) for the indenture, trust agreement,
    fiscal agency agreement, or similar agreement (the
    <B>&#147;Indenture&#148;</B>) under which such Securities will
    be issued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Manager&#148;</I> means Morgan Stanley, except as set
    forth in Section&#160;9.9 hereof.
    <B>&#147;Representative&#148;</B> means the Manager and any
    Co-Manager that signs the applicable Underwriting Agreement on
    behalf of the Underwriters or is identified as a Representative
    in the applicable Underwriting Agreement.
    <B>&#147;Underwriters&#148;</B> includes the Representative(s),
    the Manager, and the Co-Managers. <B>&#147;Firm
    Securities&#148;</B> means the number or amount of Securities
    that the several Underwriters are initially committed to
    purchase under the Underwriting Agreement (which may be
    expressed as a percentage of an aggregate number or amount of
    Securities to be purchased by the Underwriters, as in the case
    of a standby Underwriting Agreement). <B>&#147;Additional
    Securities&#148;</B> means the Securities, if any, that the
    several Underwriters have an option to purchase under the
    Underwriting Agreement
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    to cover over-allotments. The number, amount, or percentage of
    Firm Securities set forth opposite each Underwriter&#146;s name
    in the Underwriting Agreement plus any additional Firm
    Securities which such Underwriter has made a commitment to
    purchase, irrespective of whether such Underwriter actually
    purchases or sells such number, amount, or percentage of
    Securities under the Underwriting Agreement or Article&#160;XI
    hereof, is hereinafter referred to as the <B>&#147;Original
    Underwriting Obligation&#148;</B> of such Underwriter, and the
    ratio which such Original Underwriting Obligation bears to the
    total of all Firm Securities set forth in the Underwriting
    Agreement (or, in the case of a standby Underwriting Agreement,
    to 100%) is hereinafter referred to as the <B>&#147;Underwriting
    Percentage&#148;</B> of such Underwriter. For the avoidance of
    doubt, each Underwriter acknowledges and agrees that, for all
    purposes under this Agreement and otherwise (including, to the
    extent applicable, for purposes of Section&#160;11(e) under the
    U.S.&#160;Securities Act of 1933 (the
    <B>&#147;1933&#160;Act&#148;</B>)), each Underwriter&#146;s
    Underwriting Percentage of the total number, amount, or
    percentage of Securities offered and sold in the Offering
    (including any Additional Securities), and only such number,
    amount, or percentage, constitutes the securities underwritten
    by such Underwriter and distributed to
    investors.<SUP style="font-size: 85%; vertical-align: top">2</SUP>

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    References herein to laws, statutory and regulatory sections,
    rules, regulations, forms, and interpretive materials will be
    deemed to include any successor provisions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.2.&#160;&#160;<I>Acceptance of AAU.</I>&#160;&#160;You will
    have accepted an AAU for an Offering if: (a)&#160;we receive
    your acceptance, prior to the time specified in the Invitation
    Wire for such Offering, by wire, telex, telecopy or electronic
    data transmission, or other written communication (any such
    communication being deemed <B>&#147;In Writing&#148;</B>) or
    orally (if promptly confirmed In Writing), in the manner
    specified in the Invitation Wire, of our invitation to
    participate in the Offering, or (b)&#160;notwithstanding that we
    did not send you an Invitation Wire or you have not otherwise
    responded In Writing to any such Wire, you: (i)&#160;agree
    (orally or by a Wire) to be named as an Underwriter in the
    relevant Underwriting Agreement executed by us as Manager, or
    (ii)&#160;receive and retain an economic benefit for
    participating in the Offering as an Underwriter. Your acceptance
    of the invitation to participate will cause such AAU to
    constitute a valid and binding contract between us. Your
    acceptance of the AAU as provided above or an Invitation Wire
    will also constitute acceptance by you of the terms of
    subsequent Wires to you relating to the Offering unless we
    receive In Writing, within the time and in the manner specified
    in such subsequent Wire, a notice from you to the effect that
    you do not accept the terms of such subsequent Wire, in which
    case you will be deemed to have elected not to participate in
    the Offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.3.&#160;&#160;<I>Underwriters&#146;
    Questionnaire.</I>&#160;&#160;Your acceptance of the Invitation
    Wire for an Offering or your participation in an Offering as an
    Underwriter will confirm that you have no exceptions to the
    Underwriters&#146; Questionnaire attached as Exhibit&#160;A
    hereto (or to any other questions addressed to you in any Wires
    relating to the Offering previously sent to you), other than
    exceptions noted by you In Writing in connection with the
    Offering and received from you by us before the time specified
    in the Invitation Wire or any subsequent Wire.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">II.
    OFFERING MATERIALS; OFFERING AGREEMENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.1.&#160;&#160;<I>Registered Offerings.</I>&#160;&#160;In the
    case of an Offering that will be registered in whole or in part
    (a <B>&#147;Registered Offering&#148;</B>) under the
    1933&#160;Act, you acknowledge that the Issuer has filed with
    the Securities and Exchange Commission (the
    <B>&#147;Commission&#148;</B>) a registration statement,
    including a prospectus relating to the Securities.
    <B>&#147;Registration Statement&#148;</B> means such
    registration statement as amended to the effective date of the
    Underwriting Agreement and, in the event that the Issuer files
    an abbreviated registration statement to register additional
    Securities pursuant to Rule&#160;462(b) or 462(e) under the
    1933&#160;Act, such abbreviated registration statement.
    <B>&#147;Prospectus&#148;</B> means the prospectus, together
    with the final prospectus supplement, if any, containing the
    final terms of the Securities and, in the case of a Registered
    Offering that is an International Offering,
    <B>&#147;Prospectus&#148;</B> means, collectively, each
    prospectus or offering circular, together with each final
    prospectus supplement or final offering circular supplement, if
    any, relating to the Offering, in the respective forms
    containing the final terms of the Securities.
    <B>&#147;Preliminary Prospectus&#148;</B> means any preliminary
    prospectus relating to the Offering or any preliminary
    prospectus supplement together with a prospectus relating to the
    Offering and, in the case of a Registered Offering that is an
    International Offering,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<!-- XBRL Footnotes Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#160;<SUP style="font-size: 85%; vertical-align: top">2</SUP>&#160;Meant

    to clarify mechanics of underwriting for purposes of
    Section&#160;11(e), and rebut footnote 8 of the <U>WorldCom</U>
    decision (See <U>In re: Worldcom, Inc. Securities
    Litigation</U>, U.S. Dist. Ct. (SDNY), slip-op 02 Civ 3288,
    March&#160;14, 2005 (unpublished).
</DIV>
<!-- XBRL Footnotes End -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Preliminary Prospectus&#148;</B> means, collectively,
    each preliminary prospectus or preliminary offering circular
    relating to the Offering or each preliminary prospectus
    supplement or preliminary offering circular supplement, together
    with a prospectus or offering circular, respectively, relating
    to the Offering. <B>&#147;Free Writing Prospectus&#148;</B>
    means, in the case of a Registered Offering, a &#147;free
    writing prospectus&#148; as defined in Rule&#160;405 under the
    1933&#160;Act. As used herein the terms <B>&#147;Registration
    Statement,&#148;</B> <B>&#147;Prospectus,&#148;</B>
    <B>&#147;Preliminary Prospectus,&#148;</B> and <B>&#147;Free
    Writing Prospectus&#148;</B> will include in each case the
    material, if any, incorporated by reference therein, and as used
    herein, the term <B>&#147;Registration Statement&#148;</B>
    includes information deemed to be part thereof pursuant to, and
    as of the date and time specified in, Rules&#160;430A, 430B, or
    430C under the 1933&#160;Act, while the terms
    <B>&#147;Prospectus&#148;</B> and <B>&#147;Preliminary
    Prospectus&#148;</B> include information deemed to be a part
    thereof pursuant to the rules and regulations under the
    1933&#160;Act, but only as of the actual time that information
    is first used or filed with the Commission pursuant to
    Rule&#160;424(b) under the 1933&#160;Act. The Manager will
    furnish, make available to you, or make arrangements for you to
    obtain copies (which may, to the extent permitted by law, be in
    electronic form) of each Prospectus and Preliminary Prospectus
    (as amended or supplemented, if applicable, but excluding, for
    this purpose, unless otherwise required pursuant to rules or
    regulations under the 1933&#160;Act, documents incorporated
    therein by reference) as soon as practicable after sufficient
    quantities thereof have been made available by the Issuer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used herein, in the case of an Offering that is an offering
    of asset-backed securities, the term <B>&#147;ABS Underwriter
    Derived Information&#148;</B> means any analytical or
    computational materials as described in clause&#160;(5)&#160;of
    footnote 271 of Commission Release
    <FONT style="white-space: nowrap">No.&#160;33-8591,</FONT>
    issued July&#160;19, 2005 (Securities Offering Reform) (the
    <B>&#147;Securities Offering Reform Release&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.2.&#160;&#160;<I>Non-Registered Offerings.</I>&#160;&#160;In
    the case of an Offering other than a Registered Offering, you
    acknowledge that no registration statement has been filed with
    the Commission. <B>&#147;Offering Circular&#148;</B> means the
    final offering circular or memorandum, if any, or any other
    final written materials authorized by the Issuer to be used in
    connection with an Offering that is not a Registered Offering.
    <B>&#147;Preliminary Offering Circular&#148;</B> means any
    preliminary offering circular or memorandum, if any, or any
    other written preliminary materials authorized by the Issuer to
    be used in connection with such an Offering. As used herein, the
    terms <B>&#147;Offering Circular&#148;</B> and
    <B>&#147;Preliminary Offering Circular&#148;</B> include the
    material, if any, incorporated by reference therein. We will
    either, as soon as practicable after the later of the date of
    the Invitation Wire or the date made available to us by the
    Issuer, furnish to you (or make available for your review) a
    copy of any Preliminary Offering Circular or any proof or draft
    of the Offering Circular. In any event, in any Offering
    involving an Offering Circular, the Manager will furnish, make
    available to you, or make arrangements for you to obtain, as
    soon as practicable after sufficient quantities thereof are made
    available by the Issuer, copies (which may, to the extent
    permitted by law, be in electronic form) of the Preliminary
    Offering Circular and Offering Circular, as amended or
    supplemented, if applicable (but excluding, for this purpose,
    documents incorporated therein by reference).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.3.&#160;&#160;<I>Authority to Execute Underwriting and
    Intersyndicate Agreements.</I>&#160;&#160;You authorize the
    Manager, on your behalf: (a)&#160;to determine the form of the
    Underwriting Agreement and to execute and deliver to the Issuer,
    Guarantor, or Seller the Underwriting Agreement to purchase:
    (i)&#160;up to the number, amount, or percentage of Firm
    Securities set forth in the applicable AAU, and (ii)&#160;if the
    Manager elects on behalf of the several Underwriters to exercise
    any option to purchase Additional Securities, up to the number,
    amount, or percentage of Additional Securities set forth in the
    applicable AAU, subject, in each case, to reduction pursuant to
    Article&#160;IV; and (b)&#160;to determine the form of any
    agreement or agreements, including, but not limited to,
    underwriting agreements, between or among the syndicates
    participating in the Offering or International Offering,
    respectively (each, an <B>&#147;Intersyndicate
    Agreement&#148;</B>), and to execute and deliver any such
    Intersyndicate Agreement.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">III.
    MANAGER&#146;S AUTHORITY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.1.&#160;&#160;<I>Terms of Offering.</I>&#160;&#160;You
    authorize the Manager to act as manager of the Offering of the
    Securities by the Underwriters (the <B>&#147;Underwriters&#146;
    Securities&#148;</B>) or by the Issuer or Seller pursuant to
    delayed delivery contracts (the <B>&#147;Contract
    Securities&#148;</B>), if any, contemplated by the Underwriting
    Agreement. You authorize the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Manager: (i)&#160;to purchase any or all of the Additional
    Securities for the accounts of the several Underwriters pursuant
    to the Underwriting Agreement, (ii)&#160;to agree, on your
    behalf and on behalf of the Co-Managers, to any addition to,
    change in, or waiver of any provision of, or the termination of,
    the Underwriting Agreement or any Intersyndicate Agreement
    (other than an increase in the Purchase Price or in your
    Original Underwriting Obligation to purchase Securities, in
    either case from that contemplated by the applicable AAU),
    (iii)&#160;to add prospective or remove existing Underwriters
    from the syndicate, (iv)&#160;to exercise, in the Manager&#146;s
    discretion, all of the authority vested in the Manager in the
    Underwriting Agreement, (v)&#160;except as described below in
    this Section&#160;3.1, to take any other action as may seem
    advisable to the Manager in respect of the Offering (including,
    in the case of an Offering of asset-backed securities, the
    preparation and delivery of ABS&#160;Underwriter Derived
    Information), including actions and communications with the
    Commission, the Financial Industry Regulatory Authority
    <B>(&#147;FINRA,&#148;</B> formerly known as the National
    Association of Securities Dealers, Inc., and NASD, Inc., or
    <B>&#147;NASD&#148;</B>), state blue sky or securities
    commissions<B>, </B>stock exchanges, and other regulatory bodies
    or organizations. Furthermore, the Manager will have exclusive
    authority, on your behalf and on behalf of the Co-Managers, to
    exercise powers and pursue enforcement of the terms and
    conditions of the Underwriting Agreement and any Intersyndicate
    Agreement, whether or not actually exercised, except as
    otherwise specified herein or therein. If, in accordance with
    the terms of the applicable AAU, the Offering of the Securities
    is at varying prices based on prevailing market prices, or
    prices related to prevailing market prices, or at negotiated
    prices, you authorize the Manager to determine, on your behalf
    in the Manager&#146;s discretion, any Offering Price and the
    Fees and Commissions applicable to the Offering from time to
    time. You authorize the Manager on your behalf to arrange for
    any currency transactions (including forward and hedging
    currency transactions) as the Manager may deem necessary to
    facilitate settlement of the purchase of the Securities, but you
    do not authorize the Manager on your behalf to engage in any
    other forward or hedging transactions (including interest rate
    hedging transactions) in connection with the Offering unless
    such transactions are specified in an applicable AAU or are
    otherwise consented to by you. You further authorize the
    Manager, subject to the provisions of Section&#160;1.2 hereof:
    (i)&#160;to vary the offering terms of the Securities in effect
    at any time, including, if applicable, the Offering Price, Fees,
    and Commissions set forth in the applicable AAU, (ii)&#160;to
    determine, on your behalf, the Purchase Price, and (iii)&#160;to
    increase or decrease the number, amount, or percentage of
    Securities being offered. Notwithstanding the foregoing
    provisions of this Section&#160;3.1, the Manager will notify the
    Underwriters, prior to the signing of the Underwriting
    Agreement, of any provision in the Underwriting Agreement that
    could result in an increase in the number, amount, or percentage
    of Firm Securities set forth opposite each Underwriter&#146;s
    name in the Underwriting Agreement by more than 25% (or such
    other percentage as will have been specified in the applicable
    Invitation Wire or otherwise consented to by you) as a result of
    the failure or refusal of another Underwriter or Underwriters to
    perform its or their obligations thereunder. The Manager may, at
    its discretion, delegate to any Underwriter any and all
    authority vested in the applicable AAU, including, but not
    limited to, the powers set forth in Sections&#160;5.1 and 5.2
    hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.2.&#160;&#160;<I>Offering Date.</I>&#160;&#160;The Offering is
    to be made on or about the time the Underwriting Agreement is
    entered into by the Issuer, Guarantor, or Seller and the Manager
    as in the Manager&#146;s judgment is advisable, on the terms and
    conditions set forth in the Prospectus or the Offering Circular,
    as the case may be, and the applicable AAU. You will not sell
    any Securities prior to the time the Manager releases such
    Securities for sale to purchasers. The date on which such
    Securities are released for sale is referred to herein as the
    <B>&#147;Offering Date.&#148;</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.3.&#160;&#160;<I>Communications.</I>&#160;&#160;Any public
    announcement or advertisement of the Offering will be made by
    the Manager on behalf of the Underwriters on such date as the
    Manager may determine. You will not announce or advertise the
    Offering prior to the date of the Manager&#146;s announcement or
    advertisement thereof without the Manager&#146;s consent. If the
    Offering is made in whole or in part in reliance on any
    applicable exemption from registration under the 1933&#160;Act,
    you will not engage in any general solicitation, announcement,
    or advertising in connection with the Offering, and will abide
    by any other restrictions in the AAU or the Underwriting
    Agreement in connection therewith relating to any announcement,
    advertising, or publicity. Any announcement or advertisement you
    may make of the Offering after such date will be your own
    responsibility, and at your own expense and risk. In addition to
    your compliance with restrictions on the Offering pursuant to
    Sections&#160;10.9, 10.10, 10.11, and 10.12 hereof, you will
    not, in connection with the offer and sale of the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities in the Offering, without the consent of the Manager,
    give, send, or otherwise convey to any prospective purchaser or
    any purchaser of the Securities or other person not in your
    employ any written communication (as defined in Rule&#160;405
    under the 1933&#160;Act) other than:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;any Preliminary Prospectus, Prospectus, Preliminary
    Offering Circular, or Offering Circular,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;(A)&#160;written confirmations and notices of
    allocation delivered to your customers in accordance with
    Rules&#160;172 or 173 under the 1933&#160;Act, and written
    communications based on the exemption provided by Rule&#160;134
    under the 1933&#160;Act, and (B)&#160;in the case of Offerings
    not registered under the 1933&#160;Act, such written
    communications (1)&#160;as would be permitted by
    Section&#160;3.3(v)(D)(1) below were such Offering registered
    under the 1933&#160;Act, or (2)&#160;that the Manager or
    Underwriting Agreement may permit; <I>provided, however,</I>
    that such written communication under this clause&#160;(B) would
    not have otherwise constituted <B>&#147;Issuer
    Information&#148;</B> as defined below, or would have qualified
    for the exemption provided by Rule&#160;134 under the
    1933&#160;Act, in each case, if such communication had been
    furnished in the context of a Registered Offering
    <B>(&#147;Supplemental Materials&#148;)</B>,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;any &#147;issuer free writing prospectus&#148; (as
    defined in Rule&#160;433(h) under the 1933&#160;Act, an
    <B>&#147;Issuer Free Writing Prospectus&#148;</B>), so long as
    such issuance or use has been permitted or consented to by the
    Issuer and the Manager,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iv)&#160;information contained in any computational materials,
    or in the case of an Offering of asset backed securities, the
    ABS Underwriter Derived Information, or any other offering
    materials not constituting a Free Writing Prospectus concerning
    the Offering, the Issuer, the Guarantor, or the Seller, in each
    case, prepared by or with the permission of the Manager for use
    by the Underwriters in connection with the Offering, and, in the
    case of a Registered Offering, filed (if required) with the
    Commission or FINRA, as applicable,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (v)&#160;a Free Writing Prospectus prepared by or on behalf of,
    or used or referred to by, an Underwriter in connection with the
    Offering, so long as: (A)&#160;such Free Writing Prospectus is
    not required to be filed with the Commission, (B)&#160;the
    proposed use of such Free Writing Prospectus is permitted by the
    Underwriting Agreement, (C)&#160;such Free Writing Prospectus
    complies with the legending condition of Rule&#160;433 under the
    1933&#160;Act, and you comply with the record-keeping condition
    of Rule&#160;433, and (D) (1)&#160;such Free Writing Prospectus
    contains only information describing the preliminary terms of
    the Securities and other pricing
    data<SUP style="font-size: 85%; vertical-align: top">3</SUP>

    that is not <B>&#147;Issuer Information&#148;</B> (as defined in
    Rule&#160;433(h) under the 1933&#160;Act, including footnote 271
    of the Securities Offering Reform Release), or (2)&#160;the
    Issuer has agreed in the Underwriting Agreement to file a final
    term sheet under Rule&#160;433 within the time period necessary
    to avoid a requirement for any Underwriter to file the Free
    Writing Prospectus to be used by such Underwriter, and the Free
    Writing Prospectus used by such Underwriter contains only
    information describing the terms of the Securities or their
    offering that is included in such final term sheet of the Issuer
    and other pricing data that is not Issuer Information (a Free
    Writing Prospectus meeting the requirements of (A)&#160;through
    (D)&#160;above used, or referred to by you, is referred to
    herein as an <B>&#147;Underwriter Free Writing
    Prospectus&#148;</B> of yours). Without limiting the foregoing,
    any Underwriter Free Writing Prospectus that you use or refer to
    will not be distributed by you or on your behalf in a manner
    reasonably designed to lead to its broad unrestricted
    dissemination. You will comply in all material respects with the
    applicable requirements of the 1933&#160;Act and the rules and
    regulations thereunder in connection with your use of any
    Underwriter Free Writing Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any advertisement or written information published, given, sent,
    or otherwise conveyed by you in violation of this
    Section&#160;3.3 is referred to as <B>&#147;Unauthorized
    Material.&#148;</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.4.&#160;&#160;<I>Institutional and Retail
    Sales.</I>&#160;&#160;You authorize the Manager to sell to
    institutions and retail purchasers such Securities purchased by
    you pursuant to the Underwriting Agreement as the Manager will
    determine. The Selling Concession on any such sales will be
    credited to the accounts of the Underwriters as the Manager will
    determine.
</DIV>
<!-- XBRL Pagebreak Begin -->
<!-- XBRL Footnotes Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#160;<SUP style="font-size: 85%; vertical-align: top">3</SUP>&#160;Meant

    to permit disclosure of non-Issuer related information, such as
    benchmark Treasury rate, in preliminary term sheets or price
    talk.
</DIV>
<!-- XBRL Footnotes End -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.5.&#160;&#160;<I>Sales to Dealers.</I>&#160;&#160;You
    authorize the Manager to sell to Dealers (as defined below) such
    Securities purchased by you pursuant to the Underwriting
    Agreement as the Manager will determine. A
    <B>&#147;Dealer&#148;</B> will be a person who is: (a)&#160;a
    broker or dealer (as defined by FINRA) actually engaged in the
    investment banking or securities business, and (i)&#160;a member
    in good standing of FINRA, or (ii)&#160;a
    <FONT style="white-space: nowrap">non-U.S.&#160;bank,</FONT>
    broker, dealer, or other institution not eligible for membership
    in FINRA that, in the case of either clause (a)(i) or (a)(ii),
    makes the representations and agreements applicable to such
    institutions contained in Section&#160;10.5 hereof, or
    (b)&#160;in the case of Offerings of Securities that are exempt
    securities under Section&#160;3(a)(12) of the Securities
    Exchange Act of 1934 (the <B>&#147;1934&#160;Act&#148;</B>), and
    such other Securities as from time to time may be sold by a
    &#147;bank&#148; (as defined in Section&#160;3(a)(6) of the
    1934&#160;Act (a <B>&#147;Bank&#148;</B>)), a Bank that is not a
    member of FINRA and that makes the representations and
    agreements applicable to such institutions contained in
    Section&#160;10.5 hereof. If the price for any such sales by the
    Manager to Dealers exceeds an amount equal to the Offering Price
    less the Selling Concession set forth in the applicable AAU, the
    amount of such excess, if any, will be credited to the accounts
    of the Underwriters as the Manager will determine.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.6.&#160;&#160;<I>Direct Sales.</I>&#160;&#160;The Manager will
    advise you promptly, on the Offering Date, as to the Securities
    purchased by you pursuant to the Underwriting Agreement that you
    will retain for direct sale. At any time prior to the
    termination of the applicable AAU, any such Securities that are
    held by the Manager for sale but not sold may, on your request
    and at the Manager&#146;s discretion, be released to you for
    direct sale, and Securities so released to you will no longer be
    deemed held for sale by the Manager. You may allow, and Dealers
    may reallow, a discount on sales to Dealers in an amount not in
    excess of the Reallowance set forth in the applicable AAU. You
    may not purchase Securities from, or sell Securities to, any
    other Underwriter or Dealer at any discount or concession other
    than the Reallowance, except with the prior consent of the
    Manager.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.7.&#160;&#160;<I>Release of Unsold
    Securities.</I>&#160;&#160;From time to time prior to the
    termination of the applicable AAU, at the request of the
    Manager, you will advise the Manager of the number or amount of
    Securities remaining unsold which were retained by or released
    to you for direct sale, and of the number or amount of
    Securities and Other Securities (as defined below) purchased for
    your account remaining unsold which were delivered to you
    pursuant to Article&#160;V hereof or pursuant to any
    Intersyndicate Agreement, and, on the request of the Manager,
    you will release to the Manager any such Securities and Other
    Securities remaining unsold: (a)&#160;for sale by the Manager to
    institutions, Dealers, or retail purchasers, (b)&#160;for sale
    by the Issuer or Seller pursuant to delayed delivery contracts,
    or (c)&#160;if, in the Manager&#146;s opinion, such Securities
    or Other Securities are needed to make delivery against sales
    made pursuant to Article&#160;V hereof or any Intersyndicate
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.8.&#160;&#160;<I>International Offerings.</I>&#160;&#160;In
    the case of an International Offering, you authorize the
    Manager: (i)&#160;to make representations on your behalf as set
    forth in any Intersyndicate Agreement, and (ii)&#160;to purchase
    or sell for your account pursuant to the Intersyndicate
    Agreement: (a)&#160;Securities, (b)&#160;any other securities of
    the same class and series, or any securities into which the
    Securities may be converted or for which the Securities may be
    exchanged or exercised, and (c)&#160;any other securities
    designated in the applicable AAU or applicable Intersyndicate
    Agreement (the securities referred to in clauses&#160;(b) and
    (c)&#160;above being referred to collectively as the
    <B>&#147;Other Securities&#148;</B>).
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">IV.
    DELAYED DELIVERY CONTRACTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.1.&#160;&#160;<I>Arrangements for
    Sales.</I>&#160;&#160;Arrangements for sales of Contract
    Securities will be made only through the Manager acting either
    directly or through Dealers (including Underwriters acting as
    Dealers), and you authorize the Manager to act on your behalf in
    making such arrangements. The aggregate number or amount of
    Securities to be purchased by the several Underwriters will be
    reduced by the respective number or amounts of Contract
    Securities attributed to such Underwriters as hereinafter
    provided. Subject to the provisions of Section&#160;4.2 hereof,
    the aggregate number or amount of Contract Securities will be
    attributed to the Underwriters as nearly as practicable in
    proportion to their respective Underwriting Percentages, except
    that, as determined by the Manager in its discretion:
    (a)&#160;Contract Securities directed and allocated by a
    purchaser to specific Underwriters will be attributed to such
    Underwriters, and (b)&#160;Contract Securities for which
    arrangements have been made for sale through Dealers will be
    attributed to each Underwriter approximately in the proportion
    that Securities of such Underwriter held by the Manager for
    sales to Dealers bear to all
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities so held. The fee with respect to Contract Securities
    payable to the Manager for the accounts of the Underwriters
    pursuant to the Underwriting Agreement will be credited to the
    accounts of the respective Underwriters in proportion to the
    Contract Securities attributed to such Underwriters pursuant to
    the provisions of this Section&#160;4.1, less, in the case of
    each Underwriter, the concession to Dealers on Contract
    Securities sold through Dealers and attributed to such
    Underwriter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.&#160;&#160;<I>Excess Sales.</I>&#160;&#160;If the number or
    amount of Contract Securities attributable to an Underwriter
    pursuant to Section&#160;4.1 hereof would exceed such
    Underwriter&#146;s Original Underwriting Obligation reduced by
    the number or amount of Underwriters&#146; Securities sold by or
    on behalf of such Underwriter, such excess will not be
    attributed to such Underwriter, and such Underwriter will be
    regarded as having acted only as a Dealer with respect to, and
    will receive only the concession to Dealers on, such excess.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">V.
    PURCHASE AND SALE OF SECURITIES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.1.&#160;&#160;<I>Facilitation of
    Distribution.</I>&#160;&#160;In order to facilitate the
    distribution and sale of the Securities, you authorize the
    Manager to buy and sell Securities and any Other Securities, in
    addition to Securities sold pursuant to Article&#160;III hereof,
    in the open market or otherwise (including, without limitation,
    pursuant to any Intersyndicate Agreement), for long or short
    account, on such terms as it may deem advisable, and to
    over-allot in arranging sales. Such purchases and sales and
    over-allotments will be made for the accounts of the several
    Underwriters as nearly as practicable to their respective
    Underwriting Percentages or, in the case of an International
    Offering, such purchases and sales will be for such accounts as
    set forth in the applicable Intersyndicate Agreement. Any
    Securities or Other Securities which may have been purchased by
    the Manager for stabilizing purposes in connection with the
    Offering prior to the acceptance of the applicable AAU will be
    treated as having been purchased pursuant to this
    Section&#160;5.1 for the accounts of the several Underwriters
    or, in the case of an International Offering, for such accounts
    as are set forth in the applicable Intersyndicate Agreement.
    Your net commitment pursuant to the foregoing authorization will
    not exceed at the close of business on any day an amount equal
    to 20% of your Underwriting Percentage of the aggregate initial
    Offering Price of the Firm Securities, it being understood that,
    in calculating such net commitment, the initial Offering Price
    will be used with respect to the Securities so purchased or sold
    and, in the case of all Other Securities, will be the purchase
    price thereof. For purposes of determining your net commitment
    for short account (<I>i.e.</I>, &#147;naked short&#148;), any
    short position that can be covered with: (a)&#160;Securities
    that may be purchased upon exercise of any over-allotment option
    then exercisable, (b)&#160;in the case of an International
    Offering, any Securities or Other Securities that the Manager
    has agreed to purchase for your account pursuant to any
    applicable Intersyndicate Agreement, and (c)&#160;Securities
    that may be purchased pursuant to a forward sale contract or
    similar arrangement with the Issuer or any selling security
    holder in the Offering, will be disregarded. On demand you will
    take up and pay for any Securities or Other Securities so
    purchased for your account and any Securities released to you
    pursuant to Section&#160;3.7 hereof, and will deliver to the
    Manager against payment any Securities or Other Securities so
    sold or over-allotted for your account or released to you. The
    Manager will notify you if it engages in any stabilization
    transaction in accordance with
    <FONT style="white-space: nowrap">Rule&#160;17a-2</FONT>
    under the 1934&#160;Act, and will notify you of the date of
    termination of stabilization. You will not stabilize or engage
    in any syndicate covering transaction (as defined in
    Rule&#160;100 of Regulation&#160;M under the 1934&#160;Act
    <B>(&#147;Regulation&#160;M&#148;</B>)) in connection with the
    Offering without the prior consent of the Manager. You will
    provide to the Manager any reports required of you pursuant to
    <FONT style="white-space: nowrap">Rule&#160;17a-2</FONT>
    of the 1934&#160;Act not later than the date specified therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.2.&#160;&#160;<I>Penalty With Respect to Securities
    Repurchased by the Manager.</I>&#160;&#160;If pursuant to the
    provisions of Section&#160;5.1 hereof and prior to the
    termination of the Manager&#146;s authority to cover any short
    position incurred under the applicable AAU or such other date as
    the Manager may specify in a Wire, either: (a)&#160;the Manager
    purchases or contracts to purchase for the account of any
    Underwriter in the open market or otherwise any Securities which
    were retained by, or released to, you for direct sale or any
    Securities sold pursuant to Section&#160;3.4 hereof for which
    you received a portion of the Selling Concession set forth in
    the applicable AAU, or any Securities which may have been issued
    on transfer or in exchange for such Securities, and which
    Securities were therefore not effectively placed for investment,
    or (b)&#160;if the Manager has advised you by Wire that trading
    in the Securities will be reported to the Manager pursuant to
    the &#147;Initial Public Offering Tracking System&#148; of The
    Depository Trust&#160;Company <B>(&#147;DTC&#148;</B>) and the
    Manager determines, based on notices from
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC, that your customers sold a number or amount of Securities
    during any day that exceeds the number or amount previously
    notified to you by Wire, then you authorize the Manager either
    to charge your account with an amount equal to such portion of
    the Selling Concession set forth in the applicable AAU received
    by you with respect to such Securities or, in the case of clause
    (b), such Securities as exceed the number or amount specified in
    such Wire, or to require you to repurchase such Securities or,
    in the case of clause (b), such Securities as exceed the number
    or amount specified in such Wire, at a price equal to the total
    cost of such purchase, including transfer taxes, accrued
    interest, dividends, and commissions, if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.3.&#160;&#160;<I>Compliance with
    Regulation&#160;M.</I>&#160;&#160;You represent that, at all
    times since you were invited to participate in the Offering, you
    have complied with the provisions of Regulation&#160;M
    applicable to the Offering, in each case as interpreted by the
    Commission and after giving effect to any applicable exemptions.
    If you have been notified in a Wire that the Underwriters may
    conduct passive market making in compliance with Rule&#160;103
    of Regulation&#160;M in connection with the Offering, you
    represent that, at all times since your receipt of such Wire,
    you have complied with the provisions of such Rule applicable to
    such Offering, as interpreted by the Commission and after giving
    effect to any applicable exemptions. You will comply with any
    additional provisions of Regulation&#160;M if and to the extent
    set forth in the Invitation Wire or other Wire.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.4.&#160;&#160;<I>Standby Underwritings.</I>&#160;&#160;You
    authorize the Manager in its discretion, at any time on, or from
    time to time prior to, the expiration of the conversion right of
    convertible securities identified in the applicable AAU in the
    case of securities called for redemption, or the expiration of
    rights to acquire securities in the case of rights offerings,
    for which, in either case, standby underwriting arrangements
    have been made: (i)&#160;to purchase convertible securities or
    rights to acquire Securities for your account, in the open
    market or otherwise, on such terms as the Manager determines,
    and to convert convertible securities or exercise rights so
    purchased; and (ii)&#160;to offer and sell the underlying common
    stock or depositary shares for your account, in the open market
    or otherwise, for long or short account (for purposes of such
    commitment, such common stock or depositary shares being
    considered the equivalent of convertible securities or rights),
    on such terms consistent with the terms of the Offering set
    forth in the Prospectus or Offering Circular as the Manager
    determines. On demand, you will take up and pay for any
    securities so purchased for your account or you will deliver to
    the Manager against payment any securities so sold, as the case
    may be. During such period, you may offer and sell the
    underlying common stock or depositary shares, but only at prices
    set by the Manager from time to time, and any such sales will be
    subject to the Manager&#146;s right to sell to you the
    underlying common stock or depositary shares as above provided
    and to the Manager&#146;s right to reserve your securities
    purchased, received, or to be received upon conversion. You
    agree not to otherwise bid for, purchase, or attempt to induce
    others to purchase or sell, directly or indirectly, any
    convertible securities or rights or underlying common stock or
    depositary shares, <I>provided,</I> <I>however,</I> that no
    Underwriter will be prohibited from: (a)&#160;selling underlying
    common stock owned beneficially by such Underwriter on the day
    the convertible securities were first called for redemption,
    (b)&#160;converting convertible securities owned beneficially by
    such Underwriter on such date or selling underlying common stock
    issued upon conversion of convertible securities so owned,
    (c)&#160;exercising rights owned beneficially by such
    Underwriter on the record date for a rights offering, or selling
    the underlying common stock or depositary shares issued upon
    exercise of rights so owned, or (d)&#160;purchasing or selling
    convertible securities or rights or underlying common stock or
    depositary shares as a broker pursuant to unsolicited orders.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">VI.
    PAYMENT AND SETTLEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You will deliver to the Manager on the date and at the place and
    time specified in the applicable AAU (or on such later date and
    at such place and time as may be specified by the Manager in a
    subsequent Wire) the funds specified in the applicable AAU,
    payable to the order of Morgan Stanley&#160;&#038; Co.
    Incorporated, for: (a)&#160;an amount equal to the Offering
    Price plus (if not included in the Offering Price) accrued
    interest, amortization of original issue discount or dividends,
    if any, specified in the Prospectus or Offering Circular, less
    the applicable Selling Concession in respect of the Firm
    Securities to be purchased by you, (b)&#160;an amount equal to
    the Offering Price plus (if not included in the Offering Price)
    accrued interest, amortization of original issue discount or
    dividends, if any, specified in the Prospectus or Offering
    Circular, less the applicable Selling Concession in respect of
    such of the Firm Securities to be purchased by you as will have
    been retained by or released to you for direct sale as
    contemplated by Section&#160;3.6 hereof, or (c)&#160;the amount
    set forth or indicated in the applicable AAU, as the Manager
    will advise. You will make similar payment as the Manager may
    direct for Additional Securities, if any, to be purchased by you
    on the date specified by the Manager for such payment. The
    Manager will make payment to the Issuer or Seller against
    delivery to the Manager for your account of the Securities to be
    purchased by you, and the Manager will deliver to you the
    Securities paid for by you which will have been retained by or
    released to you for direct sale. If the Manager determines that
    transactions in the Securities are to be settled through DTC or
    another clearinghouse facility and payment in the settlement
    currency is supported by such facility, payment for and delivery
    of Securities purchased by you will be made through such
    facilities, if you are a participant, or, if you are not a
    participant, settlement will be made through your ordinary
    correspondent who is a participant.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">VII.
    EXPENSES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.1.&#160;&#160;<I>Management Fee.</I>&#160;&#160;You authorize
    the Manager to charge your account as compensation for the
    Manager&#146;s and Co-Managers&#146; services in connection with
    the Offering, including the purchase from the Issuer or Seller
    of the Securities, as the case may be, and the management of the
    Offering, the amount, if any, set forth as the management fee,
    global coordinators&#146; fee, praecipium, or other similar fee
    in the applicable AAU. Such amount will be divided among the
    Manager and any Co-Managers named in the applicable AAU as they
    may determine. Each Underwriter acknowledges that such fees are
    being paid by the Underwriters, and are not a benefit received
    directly or indirectly from the Issuer of the type referred to
    in Section&#160;11(e) of the 1933&#160;Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.2.&#160;&#160;<I>Offering Expenses.</I>&#160;&#160;You
    authorize the Manager to charge your account with your
    Underwriting Percentage of all expenses agreed to be paid by the
    Underwriters in the Underwriting Agreement and all expenses of a
    general nature incurred by the Manager and Co-Managers under the
    applicable AAU in connection with the Offering, including the
    negotiation and preparation thereof, or in connection with the
    purchase, carrying, marketing, sale and distribution of any
    securities under the applicable AAU and any Intersyndicate
    Agreement, including, without limitation, legal fees and
    expenses, transfer taxes, costs associated with approval of the
    Offering by FINRA, and the costs of currency transactions
    (including forward and hedging currency transactions) or, if
    permitted pursuant to Section&#160;3.1 hereof, any other forward
    or hedging transactions (including interest rate swaps) entered
    into to facilitate settlement of the purchase of Securities
    permitted hereunder.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">VIII.
    MANAGEMENT OF SECURITIES AND FUNDS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.1.&#160;&#160;<I>Advances; Loans; Pledges.</I>&#160;&#160;You
    authorize the Manager to advance the Manager&#146;s own funds
    for your account, charging current interest rates, and to
    arrange loans for your account for the purpose of carrying out
    the provisions of the applicable AAU and any Intersyndicate
    Agreement, and in connection therewith, to hold or pledge as
    security therefor all or any securities which the Manager may be
    holding for your account under the applicable AAU and any
    Intersyndicate Agreement, to execute and deliver any notes or
    other instruments evidencing such advances or loans, and to give
    all instructions to the lenders with respect to any such loans
    and the proceeds thereof. The obligations of the Underwriters
    under loans arranged on their behalf will be several in
    proportion to their respective Original Underwriting
    Obligations, and not joint. Any lender is
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    authorized to accept the Manager&#146;s instructions as to the
    disposition of the proceeds of any such loans. In the event of
    any such advance or loan, repayment thereof will, in the
    discretion of the Manager, be effected prior to making any
    remittance or delivery pursuant to Section&#160;8.2, 8.3, or 9.2
    hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.2.&#160;&#160;<I>Return of Amount Paid for
    Securities.</I>&#160;&#160;Out of payment received by the
    Manager for Securities sold for your account which have been
    paid for by you, the Manager will remit to you promptly an
    amount equal to the price paid by you for such Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.3.&#160;&#160;<I>Delivery and Redelivery of Securities for
    Carrying Purposes.</I>&#160;&#160;The Manager may deliver to you
    from time to time prior to the termination of the applicable AAU
    pursuant to Section&#160;9.1 hereof against payment, for
    carrying purposes only, any Securities or Other Securities
    purchased by you under the applicable AAU or any Intersyndicate
    Agreement which the Manager is holding for sale for your account
    but which are not sold and paid for. You will redeliver to the
    Manager against payment any Securities or Other Securities
    delivered to you for carrying purposes at such times as the
    Manager may demand.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">IX.
    TERMINATION; INDEMNIFICATION; CONTRIBUTION; SETTLEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.1.&#160;&#160;<I>Termination.</I>&#160;&#160;Each AAU will
    terminate at the close of business on the later of: (a)&#160;the
    date on which the Underwriters pay the Issuer or Seller for the
    Securities, and (b)&#160;45 calendar days after the applicable
    Offering Date, unless sooner terminated by the Manager. The
    Manager may at its discretion by notice to you prior to the
    termination of such AAU alter any of the terms or conditions of
    the Offering to the extent permitted by Articles&#160;III
    and&#160;IV hereof, or terminate or suspend the effectiveness of
    Article&#160;V hereof, or any part thereof. No termination or
    suspension pursuant to this paragraph will affect the
    Manager&#146;s authority under Section&#160;3.1 hereof to take
    actions in respect of the Offering or under Article&#160;V
    hereof to cover any short position incurred under such AAU or in
    connection with covering any such short position to require you
    to repurchase Securities as specified in Section&#160;5.2
    hereof. For the avoidance of doubt, unless otherwise agreed in a
    Wire or an Intersyndicate Agreement, the Manager&#146;s
    authority to purchase Securities or Other Securities, for long
    account, pursuant to Section&#160;5.1 hereof, will terminate or
    be suspended upon the termination or suspension, as the case may
    be, of the applicable AAU (or any provision and or term thereof
    in respect of trading, price or offering restrictions as set
    forth in a Wire that is sent by the Manager following the time
    the Securities are released for sale to purchasers) or
    Article&#160;V or Section&#160;5.1 hereof pursuant to this
    paragraph.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.2.&#160;&#160;<I>Delivery or Sale of Securities; Settlement of
    Accounts.</I>&#160;&#160;Upon termination of each AAU, or prior
    thereto at the Manager&#146;s discretion, the Manager will
    deliver to you any Securities paid for by you pursuant to
    Article&#160;VI hereof and held by the Manager for sale pursuant
    to Section&#160;3.4 or 3.5 hereof but not sold and paid for and
    any Securities or Other Securities that are held by the Manager
    for your account pursuant to the provisions of Article&#160;V
    hereof or any Intersyndicate Agreement. Notwithstanding the
    foregoing, at the termination of such AAU, if the aggregate
    initial Offering Price of any such Securities and the aggregate
    purchase price of any Other Securities so held and not sold and
    paid for does not exceed an amount equal to 20% of the aggregate
    initial Offering Price of the Securities, the Manager may, in
    its discretion, sell such Securities and Other Securities for
    the accounts of the several Underwriters, at such prices, on
    such terms, at such times, and in such manner as it may
    determine. Within the period specified by applicable FINRA Rules
    or, if no period is so specified, as soon as practicable after
    termination of such AAU, your account will be settled and paid.
    The Manager may reserve from distribution such amount as the
    Manager deems advisable to cover possible additional expenses.
    The determination by the Manager of the amount so to be paid to
    or by you will be final and conclusive. Any of your funds under
    the Manager&#146;s control may be held with the Manager&#146;s
    general funds without accountability for interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding any provision of this Master AAU other than
    Section&#160;10.11 hereof, upon termination of each AAU, or
    prior thereto at the Manager&#146;s discretion, the Manager may:
    (i)&#160;allocate to the accounts of the Underwriters the
    expenses described in Section&#160;7.2 hereof and any losses
    incurred upon the sale of Securities or Other Securities
    pursuant to the applicable AAU or any Intersyndicate Agreement
    (including any losses incurred upon the sale of securities
    referred to in Section&#160;5.4(ii) hereof), (ii)&#160;deliver
    to the Underwriters any unsold Securities or Other Securities
    purchased pursuant to Section&#160;5.1 hereof or any
    Intersyndicate Agreement, and (iii)&#160;deliver to the
    Underwriters any unsold Securities purchased pursuant to the
    applicable
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Underwriting Agreement, in each case in the Manager&#146;s
    discretion. The only limitations on such discretion will be as
    follows: (a)&#160;no Underwriter that is not the Manager or a
    Co-Manager will bear more than its share of such expenses,
    losses, or Securities (such share will not exceed such
    Underwriter&#146;s Underwriting Percentage and will be
    determined <I>pro rata </I>among all such Underwriters based on
    their Underwriting Percentages), (b)&#160;no such Underwriter
    will receive Securities that, together with any Securities
    purchased by such Underwriter pursuant to Article&#160;VI (but
    excluding any Securities that such Underwriter is required to
    repurchase pursuant to Section&#160;5.2 hereof) exceed such
    Underwriter&#146;s Original Underwriting Obligation, and
    (c)&#160;no Co-Manager will bear more than its share of such
    expenses, losses, or Securities (such share to be determined
    <I>pro rata </I>among the Manager and all Co-Managers based on
    their Underwriting Percentages). If any Securities or Other
    Securities returned to you pursuant to clause&#160;(ii) or
    (iii)&#160;above were not paid for by you pursuant to
    Article&#160;VI hereof, you will pay to the Manager an amount
    per security equal to the amount set forth in clause&#160;(i) of
    Article&#160;VI, in the case of Securities returned to you
    pursuant to clause&#160;(iii) above, or the purchase price of
    such securities, in the case of Securities or Other Securities
    returned to you pursuant to clause&#160;(ii) above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.3.&#160;&#160;<I>Certain Other Expenses.</I>&#160;&#160;You
    will pay your Underwriting Percentage of: (i)&#160;all expenses
    incurred by the Manager in investigating, preparing to defend,
    and defending against any action, claim, or proceeding which is
    asserted, threatened, or instituted by any party, including any
    governmental or regulatory body (each, an
    <B>&#147;Action&#148;</B>), relating to: (A)&#160;the
    Registration Statement, any Preliminary Prospectus or Prospectus
    (and any amendment or supplement thereto), any Preliminary
    Offering Circular or Offering Circular (and any amendment or
    supplement thereto), any Supplemental Materials, any Issuer Free
    Writing Prospectus, and any ABS Underwriter Derived Information
    used by any Underwriter other than the Manager, (B)&#160;the
    violation of any applicable restrictions on the offer, sale,
    resale, or purchase of Securities or Other Securities imposed by
    U.S.&#160;Federal or state laws or
    <FONT style="white-space: nowrap">non-U.S.&#160;laws</FONT>
    and the rules and regulations of any regulatory body promulgated
    thereunder or pursuant to the terms of the applicable AAU, the
    Underwriting Agreement, or any Intersyndicate Agreement, and
    (C)&#160;any claim that the Underwriters constitute a
    partnership, an association, or an unincorporated business or
    other separate entity, and (ii)&#160;any Losses (as defined in
    Section&#160;9.4 hereof) incurred by the Manager in respect of
    any such Action, whether such Loss will be the result of a
    judgment or arbitrator&#146;s determination or as a result of
    any settlement agreed to by the Manager. Notwithstanding the
    foregoing, you will not be required to pay your Underwriting
    Percentage of any such expense or liability: (1)&#160;to the
    extent that such expense or liability was caused by the
    Manager&#146;s gross negligence or willful misconduct as
    determined in a final judgment of a court of competent
    jurisdiction; (2)&#160;as to which, and to the extent, the
    Manager actually receives (a)&#160;indemnity pursuant to
    Section&#160;9.4 hereof, (b)&#160;contribution pursuant to
    Section&#160;9.5 hereof, (c)&#160;indemnity or contribution
    pursuant to the Underwriting Agreement, or (d)&#160;damages from
    an Underwriter for breach of its representations, warranties,
    agreements, or covenants contained in the applicable AAU; or
    (3)&#160;of the Manager (other than fees of Syndicate Counsel)
    that relates to a settlement entered into by the Manager on a
    basis that results in a settlement of such Action against it and
    fewer than all the Underwriters. None of the foregoing
    provisions of this Section&#160;9.3 will relieve any defaulting
    or breaching Underwriter from liability for its defaults or
    breach. Failure of any party to give notice under
    Section&#160;9.10 hereof will not relieve any Underwriter of an
    obligation to pay expenses pursuant to the provisions of this
    Section&#160;9.3.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.4.&#160;&#160;<I>Indemnification.</I>&#160;&#160;Notwithstanding
    any settlement on the termination of the applicable AAU, you
    agree to indemnify and hold harmless each other Underwriter and
    each person, if any, who controls any such Underwriter within
    the meaning of either Section&#160;15 of the 1933&#160;Act or
    Section&#160;20 of the 1934&#160;Act (each, an
    <B>&#147;Indemnified Party&#148;</B>), to the extent and upon
    the terms which you agree to indemnify and hold harmless any of
    the Issuer, the Guarantor, the Seller, any person controlling
    the Issuer, the Guarantor, the Seller, its directors, and, in
    the case of a Registered Offering, its officers who signed the
    Registration Statement and, in the case of an Offering other
    than a Registered Offering, its officers, in each case as set
    forth in the Underwriting Agreement. You further agree to
    indemnify and hold harmless each Indemnified Party from and
    against any and all losses, claims, damages, liabilities, and
    expenses not reimbursed pursuant to Section&#160;9.3 hereof
    (collectively, <B>&#147;Losses&#148;</B>) related to, arising
    out of, or in connection with the breach or violation by you of
    the terms of Section&#160;3.3 hereof, including any and all
    Losses under Section&#160;5 of the 1933&#160;Act, and any
    litigation, investigation, and proceeding (collectively,
    <B>&#147;Litigation&#148;</B>) relating to any of the foregoing.
    You will also reimburse each such Indemnified Party upon demand
    for all expenses, including fees and expenses of
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    counsel, as they are incurred, in connection with investigating,
    preparing for, or defending any of the foregoing. You will
    indemnify and hold harmless each Indemnified Party from and
    against any and all Losses related to, arising out of, or in
    connection with, any untrue statement or alleged untrue
    statement of a material fact contained in any Underwriter Free
    Writing Prospectus or Supplemental Material of yours or
    Unauthorized Material used by you, or any omission or alleged
    omission to state therein a material fact required to be stated
    therein or necessary to make the statements therein not
    misleading, and any Litigation relating to any of the foregoing,
    and to reimburse each such Indemnified Party upon demand for all
    expenses, including fees and expenses of counsel, as they are
    incurred, in connection with investigating, preparing for, or
    defending any of the foregoing. In addition, you will indemnify
    and hold harmless each Indemnified Party from and against any
    and all Losses related to, arising out of, or in connection with
    any untrue statement or alleged untrue statement of a material
    fact contained in any ABS Underwriter Derived Information used
    by you, or any omission or alleged omission to state therein a
    material fact required to be stated therein or necessary to make
    the statements therein not misleading, and any Litigation
    relating to any of the foregoing, and to reimburse each such
    Indemnified Party upon demand for all expenses, including fees
    and expenses of counsel, as they are incurred, in connection
    with investigating, preparing for, or defending any of the
    foregoing; <I>provided,</I> <I>however,</I> that any Losses,
    joint or several, paid or incurred by any Underwriter, arising
    out of or based upon any ABS Underwriter Derived Information
    which was used only by such Underwriter, or in connection with
    the preparation of which an Underwriter is found to have acted
    with gross negligence or willful misconduct in a final judgment
    of a court of competent jurisdiction, will be paid solely by
    such Underwriter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each Underwriter will further indemnify and hold harmless any
    investment banking firm identified in a Wire as the qualified
    independent underwriter as defined in NASD Conduct
    Rule&#160;2720 or any FINRA successor rule thereto (in such
    capacity, a <B>&#147;QIU&#148;</B>) for an Offering and each
    person, if any, who controls such QIU within the meaning of
    either Section&#160;15 of the 1933&#160;Act or Section&#160;20
    of the 1934&#160;Act, from and against any and all Losses
    related to, arising out of, or in connection with such
    investment banking firm&#146;s activities as QIU for the
    Offering. Each Underwriter will reimburse such QIU for all
    expenses, including fees and expenses of counsel, as they are
    incurred, in connection with investigating, preparing for, and
    defending any Action related to, arising out of, or in
    connection with such QIU&#146;s activities as a QIU for the
    Offering. Each Underwriter will be responsible for its
    Underwriting Percentage of any amount due to such QIU on account
    of the foregoing indemnity and reimbursement. Such QIU will have
    no additional liability to any Underwriter or otherwise as a
    result of its serving as QIU in connection with the Offering. To
    the extent the indemnification provided to a QIU under this
    Section&#160;9.4 is unavailable to such QIU or is insufficient
    in respect of any Losses related thereto, whether as a matter of
    law or public policy or as a result of the default of any
    Underwriter in performing its obligations under this
    Section&#160;9.4, each other Underwriter will contribute to the
    amount paid or payable by such QIU as a result of such Losses
    related thereto in proportion to its Underwriting Percentage.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.5.&#160;&#160;<I>Contribution.</I>&#160;&#160;Notwithstanding
    any settlement on the termination of the applicable AAU, you
    will pay upon request of the Manager, as contribution, your
    Underwriting Percentage of any Losses, joint or several, paid or
    incurred by any Underwriter to any person other than an
    Underwriter, arising out of or in connection with the breach or
    violation of the terms of Section&#160;3.3 hereof, including any
    and all Losses under Section&#160;5 of the 1933&#160;Act, and
    any Litigation relating to the foregoing. Further, you will pay
    upon request of the Manager, your Underwriting Percentage of any
    Losses, joint or several, paid or incurred by any Underwriter to
    any person other than an Underwriter, arising out of or in
    connection with any untrue statement or alleged untrue statement
    of a material fact contained in the Registration Statement, any
    Preliminary Prospectus or Prospectus (and any amendment or
    supplement thereto), any Preliminary Offering Circular or
    Offering Circular (and any amendment or supplement thereto), any
    Issuer Free Writing Prospectus, any Supplemental Materials, any
    other materials prepared or used by an Underwriter in accordance
    with Section&#160;3.3 hereof, or any Underwriter Free Writing
    Prospectus of yours or Unauthorized Material used by you, or the
    omission or alleged omission to state therein a material fact
    required to be stated therein or necessary to make the
    statements therein not misleading (other than an untrue
    statement or alleged untrue statement or omission or alleged
    omission made in reliance upon and in conformity with
    information furnished to the Company In Writing by the
    Underwriter on whose behalf the request for contribution is
    being made expressly for use therein), or any act or omission to
    act or any alleged act or omission to act by the Manager or, if
    applicable, a Representative, as the Manager or a
    Representative, in connection with any transaction contemplated
    by this
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Agreement or undertaken in preparing for the purchase, sale, and
    delivery of the Securities (provided, that you will not be
    required to pay in any such case to the extent that any such
    Loss resulted from the Manager&#146;s or such
    Representative&#146;s gross negligence or willful misconduct as
    determined in a final judgment of a court of competent
    jurisdiction), and your Underwriting Percentage of any legal or
    other expenses, including fees and expenses of counsel, as they
    are incurred, reasonably incurred by the Underwriter (with the
    approval of the Manager) on whose behalf the request for
    contribution is being made in connection with investigating or
    defending any such Loss or any action in respect thereof;
    <I>provided,</I> <I>however,</I> that no request will be made on
    behalf of any Underwriter guilty of fraudulent misrepresentation
    (within the meaning of Section&#160;11(f) of the 1933&#160;Act)
    from any Underwriter who was not guilty of such fraudulent
    misrepresentation (within the meaning of Section&#160;11(f) of
    the 1933&#160;Act); <I>provided,</I> <I>further,</I> that any
    Losses, joint or several, paid or incurred by any Underwriter,
    arising out of or based upon such Underwriter&#146;s Underwriter
    Free Writing Prospectus that does not breach Section&#160;3.3
    hereof, will be paid by only the Underwriters that used such
    Underwriter Free Writing Prospectus (the <B>&#147;Contributing
    Underwriters&#148;</B>), and the amount to be paid by each
    Contributing Underwriter will be determined <I>pro rata
    </I>among the Contributing Underwriters based on their
    Underwriting Percentages. None of the foregoing provisions of
    this Section&#160;9.5 will relieve any defaulting or breaching
    Underwriter from liability for its defaults or breach.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, you will pay your Underwriting Percentage of any
    Losses, joint or several, paid or incurred by any Underwriter to
    any person other than an Underwriter, arising out of or in
    connection with any untrue statement or alleged untrue statement
    of a material fact contained in any ABS Underwriter Derived
    Information, or the omission or alleged omission to state
    therein a material fact required to be stated therein or
    necessary to make the statements therein not misleading (other
    than an untrue statement or alleged untrue statement or omission
    or alleged omission made in reliance upon and in conformity with
    information furnished to the Company In Writing by the
    Underwriter on whose behalf the request for contribution is
    being made expressly for use therein) and your Underwriting
    Percentage of any expenses, including fees and expenses of
    counsel, as they are incurred, reasonably incurred by the
    Underwriter (with the approval of the Manager) on whose behalf
    the request for contribution is being made in connection with
    investigating, preparing for, or defending any such Loss or any
    action in respect thereof; <I>provided,</I> <I>however,</I> that
    any Losses, joint or several, paid or incurred by any
    Underwriter, arising out of or based upon any ABS Underwriter
    Derived Information which was used only by such Underwriter, or
    in connection with the preparation of which the Underwriter is
    found to have acted with gross negligence or willful misconduct
    in a final judgment of a court of competent jurisdiction, will
    be paid solely by the Underwriter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.6.&#160;&#160;<I>Separate Counsel.</I>&#160;&#160;If any
    Action is asserted or commenced pursuant to which the indemnity
    provided in Section&#160;9.4 hereof or the right of contribution
    provided in Section&#160;9.5 hereof may apply, the Manager may
    take such action in connection therewith as it deems necessary
    or desirable, including retention of counsel for the
    Underwriters <B>(&#147;Syndicate Counsel&#148;</B>), and in its
    discretion separate counsel for any particular Underwriter or
    group of Underwriters, and the fees and disbursements of any
    counsel so retained will be allocated among the several
    Underwriters as determined by the Manager. Any such Syndicate
    Counsel retained by the Manager will be counsel to the
    Underwriters as a group and, in the event that: (a)&#160;the
    Manager settles any Action on a basis that results in the
    settlement of such Action against it and fewer than all the
    Underwriters, or (b)(i) a conflict develops between the Manager
    and the other Underwriters, or (ii)&#160;differing defenses are
    available to the other Underwriters and not available to the
    Manager, and as a result of either (b)(i) or (b)(ii) such
    Syndicate Counsel concludes that it is unable to continue to
    represent the Manager and the other Underwriters, then in each
    such case, after notification to the Manager and the other
    Underwriters, Syndicate Counsel will remain counsel to the other
    Underwriters and will withdraw as counsel to the Manager. The
    Manager hereby consents to such arrangement and undertakes to
    take steps to: (i)&#160;ensure that any engagement letters with
    Syndicate Counsel are consistent with such arrangement;
    (ii)&#160;issue a notice to all other Underwriters promptly
    following receipt of any advice (whether oral or written) from
    Syndicate Counsel regarding its inability to represent the
    Manager and the other Underwriters jointly; and
    (iii)&#160;facilitate Syndicate Counsel&#146;s continued
    representation of the other Underwriters. Any Underwriter may
    elect to retain at its own expense its own counsel and, on
    advice of such counsel, may settle or consent to the settlement
    of any such Action, but only in compliance with Section&#160;9.7
    hereof, and in each case, only after notification to every other
    Underwriter. The
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Manager may settle or consent to the settlement of any such
    Action, but only in compliance with Section&#160;9.7 hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.7.&#160;&#160;<I>Settlement of Actions.</I>&#160;&#160;Neither
    the Manager nor any other Underwriter party to this Master AAU
    may settle or agree to settle any Action related to or arising
    out of the Offering, nor may any other Underwriter settle or
    agree to settle any such Action without the consent of the
    Manager, nor may any other Underwriter seek the Manager&#146;s
    consent to any such settlement agreement, nor may the Manager
    consent to any such settlement agreement, unless: (A)&#160;the
    Manager, together with such other Underwriters as constitute a
    majority in aggregate interest based on the Underwriting
    Percentage of the Underwriters as a whole (including the
    Manager&#146;s interest), approve the settlement of such Action,
    in which case the Manager is authorized to settle for all
    Underwriters, <I>provided,</I> <I>however,</I> that the
    settlement agreement results in the settlement of the Action
    against all Underwriters raised by the plaintiffs party thereto;
    or (B) (i)&#160;such settlement agreement expressly provides
    that the non-settling Underwriters will be given a judgment
    credit (or credit in settlement) with respect to all such
    Actions for which the non-settling Underwriters may be found
    liable (or will pay in subsequent settlement), in an amount that
    is the greatest of: (x)&#160;the dollar amount paid in such
    initial settlement to settle such Actions, (y)&#160;the
    proportionate share of the settling Underwriter&#146;s fault in
    respect of common damages arising in connection with such
    Actions as proven at trial, if applicable, or (z)&#160;the
    amount by which the settling Underwriter would have been
    required to make contribution had it not settled, under
    Sections&#160;9.5 and 11.2 hereof in respect of the final
    non-appealable judgment (or settlement) subsequently entered
    into by the non-settling Underwriters (such greatest amount of
    either (x), (y), or (z), the <B>&#147;Judgment
    Credit&#148;</B>);<SUP style="font-size: 85%; vertical-align: top">4</SUP>

    (ii)&#160;such settlement agreement expressly provides that in
    the event that the applicable court does not approve the
    Judgment Credit as part of the settlement, the settlement
    agreement will automatically terminate; and (iii)&#160;the final
    judgment entered with respect to the settlement agreement
    contains the Judgment Credit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.8.&#160;&#160;<I>Survival.</I>&#160;&#160;Except as set forth
    in the last sentence of Section&#160;9.1, your agreements
    contained in Article&#160;V and Sections&#160;3.1, 9.3, 9.4,
    9.5, 9.6, 9.7, 9.8, 9.9, 9.10, and 11.2 hereof will remain
    operative and in full force and effect regardless of any
    termination of an AAU and: (a)&#160;any termination of the
    Underwriting Agreement, (b)&#160;any investigation made by or on
    behalf of any Underwriter or any person controlling any
    Underwriter or by or on behalf of the Issuer, the Guarantor, the
    Seller, its directors or officers, or any person controlling the
    Issuer, the Guarantor or the Seller, and (c)&#160;acceptance of
    any payment for any Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.9.&#160;&#160;<I>Replacement of Manager.</I>&#160;&#160;If at
    any time after any Action is brought the Manager settles the
    Action on a basis that results in the settlement of such Action
    against it and fewer than all the Underwriters (whether or not
    such settlement complies with Section&#160;9.7 hereof), the
    Manager will, at such time, for purposes of Sections&#160;9.3,
    9.4, 9.5, 9.6, and 9.7 hereof, cease to be the Manager. The
    non-settling Underwriters will, by vote of holders of a majority
    of the Underwriting Percentage of such non-settling
    Underwriters, select a new Manager, which will become the new
    <B>&#147;Manager&#148;</B> for all purposes of
    Sections&#160;9.3, 9.4., 9.5, 9.6, and 9.7 hereof as well as
    this section; <I>provided </I>that the non-settling
    Underwriter(s) with the largest Underwriting Percentage will act
    as Manager until such vote occurs and a new Manager is
    selected.<SUP style="font-size: 85%; vertical-align: top">5</SUP>

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding such a settlement, the Manager and the other
    settling Underwriters will remain obligated to the non-settling
    Underwriters to assist and cooperate fully, in good faith, and
    at their own expense, in the defense of any Actions, including,
    without limitation, by providing, upon reasonable request of any
    non-settling Underwriter, and without the necessity of court
    process, access to or copies of all relevant records, and
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<!-- XBRL Footnotes Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#160;<SUP style="font-size: 85%; vertical-align: top">4</SUP>&#160;Seeks

    to ensure that there is no harm to non-settling Underwriter due
    to settlement. For example, assume that plaintiffs have suffered
    $1,000 in damage in a case in which the Underwriters are 50% at
    fault and other defendants, all of whom are insolvent, are 50%
    at fault. Further assume that there were 2 Underwriters, each
    which underwrote 50% of the offering, and they were equally at
    fault. If neither Underwriter settles, then each would be
    required to pay $500 to satisfy the $1,000 verdict for which
    they are jointly and severally liable (or, if one paid $1,000,
    Section&#160;9.5 would obligate the other to contribute $500
    towards such payment). If the first Underwriter settles for
    $100, then the second Underwriter will obtain a judgment credit
    of $500, being equal to the greater of: (a)&#160;settlement
    amount ($100), (b)&#160;the first Underwriter&#146;s fault
    ($250), and (c)&#160;the amount which the settling Underwriters
    would have been required to contribute under the contribution
    provisions ($500). This formula ensures that the second
    Underwriter is not harmed by the settlement. By contrast, the
    judgment credit applied in <U>WorldCom</U>  ignored clause (c),
    resulting in a credit of only $250 and leading the non-settling
    Underwriter to pay $750, or $250 more than had the first
    Underwriter not settled.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#160;<SUP style="font-size: 85%; vertical-align: top">5</SUP>&#160;Permits

    new Manager to replace settling Manager and manage the
    litigation&#160;&#151; related provisions of this agreement.
</DIV>
<!-- XBRL Footnotes End -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    reasonable access to all witnesses under control of the Manager
    or the other settling Underwriters, for the purpose of
    interviews, depositions, and testimony at trial, subject in each
    case to the applicable legal and procedural obligations of such
    Manager and such other settling Underwriter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, if at any time, the Manager is unwilling or unable
    for any reason to assume or discharge its duties as Manager
    under the applicable AAU, whether resulting from its insolvency
    (voluntary or involuntary), resignation or otherwise, to the
    extent permitted by applicable law, the remaining Underwriters
    will, by vote of holders of a majority of the Underwriting
    Percentage of such Underwriters, be entitled to select a new
    Manager, which will become the new Manager for all purposes
    under this
    Agreement.<SUP style="font-size: 85%; vertical-align: top">6</SUP>

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, a Manager replaced pursuant to
    this Section&#160;9.9 shall continue to benefit from and be
    subject to all other terms and conditions of this Agreement
    applicable to an Underwriter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.10.&#160;&#160;<I>Notice.</I>&#160;&#160;When the Manager
    receives notice of the assertion of any Action to which the
    provisions of Sections&#160;9.4, 9.5, 9.6, or 9.7 hereof would
    apply, it will give prompt notice thereof to each Underwriter,
    and whenever an Underwriter receives notice of the assertion of
    any claim or commencement of any Action to which the provisions
    of Sections&#160;9.4, 9.5, 9.6, or 9.7 hereof would apply, such
    Underwriter will give prompt notice thereof to the Manager. The
    Manager also will furnish each Underwriter with periodic
    reports, at such times as it deems appropriate, as to the status
    of such Action, and the actions taken by it in connection
    therewith. If the Manager or any other Underwriter engages in
    any settlement discussion that involves or contemplates
    settlement on any basis other than settlement of all Actions
    against all Underwriters on a <I>pro rata </I>basis according to
    their Underwriting Percentages, the Manager (or other
    Underwriter engaging in such discussions) will notify all other
    Underwriters promptly and provide reasonable details about such
    discussions.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">X.
    REPRESENTATIONS AND COVENANTS OF UNDERWRITERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.1.&#160;&#160;<I>Knowledge of Offering.</I>&#160;&#160;You
    acknowledge that it is your responsibility to examine the
    Registration Statement, the Prospectus, or the Offering
    Circular, as the case may be, any amendment or supplement
    thereto relating to the Offering, any Preliminary Prospectus or
    Preliminary Offering Circular, and the material, if any,
    incorporated by reference therein, any Issuer Free Writing
    Prospectus, any Supplemental Materials, and any ABS Underwriter
    Derived Information, and you will familiarize yourself with the
    terms of the Securities, any applicable Indenture, and the other
    terms of the Offering thereof which are to be reflected in the
    Prospectus or the Offering Circular, as the case may be, and the
    applicable AAU and Underwriting Agreement. The Manager is
    authorized, with the advice of counsel for the Underwriters, to
    approve on your behalf any amendments or supplements to the
    documents described in the preceding sentence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.2.&#160;&#160;<I>Accuracy of Underwriters&#146;
    Information.</I>&#160;&#160;You confirm that the information
    that you have given and are deemed to have given in response to
    the Underwriters&#146; Questionnaire attached as Exhibit&#160;A
    hereto (and to any other questions addressed to you in the
    Invitation Wire or other Wires), which information has been
    furnished to the Issuer for use in the Registration Statement,
    Prospectus, or Offering Circular, as the case may be, or has
    otherwise been relied upon in connection with the Offering, is
    complete and accurate. You will notify the Manager immediately
    of any development before the termination of the applicable AAU
    which makes untrue or incomplete any information that you have
    given or are deemed to have given in response to the
    Underwriters&#146; Questionnaire (or such other questions).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.3.&#160;&#160;<I>Name; Address.</I>&#160;&#160;Unless you
    have promptly notified the Manager In Writing otherwise, your
    name as it should appear in the Registration Statement,
    Prospectus or Offering Circular and any advertisement, if
    different, and your address, are as set forth on the signature
    pages hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.4.&#160;&#160;<I>Compliance with Capital
    Requirements.</I>&#160;&#160;You represent that your commitment
    to purchase the Securities will not result in a violation of the
    financial responsibility requirements of
    <FONT style="white-space: nowrap">Rule&#160;15c3-1</FONT>
    under the 1934&#160;Act or of any similar provision of any
    applicable rules of any securities exchange to which you are
    subject or, if you are a financial institution subject to
    regulation by the Board of Governors of the U.S.&#160;Federal
    Reserve System, the U.S.&#160;Comptroller of the Currency, or
    the U.S.&#160;Federal Deposit Insurance Corporation,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->
<!-- XBRL Footnotes Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#160;<SUP style="font-size: 85%; vertical-align: top">6</SUP>&#160;Permits

    new Manager to replace insolvent Manager and manage all aspects
    of this MAAU.
</DIV>
<!-- XBRL Footnotes End -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    will not place you in violation of any applicable capital
    requirements or restrictions of such regulator or any other
    regulator to which you are subject.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.5.&#160;&#160;<I>FINRA Requirements.</I>&#160;&#160;You
    represent that you are a member in good standing of FINRA, or a
    <FONT style="white-space: nowrap">non-U.S.&#160;bank,</FONT>
    broker, dealer, or institution not eligible for membership in
    FINRA or a Bank. If you are a member of FINRA, you will comply
    with all applicable rules of FINRA, including, without
    limitation: (a)&#160;the requirements of FINRA Rule&#160;5130,
    and (b)&#160;the requirements of NASD Conduct Rule&#160;2740 or
    any FINRA successor rule thereto, and you will not grant any
    concessions, discounts, or other allowances which are not
    permitted by that Rule. If you are a
    <FONT style="white-space: nowrap">non-U.S.&#160;bank,</FONT>
    broker, dealer, or institution not eligible for membership in
    FINRA, you will not make any sales of the Securities in, or to
    nationals or residents of, the United States, its territories,
    or its possessions, except to the extent permitted by
    <FONT style="white-space: nowrap">Rule&#160;15a-6</FONT>
    or any successor rule thereto, and that in making any sales of
    the Securities you will comply, as though you are a member of
    FINRA, with the requirements of the following rules (including
    any FINRA successor rules thereto): (a)&#160;FINRA
    Rule&#160;5130, (b)&#160;NASD Conduct Rules&#160;2730, 2740, and
    2750, and (c)&#160;NASD Conduct Rule&#160;2420, as that Rule
    applies to a non-member broker/dealer in a
    <FONT style="white-space: nowrap">non-U.S.&#160;country.</FONT>
    If you are a Bank, you will not accept any portion of the
    management fee paid by the Underwriters with respect to any
    Offering or, in connection with any Offering of Securities that
    do not constitute &#147;exempted securities&#148; within the
    meaning of Section&#160;3(a)(12) of the 1934&#160;Act, purchase
    any Securities at a discount from the offering price from any
    Underwriter or Dealer or otherwise accept any Fees and
    Commissions from any Underwriter or Dealer, which in any such
    case is not permitted under NASD&#146;s Rules of Fair Practice
    (or any FINRA successor rules thereto), and you will comply with
    NASD Conduct Rule&#160;2420 (or any FINRA successor rule
    thereto) as though you were a member.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.6.&#160;&#160;<I>Further State Notice.</I>&#160;&#160;The
    Manager will file a Further State Notice with the Department of
    State of New York, if required.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.7.&#160;&#160;<I>Compliance with
    <FONT style="white-space: nowrap">Rule&#160;15c2-8.</FONT></I>&#160;&#160;In
    the case of a Registered Offering and any other Offering to
    which the provisions of
    <FONT style="white-space: nowrap">Rule&#160;15c2-8</FONT>
    under the 1934&#160;Act are made applicable pursuant to the AAU
    or otherwise, you will comply with such Rule in connection with
    the Offering. In the case of an Offering other than a Registered
    Offering, you will comply with applicable Federal and state laws
    and the applicable rules and regulations of any regulatory body
    promulgated thereunder governing the use and distribution of
    offering circulars by underwriters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.8.&#160;&#160;<I>Discretionary Accounts.</I>&#160;&#160;In
    the case of a Registered Offering of Securities issued by an
    Issuer that was not, immediately prior to the filing of the
    Registration Statement, subject to the requirements of
    Section&#160;13(d) or 15(d) of the 1934&#160;Act, you will not
    make sales to any account over which you exercise discretionary
    authority in connection with such sale, except as otherwise
    permitted by the applicable AAU for such Offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.9.&#160;&#160;<I>Offering Restrictions.</I>&#160;&#160;You
    will not make any offers or sales of Securities or any Other
    Securities in jurisdictions outside the United States except
    under circumstances that will result in compliance with
    (i)&#160;applicable laws, including private placement
    requirements, in each such jurisdiction and (ii)&#160;the
    restrictions on offers or sales set forth in any AAU or the
    Prospectus, Preliminary Prospectus, Offering Circular, or
    Preliminary Offering Circular, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is understood that, except as specified in the Prospectus or
    Offering Circular or applicable AAU, no action has been taken by
    the Manager, the Issuer, the Guarantor, or the Seller to permit
    you to offer Securities in any jurisdiction other than the
    United States, in the case of a Registered Offering, where
    action would be required for such purpose.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.10.&#160;&#160;<I>Representations, Warranties, and
    Agreements.</I>&#160;&#160;You will make to each other
    Underwriter participating in an Offering the same
    representations, warranties, and agreements, if any, made by the
    Underwriters to the Issuer, the Guarantor, or the Seller in the
    applicable Underwriting Agreement or any Intersyndicate
    Agreement, and you authorize the Manager to make such
    representations, warranties, and agreements to the Issuer, the
    Guarantor, or the Seller on your behalf.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.11.&#160;&#160;<I>Limitation on the Authority of the Manager
    to Purchase and Sell Securities for the Account of Certain
    Underwriters.</I>&#160;&#160;Notwithstanding any provision of
    this AAU authorizing the Manager to purchase or sell any
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities or Other Securities (including arranging for the sale
    of Contract Securities) or over-allot in arranging sales of
    Securities for the accounts of the several Underwriters, the
    Manager may not, in connection with the Offering of any
    Securities, make any such purchases, sales,
    <FONT style="white-space: nowrap">and/or</FONT>
    over-allotments for the account of any Underwriter that, not
    later than its acceptance of the Invitation Wire relating to
    such Offering, has advised the Manager that, due to its status
    as, or relationship to, a bank or bank holding company such
    purchases, sales,
    <FONT style="white-space: nowrap">and/or</FONT>
    over-allotments are prohibited by applicable law. If any
    Underwriter so advises the Manager, the Manager may allocate any
    such purchases, sales, and over-allotments (and the related
    expenses) which otherwise would have been allocated to your
    account based on your respective Underwriting Percentage to your
    account based on the ratio of your Original Underwriting
    Obligation to the Original Underwriting Obligations of all
    Underwriters other than the advising Underwriter or
    Underwriters, or in such other manner as the Manager will
    determine.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.12.&#160;&#160;<I>Electronic Distribution.</I>&#160;&#160;By
    participating in the Offering or accepting the Invitation Wire,
    you will be deemed to be representing that either: (a)&#160;you
    are not making an on-line distribution; or (b)&#160;if you are
    making an on-line distribution, you are following procedures for
    on-line distributions previously reviewed by members of the
    Staff of the Division of Corporation Finance of the Commission,
    such members raised no objections to the procedures reviewed,
    and there have been no material changes to your procedures since
    that review.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.13.&#160;&#160;<I>Agreement Regarding Oral Due
    Diligence.</I>&#160;&#160;By participating in an Offering, each
    Underwriter agrees that it, each of its affiliates participating
    in an Offering as Underwriter or financial intermediary and each
    controlling person of it and each such participating affiliate
    are bound by the Agreement Regarding Oral Due Diligence
    currently in effect between Morgan Stanley and the accounting
    firm or firms that participate in oral due diligence in such
    offering.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">XI.
    DEFAULTING UNDERWRITERS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    11.1.&#160;&#160;<I>Effect of Termination.</I>&#160;&#160;If the
    Underwriting Agreement is terminated as permitted by the terms
    thereof, your obligations hereunder with respect to the Offering
    of the Securities will immediately terminate except: (a)&#160;as
    set forth in Section&#160;9.8 hereof, (b)&#160;that you will
    remain liable for your Underwriting Percentage (or such other
    percentage as may be specified pursuant to Section&#160;9.2
    hereof) of all expenses, and for any purchases or sales which
    may have been made for your account pursuant to the provisions
    of Article&#160;V hereof or any Intersyndicate Agreement, and
    (c)&#160;that such termination will not affect any obligations
    of any defaulting or breaching Underwriter.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    11.2.&#160;&#160;<I>Sharing of Liability.</I>&#160;&#160;If any
    Underwriter defaults in its obligations: (a)&#160;pursuant to
    Section&#160;5.1, 5.2 or 5.4 hereof, (b)&#160;to pay amounts
    charged to its account pursuant to Section&#160;7.1, 7.2, or 8.1
    hereof, or (c)&#160;pursuant to Section&#160;9.2, 9.3, 9.4, 9.5,
    9.6, or 11.1 hereof, you will assume your proportionate share
    (determined on the basis of the respective Underwriting
    Percentages of the non-defaulting Underwriters) of such
    obligations, but no such assumption will relieve any defaulting
    Underwriter from liability to the non-defaulting Underwriters,
    the Issuer, the Guarantor, or the Seller for its default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    11.3.&#160;&#160;<I>Arrangements for
    Purchases.</I>&#160;&#160;The Manager is authorized to arrange
    for the purchase by others (including the Manager or any other
    Underwriter) of any Securities not purchased by any defaulting
    Underwriter in accordance with the terms of the applicable
    Underwriting Agreement or, if the applicable Underwriting
    Agreement does not provide arrangements for defaulting
    Underwriters, in the discretion of the Manager. If such
    arrangements are made, the respective amounts of Securities to
    be purchased by the remaining Underwriters and such other person
    or persons, if any, will be taken as the basis for all rights
    and obligations hereunder, but this will not relieve any
    defaulting Underwriter from liability for its default.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">XII.
    MISCELLANEOUS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    12.1.&#160;&#160;<I>Obligations Several.</I>&#160;&#160;Nothing
    contained in this Master AAU or any AAU constitutes you partners
    with the Manager or with the other Underwriters, and the
    obligations of you and each of the other Underwriters are
    several and not joint. Each Underwriter elects to be excluded
    from the application of Subchapter K, Chapter&#160;1,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subtitle A, of the U.S.&#160;Internal Revenue Code of 1986. Each
    Underwriter authorizes the Manager, on behalf of such
    Underwriter, to execute such evidence of such election as may be
    required by the U.S.&#160;Internal Revenue Service.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    12.2.&#160;&#160;<I>Liability of Manager.</I>&#160;&#160;The
    Manager will not be liable to you for any act or omission,
    except for obligations expressly assumed by the Manager in the
    applicable AAU.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    12.3.&#160;&#160;<I>Termination of Master
    AAU.</I>&#160;&#160;This Master AAU may be terminated by either
    party hereto upon five business days&#146; written notice to the
    other party; <I>provided,</I> <I>however,</I> that with respect
    to any Offering for which an AAU was sent prior to such notice,
    this Master AAU as it applies to such Offering will remain in
    full force and effect and will terminate with respect to such
    Offering in accordance with Section&#160;9.1 hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    12.4.&#160;&#160;<I>Governing Law.</I>&#160;&#160;This Master
    AAU and each AAU will be governed by and construed in accordance
    with the laws of the State of New York applicable to contracts
    made and to be performed in the State, without giving effect to
    principles of conflicts of law. You hereby irrevocably:
    (a)&#160;submit to the jurisdiction of any court of the State of
    New York located in the City of New York or the
    U.S.&#160;District Court for the Southern District of the State
    of New&#160;York for the purpose of any suit, action, or other
    proceeding arising out of this Master AAU, or any of the
    agreements or transactions contemplated hereby (each, a
    <B>&#147;Proceeding&#148;</B>), (b)&#160;agree that all claims
    in respect of any Proceeding may be heard and determined in any
    such court, (c)&#160;waive, to the fullest extent permitted by
    law, any immunity from jurisdiction of any such court or from
    any legal process therein, (d)&#160;agree not to commence any
    Proceeding other than in such courts, and (e)&#160;waive, to the
    fullest extent permitted by law, any claim that such Proceeding
    is brought in an inconvenient forum.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    12.5.&#160;&#160;<I>Amendments.</I>&#160;&#160;This Master AAU
    may be amended from time to time by consent of the parties
    hereto. Your consent will be deemed to have been given to an
    amendment to this Master AAU, and such amendment will be
    effective, five business days following written notice to you of
    such amendment if you do not notify us In Writing prior to the
    close of business on such fifth business day that you do not
    consent to such amendment. Upon effectiveness, the provisions of
    this Master AAU as so amended will apply to each AAU thereafter
    entered into, except as otherwise specifically provided in any
    such AAU.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    12.6.&#160;&#160;<I>Notices.</I>&#160;&#160;Any notice to any
    Underwriter will be deemed to have been duly given if mailed,
    sent by wire, telecopy or electronic transmission or other
    written communication, or delivered in person to such
    Underwriter at the address set forth in its Underwriters&#146;
    Questionnaire, or if no address is provided in an
    Underwriters&#146; Questionnaire, then at the address set forth
    in reports filed by such Underwriter with FINRA. Any such notice
    will take effect upon receipt thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    12.7.&#160;&#160;<I>Severability.</I>&#160;&#160;In case any
    provision in this Master AAU is deemed invalid, illegal, or
    unenforceable, the validity, legality, and enforceability of the
    remaining provisions will not in any way be affected or impaired
    thereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    12.8.&#160;&#160;<I>Counterparts.</I>&#160;&#160;This Master AAU
    may be executed in any number of counterparts, each of which
    will be deemed to be an original, and all of which taken
    together constitute one and the same instrument. Transmission by
    telecopy of an executed counterpart of this Master AAU will
    constitute due and sufficient delivery of such counterpart.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please confirm your acceptance of this Master AAU by signing and
    returning to us the enclosed duplicate copy hereof.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Morgan Stanley&#160;&#038; Co. Incorporated
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD valign="bottom" align="left">
    <DIV style="display:inline; text-align:left;">&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">&#160;</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 190%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;<FONT style="word-spacing: 190pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:&#160;<FONT style="word-spacing: 195pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Authorized Officer)
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Confirmed and accepted
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    as
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-right: 49%; width: 49%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Legal Name of Underwriter)
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-right: 49%; width: 49%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Address)
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Authorized Officer)
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (<I>If person signing is not an officer</I>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>or a partner, please attach instrument</I>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>of authorization</I>)
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GUIDE TO
    DEFINED TERMS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="89%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Section<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Term</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Reference</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1933&#160;Act
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1934&#160;Act
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.5
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    AAU
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Foreword
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    ABS Underwriter Derived Information
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Additional Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bank
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.5
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Co-Managers
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Commission
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Contract Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Contributing Underwriters
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    9.5
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dealer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.5
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    DTC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    5.2
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Fees and Commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    FINRA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Firm Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Free Writing Prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Guarantor
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    In Writing
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.2
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Indemnified Party
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    9.4
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Indenture
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    International Offering
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Intersyndicate Agreement
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.3
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Invitation Wire
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Foreword
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Issuer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Issuer Free Writing Prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.3
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Issuer Information
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.3, 3.3
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Judgment Credit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    9.7
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Litigation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    9.4
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Losses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    9.4
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Manager
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    9.9, 1.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Master AAU
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Foreward
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    NASD
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Foreword
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Circular
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.2, 2.2
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Date
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.2
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Original Underwriting Obligation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Preliminary Offering Circular
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.2
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Preliminary Prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Pricing Date
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    12.4
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.1
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="89%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Section<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-size: 10pt">Term</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 10pt">Reference</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Purchase Price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    QIU
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    9.4
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Reallowance
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Registered Offering
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Registration Statement
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Regulation&#160;M
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    5.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Representative
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Securities Offering Reform Release
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    2.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Seller
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Selling Concession
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Settlement Date
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Supplemental Materials
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.3
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Syndicate Counsel
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    9.6
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Trustee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Unauthorized Material
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.3
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriter Free Writing Prospectus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.3
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriters
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1, 1.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriters&#146; Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    3.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting Agreement
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting Percentage
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    1.1
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wire
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Foreword
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITERS&#146;
    QUESTIONNAIRE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with each Offering governed by the Morgan
    Stanley&#160;&#038; Co. Incorporated Master Agreement Among
    Underwriters dated April&#160;1, 2009, except as indicated in a
    timely acceptance of the Invitation Wire pursuant to
    Section&#160;1.2 of the Master Agreement Among Underwriters
    <B>(&#147;Master AAU&#148;)</B>, each Underwriter participating
    in such Offering severally advises the Issuer that, other than
    as disclosed in the Preliminary Prospectus or Preliminary
    Offering Circular, as the case may be (Capitalized terms used
    herein and not otherwise defined herein will have the meanings
    given to them in the Master AAU):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;neither such Underwriter nor any of its directors,
    officers, or partners have a material relationship, as
    &#147;material&#148; is defined in Regulation&#160;C under the
    1933&#160;Act, with the Issuer, the Guarantor, or the Seller;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;if the Registration Statement is on
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    neither such Underwriter nor any &#147;group&#148; (as that term
    is used in Section&#160;13(d)(3) of the Securities Exchange Act
    of 1934)&#160;of which such Underwriter is aware is the
    beneficial (as that term is used in Section&#160;13(d)(3) of the
    Securities Exchange Act of 1934)&#160;owner of more than 5% of
    any class of voting securities of the Issuer or Guarantor, nor
    does such Underwriter have any knowledge that more than 5% of
    any class of voting securities of the Issuer or the Guarantor is
    held or to be held subject to any voting trust or other similar
    agreement, nor does such Underwriter have any knowledge that
    more than 5% of any class of voting securities of the Issuer or
    the Guarantor is held or to be held subject to any voting trust
    or other similar agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;other than as may be stated in the Morgan
    Stanley&#160;&#038; Co. Incorporated Master Agreement Among
    Underwriters dated April&#160;1, 2009, the applicable AAU, the
    Intersyndicate Agreement or dealer agreement, if any, the
    Prospectus, the Registration Statement, or the Offering
    Circular, such Underwriter does not know and has no reason to
    believe that there is an intention to over-allot or that the
    price of any security may be stabilized to facilitate the
    offering of the Securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;other than as may be stated in the Prospectus or the
    Offering Circular, as the case may be, or the Invitation Wire,
    such Underwriter does not know of any other discounts or
    commissions to be allowed or paid to the Underwriters or of any
    other items that would be deemed by the Financial Industry
    Regulatory Authority <B>(&#147;FINRA&#148;)</B> to constitute
    underwriting compensation for purposes of FINRA Rule&#160;5110,
    and such Underwriter does not know of any discounts or
    commissions to be allowed or paid to dealers, including all
    cash, securities, contracts, or other consideration to be
    received by any dealer in connection with the sale of the
    Securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;such Underwriter has not prepared any report or
    memorandum for external use in connection with the Offering;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (f)&#160;if the offer and sale of the Securities are to be
    registered under the 1933&#160;Act pursuant to a Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    or
    <FONT style="white-space: nowrap">Form&#160;F-1,</FONT>
    such Underwriter has not within the past 12&#160;months prepared
    or had prepared for such Underwriter any engineering,
    management, or similar report or memorandum relating to broad
    aspects of the business, operations, or products of the Issuer
    or the Guarantor. The immediately preceding sentence does not
    apply to reports solely comprised of recommendations to buy,
    sell, or hold the Issuer&#146;s or the Guarantor&#146;s
    securities, unless such recommendations have changed within the
    past six months, or to information already contained in
    documents filed with the Commission;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (g)&#160;such Underwriter is not an &#147;affiliate&#148; of the
    Issuer or the Guarantor for purposes of the NASD&#160;Conduct
    Rule&#160;2720 (or any FINRA successor rule thereto). Such
    Underwriter understands that under Rule&#160;2720 (except as
    provided in Rule&#160;2720(b)(1)(C) thereof) two entities are
    &#147;affiliates&#148; of each other if one entity controls, is
    controlled by, or is under common control with, the second
    entity and that &#147;control&#148; is presumed to exist if one
    entity (or, in the case of a FINRA member, the entity and all
    &#147;persons associated with&#148; it (as defined by FINRA))
    beneficially owns 10% or more of the second
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    entity&#146;s outstanding voting securities or, if the second
    entity is a partnership, if the first entity has a partnership
    interest in 10% or more of the second entity&#146;s
    distributable profits or losses;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (h)&#160;in the case of Registered Offerings and Offerings of
    Securities exempt under Section&#160;3 of the 1933&#160;Act, and
    if the Securities are <U>not</U> investment grade debt
    securities or preferred stock, or equity securities for which
    there exists a &#147;bona fide independent market&#148; (as
    defined in NASD Conduct Rule&#160;2720(b)(3) or any FINRA
    successor rule thereto) or otherwise exempted under NASD Conduct
    Rule&#160;2720(b)(7)(D) (or any FINRA successor rule thereto),
    such Underwriter does not have a &#147;conflict of
    interest&#148; with the Issuer or the Guarantor under NASD
    Conduct Rule&#160;2720 (or any FINRA successor rule thereto). In
    that regard, such Underwriter specifically confirms that such
    Underwriter, the &#147;parent&#148; of (as defined in
    Rule&#160;2720), affiliates, and &#147;persons associated
    with&#148; such Underwriter (as defined by FINRA), in the
    aggregate do not: (a)&#160;beneficially own 10% or more of the
    Issuer&#146;s or the Guarantor&#146;s &#147;common equity,&#148;
    &#147;preferred equity,&#148; or &#147;subordinated debt&#148;
    (as each such term is defined in Rule&#160;2720), or (b)&#160;in
    the case of an Issuer or Guarantor which is a partnership,
    beneficially own a general, limited, or special partnership
    interest in 10% or more of the Issuer&#146;s or Guarantor&#146;s
    distributable profits or losses;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;other than as may be stated in the Prospectus or the
    Offering Circular, as the case may be, in the case of Registered
    Offerings and Offerings of Securities exempt under Section 3 of
    the 1933&#160;Act, neither such Underwriter nor any of its
    directors, officers, partners, or &#147;persons associated
    with&#148; such Underwriter (as defined by FINRA) nor, to such
    Underwriter&#146;s knowledge, any &#147;related person&#148;
    (defined by FINRA to include counsel, financial consultants and
    advisors, finders, members of the selling or distribution group,
    any FINRA member participating in the offering, and any other
    persons associated with or related to and members of the
    immediate family of any of the foregoing) or any other
    broker-dealer: (A)&#160;within the last six months have
    purchased in private transactions, or intend before, at, or
    within six months after the commencement of the public offering
    of the Securities to purchase in private transactions, any
    securities of the Issuer, the Guarantor, or any Issuer Related
    Party (as hereinafter defined), (B)&#160;within the last
    6&#160;months have had any dealings with the Issuer, the
    Guarantor, any Seller, or any subsidiary or controlling person
    thereof (other than relating to the proposed Underwriting
    Agreement) as to which documents or information are required to
    be filed with FINRA, or (C)&#160;during the 6&#160;months
    immediately preceding the filing of the Registration Statement
    (or, if there is none, the Offering Circular), have entered into
    any arrangement which provided or provides for the receipt of
    any item of value (including, but not limited to, cash payments
    and expense reimbursements)
    <FONT style="white-space: nowrap">and/or</FONT> the
    transfer of any warrants, options, or other securities from the
    Issuer, the Guarantor, or any Issuer Related Party to you or any
    related person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (j)&#160;in the case of Registered Offerings and Offerings of
    Securities exempt under Section&#160;3 of the 1933&#160;Act,
    there is no association or affiliation between such Underwriter
    and; (A)&#160;any officer or director of the Issuer, the
    Guarantor or, any Issuer Related Party, or (B)&#160;any
    securityholder of 5% or more (or, in the case of an initial
    public offering of equity securities, any securityholder) of any
    class of securities of the Issuer, the Guarantor, or an Issuer
    Related Party; it being understood that for purposes of
    paragraph (i)&#160;above and this paragraph (j), the term
    &#147;Issuer Related Party&#148; includes any Seller, any
    affiliate of the Issuer, the Guarantor, or a Seller, and the
    officers or general partners, directors, employees, and
    securityholders thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (k)&#160;in the case of Registered Offerings and Offerings of
    Securities exempt under Section&#160;3 of the 1933&#160;Act, and
    if the Securities are <U>not</U> issued by a real estate
    investment trust, no portion of the net offering proceeds from
    the sale of the Securities will be paid to such Underwriter or
    any of its affiliates or &#147;persons associated with&#148;
    such Underwriter (as defined by FINRA) or members of the
    immediate family of any such person;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (l)&#160;in the case of Securities which are debt securities
    whose offer and sale is to be registered under the
    1933&#160;Act, such Underwriter is not an affiliate (as defined
    in
    <FONT style="white-space: nowrap">Rule&#160;0-2</FONT>
    under the Trust&#160;Indenture Act of 1939)&#160;of the Trustee
    for the Securities or of its parent, if any. Neither the Trustee
    nor its parent, if any, nor any of their directors or executive
    officers is a &#147;director, officer, partner, employee,
    appointee, or representative&#148; of such Underwriter (as those
    terms are defined in the Trust&#160;Indenture Act of 1939 or in
    the relevant instructions to
    <FONT style="white-space: nowrap">Form&#160;T-1).</FONT>
    Such Underwriter and its directors, partners, and executive
    officers, taken
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    as a group, did not on the date specified in the Invitation, and
    do not, own beneficially 1% or more of the shares of any class
    of voting securities of the Trustee or of its parent, if any. If
    such Underwriter is a corporation, it does not have outstanding
    and has not assumed or guaranteed any securities issued
    otherwise than in its present corporate name.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If an Underwriter notes an exception with respect to material of
    the type referred to in clauses&#160;(e) and (f), such
    underwriter will send three copies of each item of such
    material, together with a statement as to distribution,
    identifying classes of recipients and the number of copies
    distributed to each such class, and, if relevant, the number of
    equity securities or the face value of debt securities owned by
    such person, the date such securities were acquired, and the
    price paid for such securities to Morgan Stanley&#160;&#038; Co.
    Incorporated, Attention: Syndicate Department, 1585 Broadway,
    New York, New York 10036.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-3
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.III
<SEQUENCE>5
<FILENAME>y89182a4exv99whwiii.htm
<DESCRIPTION>EX-99.H.III
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whwiii</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99(h)(iii)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">MORGAN
    STANLEY&#160;&#038; CO. Incorporated</FONT></I></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>1585 Broadway<BR>
    New York, New York 10036</I></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">MASTER
    DEALER AGREEMENT</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">August&#160;1,
    1982
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dear Sirs:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From time to time we may invite you (and others) to participate
    on the terms set forth herein as dealer in connection with
    certain public offerings of securities by one or more
    underwriters (&#147;Underwriters&#148;) that are managed by us.
    If we invite you to participate in a specific offering (an
    &#147;Offering&#148;) to which this Master Dealer Agreement
    shall apply, we will give you express notice (a &#147;Pricing
    Wire&#148;) by wire, telex or other written means specifying
    (i)&#160;the securities to be offered and the issuer thereof,
    (ii)&#160;the offering terms, including, if applicable, the
    public offering price, concession and reallowance with respect
    to such securities and (iii)&#160;the extent to which the
    general provisions set forth in this Master Dealer Agreement
    shall apply.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each Pricing Wire shall also set forth your allotment for the
    Offering to which it relates and you hereby agree to accept such
    allotment on the terms set forth or contemplated herein and in
    such Pricing Wire without further action on your part. <B>You
    may decline such allotment only if we receive by wire, telex or
    other written means a notice from you to that effect before the
    time specified in such Pricing Wire for such a notice. If we do
    not receive such a notice by such time, such Pricing Wire shall
    be binding upon you and shall constitute a reconfirmation of
    your acceptance of this Master Dealer Agreement.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except to the extent that the applicable Pricing Wire provides
    otherwise, you hereby agree as follows with respect to each
    Offering to which we invite you to participate as a dealer. For
    purposes of the following provisions, with respect to any
    Offering, the term Securities means the securities to be
    publicly offered; the term preliminary prospectus means any
    preliminary prospectus relating to the offering of the
    Securities or any preliminary prospectus supplement together
    with a prospectus relating to the offering of the Securities;
    the term Prospectus means the prospectus, together with the
    final prospectus supplement, if any, relating to the offering of
    the Securities, filed pursuant to Rule&#160;424 under the
    Securities Act of 1933; and the terms Public Offering Price and
    Reallowance shall mean, respectively, the public offering price
    and reallowance, if any, then in effect with respect to the
    Securities.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">I.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.1.&#160;&#160;Securities sold to you for reoffering shall be
    promptly offered to the public upon the terms set forth in the
    Prospectus and the Pricing Wire. If a Reallowance is in effect
    for the Offering, Securities may also be offered for sale at a
    concession from the Public Offering Price not in excess of the
    Reallowance to any Underwriter or to any other member of the
    National Association of Securities Dealers, Inc. (the
    &#147;NASD&#148;) or to any foreign bank or dealer (not eligible
    for membership in the NASD), who enters into an agreement with
    us in the form of this Master Dealer Agreement and whom we have
    invited to participate as a dealer in connection with the
    Offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.2.&#160;&#160;If the Securities are shares of common stock
    (&#147;Common Stock&#148;) of the issuer thereof (the
    &#147;Issuer&#148;) or securities of the Issuer that may be
    exchanged for or converted into Common Stock, you agree that you
    will not, without our approval in advance, at any time prior to
    the completion by you of distribution of Securities acquired by
    you pursuant to this Master Dealer Agreement and the applicable
    Pricing Wire, buy, sell, deal or trade in (i)&#160;any Common
    Stock, (ii)&#160;any security of the Issuer convertible into
    Common Stock or (iii)&#160;any right
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or option to acquire or sell Common Stock or any security of the
    Issuer convertible into Common Stock, for your own account or
    for the account of a customer, except:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;as provided for in this Master Dealer Agreement, the
    applicable Pricing Wire, the agreement among underwriters, if
    any, or the underwriting agreement relating to the Securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;that you may convert any security of the Issuer
    convertible into Common Stock owned by you and sell the Common
    Stock acquired upon such conversion and that you may deliver
    Common Stock owned by you upon the exercise of any option
    written by you as permitted by the provisions set forth herein;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;in brokerage transactions on unsolicited orders which
    have not resulted from activities on your part in connection
    with the solicitation of purchases and which are executed by you
    in the ordinary course of your brokerage business;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;that on or after the date of the initial public
    offering of the Securities, you may execute covered writing
    transactions in options to acquire Common Stock, when such
    transactions are covered by Securities, for the accounts of
    customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An opening uncovered writing transaction in options to acquire
    Common Stock for your account or for the account of a customer
    shall be deemed, for purposes of this Section&#160;1.2, to be a
    sale of Common Stock which is not unsolicited. The term
    &#147;opening uncovered writing transaction in options to
    acquire&#148; as used above means a transaction where the seller
    intends to become a writer of an option to purchase any Common
    Stock which he does not own. An opening uncovered purchase
    transaction in options to sell Common Stock for your account or
    for the account of a customer shall be deemed, for purposes of
    this paragraph, to be a sale of Common Stock which is not
    unsolicited. The term &#147;opening uncovered purchase
    transaction in options to sell&#148; as used above means a
    transaction where the purchaser intends to become an owner of an
    option to sell Common Stock which he does not own.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.3.&#160;&#160;If the Securities are not shares of Common Stock
    or securities of the Issuer that may be exchanged for or
    converted into Common Stock, you agree that you will not bid for
    or purchase, or attempt to induce any other person to purchase,
    any Securities or any other securities of the Issuer designated
    in the Pricing Wire other than (i)&#160;as provided in this
    Master Dealer Agreement, the agreement among underwriters, if
    any, or the underwriting agreement relating to the Securities or
    (ii)&#160;as a broker in executing unsolicited orders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.4.&#160;&#160;You represent that you have not participated,
    since the date you were invited to participate in the offering
    of the Securities, in any transaction prohibited by
    Section&#160;1.2 or 1.3 and that you have at all times complied
    with the provisions of
    <FONT style="white-space: nowrap">Rule&#160;10b-6</FONT>
    of the Securities and Exchange Commission applicable to such
    offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.5.&#160;&#160;You agree to advise us from time to time upon
    request, prior to the termination of this Master Dealer
    Agreement as it applies to the offering of the Securities, of
    the amount of Securities remaining unsold which were purchased
    by you from us or from any other Underwriter or dealer for
    reoffering and, on our request, you will resell to us any such
    Securities remaining unsold at the purchase price thereof if, in
    our opinion, such Securities are needed to make delivery against
    sales made to others.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.6.&#160;&#160;If prior to the termination of this Master
    Dealer Agreement as it applies to the offering of the Securities
    (or prior to such earlier date as we have determined) we
    purchase or contract to purchase in the open market or otherwise
    any Securities which were purchased by you from us or from any
    other Underwriter or dealer for reoffering (including any
    Securities which may have been issued on transfer or in exchange
    for such Securities), and which Securities were therefore not
    effectively placed for investment by you, you authorize us
    either to charge your account with an amount equal to the
    concession from the Public Offering Price at which you purchased
    such Securities, which shall be credited against the cost of
    such Securities, or to require you to repurchase such Securities
    at a price equal to the total cost of such purchase, including
    any commissions and transfer taxes on redelivery.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">II.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.1.&#160;&#160;If you purchase any Securities from us in
    connection with your participation as dealer in such Offering,
    you agree that such purchases will be evidenced by our written
    confirmation and will be subject to the terms and conditions set
    forth in the confirmation and in the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.2.&#160;&#160;Securities purchased by you from us in
    connection with your participation as dealer in such Offering
    shall be paid for in full at (i)&#160;the Public Offering Price,
    (ii)&#160;such price less the applicable concession or
    (iii)&#160;the price set forth or indicated in the Pricing Wire,
    as we shall advise, at the office of Morgan Stanley&#160;&#038;
    Co. Incorporated, 55 Water Street, New York, New York, at such
    time and on such day as we may advise you, by certified or
    official bank check payable in New York Clearing House funds (or
    other next day funds) to the order of Morgan Stanley&#160;&#038;
    Co. Incorporated against delivery of the Securities. If you are
    called upon to pay the Public Offering Price for the Securities
    purchased by you, the applicable concession will be paid to you,
    less any amounts charged to your account pursuant to
    Article&#160;I above, after termination of this Master Dealer
    Agreement as it applies to the offering of the Securities.
    Unless you promptly give us written instructions otherwise, if
    transactions in the Securities may be settled through the
    facilities of The Depository Trust&#160;Company, payment for and
    delivery of Securities purchased by you will be made through
    such facilities, if you are a member, or, if you are not a
    member, settlement may be made through your ordinary
    correspondent who is a member.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">III.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.1.&#160;&#160;We will advise you of the date and time of
    termination of this Master Dealer Agreement as it applies to the
    offering of the Securities or of any designated provisions
    hereof. This Master Dealer Agreement shall, in any event,
    terminate with respect to the offering of the Securities
    30&#160;days after the date of the initial public offering of
    the Securities unless sooner terminated by us.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">IV.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.1.&#160;&#160;In purchasing Securities, you will re ly only on
    the Prospectus and on no other statements whatsoever, written or
    oral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2.&#160;&#160;You represent that you are a member in good
    standing of the NASD or that you are a foreign bank or dealer,
    not eligible for membership in the NASD, which agrees not to
    offer or sell any Securities in, or to persons who are nationals
    or residents of, the United States. In making sales of
    Securities, if you are such a member, you agree to comply with
    all applicable rules of the NASD, including, without limitation,
    the NASD&#146;s Interpretation with Respect to Free-Riding and
    Withholding and Section&#160;24 of Article&#160;III of the
    NASD&#146;s Rules of Fair Practice, or, if you are such a
    foreign bank or dealer, you agree to comply with such
    Interpretation and Sections&#160;8, 24 and 36 of such Article as
    though you were such a member and Section&#160;25 of such
    Article as it applies to a nonmember broker or dealer in a
    foreign country.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.3.&#160;&#160;If you are a foreign bank or dealer, you
    represent that in connection with sales and offers to sell
    Securities made by you outside the United States (a)&#160;you
    will not offer or sell any Securities in any jurisdiction except
    in compliance with applicable laws and (b)&#160;you will either
    furnish to each person to whom any such sale or offer is made a
    copy of the then current preliminary prospectus, if any, or of
    the Prospectus (as then amended or supplemented), as the case
    may be, or inform such person that such preliminary prospectus,
    if any, or Prospectus will be available upon request. Any
    offering material in addition to the then current preliminary
    prospectus or the Prospectus furnished by you to any person in
    connection with any offers or sales referred to in the preceding
    sentence (i)&#160;shall be prepared and so furnished at your
    sole risk and expense and (ii)&#160;shall not contain
    information relating to the Securities or the Issuer which is
    inconsistent in any respect with the information contained in
    the then current preliminary prospectus, if any, or in the
    Prospectus (as then amended or supplemented), as the case may
    be. It is understood that no action has been taken by us or the
    Issuer to permit a public offering in any jurisdiction other
    than the United States where action would be required for such
    purpose.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.4.&#160;&#160;You will not give any information or make any
    representations other than those contained in the Prospectus, or
    act as agent for the Issuer, any Underwriter or us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.5.&#160;&#160;You agree that we, as manager or co-manager of
    the offering of the Securities, have full authority to take such
    action as may seem advisable to us in respect of all matters
    pertaining to such offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.6.&#160;&#160;Neither we, as manager, nor any Underwriter
    shall be under any liability to you for any act or omission,
    except for obligations expressly assumed by us in this Master
    Dealer Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.7.&#160;&#160;All communications to us relating to the
    offering of the Securities shall be addressed to the Syndicate
    Department, Morgan Stanley&#160;&#038; Co. Incorporated, 1251
    Avenue of the Americas, New York, New York 10020. Unless you
    have otherwise notified us in writing, any notices to you shall
    be deemed to have been duly given if mailed or telegraphed to
    you at the address shown below.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">V.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.1.&#160;&#160;Neither we, as manager, nor any Underwriter will
    have any responsibility with respect to the right of any dealer
    to sell Securities in any jurisdiction, notwithstanding any
    information we may furnish in that connection.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">VI.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.1.&#160;&#160;This Master Dealer Agreement may be terminated
    by either party hereto upon five business days&#146; written
    notice to the other party; <I>provided </I>that with respect to
    any Offering for which a Pricing Wire was sent prior to such
    notice, this Master Dealer Agreement as it applies to such
    Offering shall remain in full force and effect and shall
    terminate with respect to such Offering in accordance with
    Article&#160;III hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.2.&#160;&#160;This Master Dealer Agreement and each Pricing
    Wire shall be governed by and construed in accordance with the
    laws of the State of New York.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please confirm your acceptance of this Master Dealer Agreement
    by signing and returning to us the enclosed duplicate copy
    hereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Very truly yours,
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    MORGAN STANLEY&#160;&#038; CO. INCORPORATED
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="3%"></TD>
    <TD width="48%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 52%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 52%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Managing Director</I>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Confirmed and accepted as of August&#160;1, 1982
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>(Name of Dealer)</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>(Address)</I>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="48%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%"></DIV>
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-right: 49%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:&#160;&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>(If person signing is not an officer or partner,<BR>
    please attach instrument of authorization.)</I>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.IV.I
<SEQUENCE>6
<FILENAME>y89182a4exv99whwivwi.htm
<DESCRIPTION>EX-99.H.IV.I
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whwivwi</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99(h)(iv)(i)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MARKETING
    AND STRUCTURING<BR>
    FEE AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">January
    [&#160;&#149;&#160;], 2011
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Morgan Stanley&#160;&#038; Co. Incorporated
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1585 Broadway
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York, New York 10036
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This agreement is between Gabelli Funds, LLC (the
    &#147;<U>Company</U>&#148;) and Morgan Stanley&#160;&#038; Co.
    Incorporated (&#147;<U>Morgan Stanley</U>&#148;) with respect to
    The Gabelli Natural Resources, Gold&#160;&#038; Income Trust
    (the &#147;<U>Fund</U>&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;<I><U>Fee</U>.</I>&#160;&#160;(a)&#160;In consideration
    of advice to the Company relating to, but not limited to, the
    design and structuring of, and marketing assistance with respect
    to, the Fund and the distribution of its common shares of
    beneficial interest (the &#147;<U>Shares</U>&#148;), including
    without limitation, views from an investor market and
    distribution perspective on (i)&#160;diversification, proportion
    and concentration approaches for the Fund&#146;s investments in
    light of current market conditions, (ii)&#160;marketing issues
    with respect to the Fund&#146;s investment policies and proposed
    investments, (iii)&#160;the proportion of the Fund&#146;s assets
    to invest in the Fund&#146;s strategies, and (iv)&#160;the
    overall marketing and positioning thesis for the Fund&#146;s
    initial public offering, the Company shall pay a fee to
    Morgan&#160;Stanley calculated at&#160;&#160;&#160;&#160;&#160;%
    of the aggregate price to the public of the Shares sold by
    Morgan Stanley in the Fund&#146;s initial public offering (the
    &#147;<U>Offering</U>&#148;) (including any Shares over-allotted
    by Morgan Stanley in the Offering regardless of whether the
    over-allotment option in the Offering is exercised), equal to
    $&#160;&#160;&#160;&#160;&#160; (the &#147;<U>Fee</U>&#148;).
    Subject to paragraph (b), the Fee paid to Morgan Stanley shall
    not exceed&#160;&#160;&#160;&#160;&#160;% of the total price to
    the public of the Shares sold by the Fund in the Offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Notwithstanding paragraph (a), in the event that the
    Company (or the Fund or any person or entity affiliated with the
    Company, the Fund or any subadviser to the Fund or acting on
    behalf of or at the direction of any of the foregoing)
    compensates or agrees to compensate any other broker or dealer
    participating in the Offering (each, an &#147;<U>Other
    Broker</U>&#148;) for any services or otherwise in connection
    with the Offering or with respect to the Fund or its Shares
    (excluding for this purpose any compensation paid directly to
    the entire underwriting syndicate, as a group, pursuant to the
    principal underwriting agreement (the &#147;<U>Underwriting
    Agreement</U>&#148;) relating to the Offering), whether such
    compensation be denominated a fee, an expense reimbursement, a
    set-off, a credit or otherwise (such compensation with respect
    to any Other Broker, such Other Broker&#146;s &#147;<U>Other
    Compensation</U>&#148;), then the amount of the Fee shall be
    increased as and to the extent necessary so that the Fee payable
    to Morgan Stanley hereunder, expressed as a percentage of the
    aggregate price to the public of the Shares sold by Morgan
    Stanley in the Offering (including any Shares over-allotted by
    Morgan Stanley in the Offering regardless of whether the
    over-allotment option in the Offering is exercised), is no less
    than the Other Compensation, expressed as a percentage of the
    aggregate price to the public of the Shares sold by such Other
    Broker in the Offering. For purposes of this paragraph (b), the
    number of Shares sold by Morgan Stanley shall be deemed to
    include one half of the number of Shares sold by Morgan Stanley
    Smith Barney LLC, and Citigroup Global Markets Inc. shall be
    deemed to have sold the other half.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;The Company shall pay the Fee to Morgan Stanley before
    the closing of the purchase and sale of the Shares pursuant to
    the Underwriting Agreement on January [&#160;&#149;&#160;], 2011
    by wire transfer to the order of Morgan Stanley. The Company
    acknowledges that the Fee is in addition to any compensation
    Morgan Stanley earns in connection with its role as an
    underwriter to the Fund in its initial public offering, which
    services are distinct from and in addition to the marketing and
    structuring services described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;<I><U>Term</U>.</I>&#160;&#160;This Agreement shall
    terminate upon payment of the entire amount of the Fee, as
    specified in Section&#160;1 hereof, except as provided in
    Section&#160;4.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;<I><U>Indemnification</U>.</I>&#160;&#160;The Company
    agrees to the indemnification and other agreements set forth in
    the Indemnification Agreement attached hereto, the provisions of
    which are incorporated herein by reference and shall survive the
    termination, expiration or supersession of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;<I><U>Confidential Advice</U>.</I>&#160;&#160;None of
    any advice rendered by Morgan Stanley to the Company or any
    communication from Morgan Stanley in connection with the
    services performed by Morgan Stanley pursuant to this Agreement
    will be quoted or referred to orally or in writing, or
    reproduced or disseminated, by the Company or any of its
    affiliates or any of their agents, without Morgan Stanley&#146;s
    prior written consent, except (i)&#160;the Company may disclose
    the foregoing to any regulatory authority in response to a
    regulatory proceeding, process, inquiry or request, so long as
    the Company gives Morgan Stanley prompt notice thereof unless in
    the opinion of the Company&#146;s counsel it is not legally able
    to do so, (ii)&#160;to the extent otherwise required by law,
    judicial process or applicable regulation (after consultation
    with, and approval (not to be unreasonably withheld) as to form
    and substance by, Morgan Stanley and its counsel, unless in the
    opinion of the Company&#146;s counsel it is not legally able so
    to consult) and (iii)&#160;on a confidential
    <FONT style="white-space: nowrap">need-to-know</FONT>
    basis, to the Fund and its officers and directors and their
    legal counsel, auditors and other advisors. This confidentiality
    provision will terminate eighteen months from the date first
    written above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;<I><U>Not an Investment Advisor</U>.</I>&#160;&#160;The
    Company acknowledges that Morgan Stanley is not providing any
    advice hereunder as to the value of securities or regarding the
    advisability of purchasing or selling any securities for the
    Fund&#146;s portfolio. No provision of this Agreement shall be
    considered as creating, nor shall any provision create, any
    obligation on the part of Morgan Stanley, and Morgan Stanley is
    not agreeing hereby, to: (i)&#160;furnish any advice or make any
    recommendations regarding the purchase or sale of portfolio
    securities; or (ii)&#160;render any opinions, valuations or
    recommendations of any kind or to perform any such similar
    services. The Company&#146;s engagement of Morgan Stanley is not
    intended to confer rights upon any person (including the Fund or
    any shareholders, employees or creditors of the Company or the
    Fund) not a party hereto as against Morgan Stanley or its
    affiliates, or their respective directors, officers, employees
    or agents, successors, or assigns.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;<I><U>Not Exclusive</U>.</I>&#160;&#160;Nothing herein
    shall be construed as prohibiting Morgan Stanley or its
    affiliates from acting as an underwriter or financial advisor or
    in any other capacity for any other persons (including other
    registered investment companies or other investment managers).
    Neither this Agreement nor the performance of the services
    contemplated hereunder shall be considered to constitute a
    partnership, association or joint venture between Morgan Stanley
    and the Company. In addition, nothing in this Agreement shall be
    construed to constitute Morgan Stanley as the agent or employee
    of the Company or the Company as the agent or employee of Morgan
    Stanley, and neither party shall make any representation to the
    contrary. It is understood that Morgan Stanley is engaged
    hereunder solely to provide the services described above to the
    Company and that Morgan Stanley is not acting as an agent or
    fiduciary of, and Morgan Stanley shall not have any duties or
    liability to, the current or future partners, members or equity
    owners of the Company or any other third party in connection
    with its engagement hereunder, all of which are hereby expressly
    waived to the extent the Company has the authority to waive such
    duties and liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.&#160;<I><U>Assignment</U>.</I>&#160;&#160;This Agreement may
    not be assigned by either party without prior written consent of
    the other party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.&#160;<I><U>Amendment; Waiver</U>.</I>&#160;&#160;No provision
    of this Agreement may be amended or waived except by an
    instrument in writing signed by the parties hereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.&#160;<I><U>Governing Law; Consent to Jurisdiction; WAIVER OF
    JURY TRIAL</U>.</I>&#160;&#160;This Agreement and any claim,
    counterclaim, dispute or proceeding of any kind or nature
    whatsoever arising out of or in any way relating to this
    Agreement (&#147;<U>Claim</U>&#148;), directly or indirectly,
    shall be governed by and construed in accordance with the
    internal laws of the State of New York. No Claim may be
    commenced, prosecuted or continued in any court other than the
    courts of the State of New York located in the City and County
    of New York or in the United States District Court for the
    Southern District of New York (and of the appropriate appellate
    courts therefrom), which courts shall have exclusive
    jurisdiction over the adjudication of such matters except as
    provided below. Each of the parties hereby irrevocably consents
    to the jurisdiction of such courts (and of the appropriate
    appellate courts therefrom) in any such Claim and irrevocably
    waives, to the fullest extent permitted by law,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    any objection that it may now or hereafter have to the laying of
    the venue of any such Claim in any such court or that any such
    Claim brought in any such court has been brought in an
    inconvenient forum. Process in any such Claim may be served on
    any party anywhere in the world, whether within or without the
    jurisdiction of any such court. Without limiting the foregoing,
    each party agrees that service of process on such party as
    provided in Section&#160;11 shall be deemed effective service of
    process on such party. EACH OF MORGAN STANLEY AND THE COMPANY
    WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM
    (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF
    OR IN ANY WAY RELATING TO THIS AGREEMENT. EACH OF MORGAN STANLEY
    AND THE COMPANY AGREES THAT A FINAL JUDGMENT IN ANY PROCEEDING
    OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT
    BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON
    MORGAN STANLEY AND THE COMPANY, AS THE CASE MAY BE, AND MAY BE
    ENFORCED IN ANY OTHER COURTS TO THE JURISDICTION OF WHICH MORGAN
    STANLEY OR THE COMPANY ARE OR MAY BE SUBJECT, BY SUIT UPON SUCH
    JUDGMENT.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.&#160;<I><U>Entire Agreement</U>.</I>&#160;&#160;This
    Agreement (including the attached Indemnification Agreement)
    embodies the entire agreement and understanding between the
    parties hereto and supersedes all prior agreements and
    understandings relating to the subject matter hereof. If any
    provision of this Agreement is determined to be invalid or
    unenforceable in any respect, such determination will not affect
    such provision in any other respect or any other provision of
    this Agreement, which will remain in full force and effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    11.&#160;<I><U>Notices</U>.</I>&#160;&#160;All notices required
    or permitted to be sent under this Agreement shall be sent, if
    to the Company:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One Corporate Center
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Rye, New York
    <FONT style="white-space: nowrap">10580-1485</FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Attention:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or if to Morgan Stanley:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Morgan Stanley&#160;&#038; Co. Incorporated
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1585 Broadway
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York, New York 10036
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Attention: General Counsel
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or such other name or address as may be given in writing to the
    other parties. Any notice shall be deemed to be given or
    received on the third day after deposit by certified
    U.S.&#160;mail, postage prepaid, or when actually received,
    whether by hand, express delivery service or facsimile
    transmission, whichever is earlier.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    12.&#160;<I><U>Counterparts</U>.</I>&#160;&#160;This Agreement
    may be executed in any number of counterparts, each of which
    shall be an original, and all of which, when taken together,
    shall constitute one agreement. Delivery of an executed
    signature page of this Agreement by email or facsimile
    transmission shall be effective as delivery of a manually
    executed counterpart hereof.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Agreement shall be effective as of the date first written
    above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Very truly yours,
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    GABELLI FUNDS, LLC
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD valign="bottom" align="left">
    <DIV style="display:inline; text-align:center; width:90%"></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Name:&#160;
</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="9%"></TD>
    <TD width="38%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;&#160;&#160;
</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Accepted and agreed to as of the date first above written:
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    MORGAN STANLEY&#160;&#038; CO. INCORPORATED
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="48%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By:&#160;
</TD>
    <TD valign="bottom" align="left">
    <DIV style="display:inline; text-align:center; width:90%"></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Name:&#160;
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="8%"></TD>
    <TD width="40%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;&#160;&#160;
</TD>
    <TD align="left">

</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INDEMNIFICATION
    AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">January
    [&#160;&#149;&#160;], 2011
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Morgan Stanley&#160;&#038; Co. Incorporated
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1585 Broadway
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York, New York 10036
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the engagement of Morgan Stanley&#160;&#038;
    Co. Incorporated (&#147;<U>Morgan Stanley</U>&#148;) to advise
    and assist the undersigned (together with its affiliates and
    subsidiaries, referred to as the &#147;<U>Company</U>&#148;)
    with the matters set forth in the Marketing and Structuring Fee
    Agreement dated January [&#160;&#149;&#160;], 2011 between the
    Company and Morgan Stanley (the &#147;<U>Marketing and
    Structuring Fee Agreement</U>&#148;), in the event that
    Morgan&#160;Stanley becomes involved in any capacity in any
    claim, suit, action, proceeding, investigation or inquiry
    (including, without limitation, any shareholder or derivative
    action or arbitration proceeding) with respect to the services
    performed pursuant to and in accordance with the Marketing and
    Structuring Fee Agreement, including, without limitation,
    related services and activities prior to the date of the
    Marketing and Structuring Fee Agreement, the Company has agreed
    to indemnify and hold harmless Morgan Stanley and Morgan
    Stanley&#146;s affiliates and their respective officers,
    directors, employees and agents and each other person, if any,
    controlling Morgan Stanley or any of Morgan Stanley&#146;s
    affiliates (Morgan Stanley and each such other person being an
    &#147;<U>Indemnified Person</U>&#148;) from and against any
    losses, claims, damages or liabilities related to, arising out
    of or in connection with the activities (the
    &#147;<U>Activities</U>&#148;) performed by any Indemnified
    Person in connection with, or arising out of, or based upon, the
    Marketing and Structuring Fee Agreement
    <FONT style="white-space: nowrap">and/or</FONT> any
    action taken by any Indemnified Person in connection therewith
    (including, without limitation, any presentation given by the
    Company and an Indemnified Person relating to the common shares
    of beneficial interest (the &#147;<U>Shares</U>&#148;) of The
    Gabelli Natural Resources, Gold&#160;&#038; Income Trust (the
    &#147;<U>Fund</U>&#148;)), and will reimburse each Indemnified
    Person for all expenses (including fees and expenses of counsel)
    as they are incurred in connection with investigating,
    preparing, pursuing or defending any claim, suit, action,
    proceeding, investigation or inquiry related to, arising out of
    or in connection with the Activities, whether or not pending or
    threatened and whether or not any Indemnified Person is a party.
    The Company will not, however, be responsible for any losses,
    claims, damages, liabilities (or expenses relating thereto) that
    are finally judicially determined to have resulted from the bad
    faith or gross negligence of any Indemnified Person. The Company
    also agrees that no Indemnified Person shall have any liability
    (whether direct or indirect, in contract or tort or otherwise)
    to the Company for or in connection with the Activities, except
    for any such liability for losses, claims, damages or
    liabilities incurred by the Company that are finally judicially
    determined to have resulted from the bad faith or gross
    negligence of such Indemnified Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing, in no event shall the Company be
    responsible for any losses, claims, damages or liabilities to
    any Indemnified Person arising from any such claim, suit,
    action, proceeding, investigation or inquiry in excess of the
    gross proceeds received by the Fund from the initial public
    offering of the Shares of the Fund (the
    &#147;<U>Offering</U>&#148;); provided, however, that the
    Company shall, as set forth above, indemnify and be responsible
    for, regardless of the gross proceeds received by the Fund from
    the Offering, all expenses (including fees and expenses of
    counsel) incurred in connection with investigating, preparing,
    pursuing or defending any claim, suit, action, proceeding,
    investigation or inquiry related to, arising out of or in
    connection with the Activities, whether or not pending or
    threatened and whether or not any Indemnified Person is a party,
    as set forth above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company will not, without Morgan Stanley&#146;s prior
    written consent, settle, compromise, consent to the entry of any
    judgment in or otherwise seek to terminate any claim, suit,
    action, proceeding, investigation or inquiry in respect of which
    indemnification may be sought hereunder (whether or not any
    Indemnified Person is a party thereto) unless such settlement,
    compromise, consent or termination includes a release of each
    Indemnified Person from any liabilities arising out of such
    claim, suit, action, proceeding, investigation or inquiry. No
    Indemnified Person seeking indemnification, reimbursement or
    contribution under this agreement (the &#147;<U>Indemnification
    Agreement</U>&#148;) will, without our prior written consent,
    settle, compromise, consent to the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    entry of any judgment in or otherwise seek to terminate any
    claim, suit, action, proceeding, investigation or inquiry
    referred to in the preceding paragraph.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If such indemnification were not to be available for any reason,
    the Company agrees to contribute to the losses, claims, damages,
    liabilities and expenses involved (i)&#160;in the proportion
    appropriate to reflect the relative benefits received or sought
    to be received by the Company (including the net proceeds from
    the Shares sold by Morgan Stanley in the Offering before
    deducting expenses) and its partners and affiliates and other
    constituencies, on the one hand, and Morgan Stanley, on the
    other hand, in the matters contemplated by the Marketing and
    Structuring Fee Agreement or (ii)&#160;if (but only if and to
    the extent) the allocation provided for in clause&#160;(i) is
    for any reason held unenforceable, in such proportion as is
    appropriate to reflect not only the relative benefits referred
    to in clause&#160;(i) but also the relative fault of the Company
    and its partners and affiliates and other constituencies, on the
    one hand, and the party entitled to contribution, on the other
    hand, as well as any other relevant equitable considerations.
    The Company agrees that for the purposes of this paragraph the
    relative benefits received, or sought to be received, by the
    Company and its partners and affiliates, on the one hand, and
    the party entitled to contribution, on the other hand, of a
    transaction as contemplated shall be deemed to be in the same
    proportion that the total value received or paid or contemplated
    to be received or paid by the Company or its partners or
    affiliates and other constituencies, as the case may be, as a
    result of or in connection with the transaction (whether or not
    consummated) for which Morgan Stanley has been retained to
    perform financial services bears to the fees paid to Morgan
    Stanley under the Marketing and Structuring Fee Agreement;
    provided that in no event shall the Company contribute less than
    the amount necessary to assure that Morgan Stanley is not liable
    for losses, claims, damages, liabilities and expenses in excess
    of the amount of fees actually received by Morgan Stanley
    pursuant to the Marketing and Structuring Fee Agreement.
    Relative fault shall be determined by reference to, among other
    things, whether any alleged untrue statement or omission or any
    other alleged conduct relates to information provided by the
    Company or other conduct by the Company (or its employees or
    other agents), on the one hand, or by Morgan Stanley, on the
    other hand.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Indemnification Agreement, together with the Marketing and
    Structuring Fee Agreement, any contemporaneous written
    agreements and any prior written agreements (to the extent not
    superseded by this agreement) that relate to the Offering of the
    Shares, represents the entire agreement between the Company and
    the Indemnified Parties with respect to the marketing and
    structuring fee paid to Morgan Stanley under the Marketing and
    Structuring Fee Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company acknowledges that in connection with the Offering of
    the Shares: (i)&#160;Morgan Stanley has acted at arms length, is
    not an agent of, and owes no fiduciary duties to, the Company,
    the Fund or any person affiliated with the Fund or the Company,
    (ii)&#160;Morgan Stanley owes the Company only those duties and
    obligations set forth in this Indemnification Agreement and
    (iii)&#160;Morgan Stanley may have interests that differ from
    those of the Company. The Company waives to the full extent
    permitted by applicable law any claims any of the Company, the
    Fund or any person affiliated with the Fund or the Company may
    have against Morgan Stanley arising from an alleged breach of
    fiduciary duty in connection with the offering of the Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The provisions of this Indemnification Agreement shall apply to
    the Activities and any modification thereof and shall remain in
    full force and effect regardless of any termination or the
    completion of Morgan Stanley&#146;s services under the Marketing
    and Structuring Fee Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Indemnification Agreement may not be assigned by either
    party without prior written consent of the other party. No
    provision of this Indemnification Agreement may be amended or
    waived except by an instrument in writing signed by the parties
    hereto. This Indemnification Agreement and any claim,
    counterclaim, dispute or proceeding of any kind or nature
    whatsoever arising out of or in any way relating to this
    Indemnification Agreement (&#147;<U>Claim</U>&#148;), directly
    or indirectly, shall be governed by and construed in accordance
    with the internal laws of the State of New York. No Claim may be
    commenced, prosecuted or continued in any court other than the
    courts of the State of New York located in the City and County
    of New York or in the United&#160;States District Court for the
    Southern District of New York (and of the appropriate appellate
    courts therefrom), which courts shall have exclusive
    jurisdiction over the adjudication of such matters except as
    provided below. Each of the parties hereby irrevocably consents
    to the jurisdiction of such courts (and of the appropriate
    appellate courts therefrom) in any such Claim and irrevocably
    waives, to the fullest extent
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    permitted by law, any objection that it may now or hereafter
    have to the laying of the venue of any such Claim in any such
    court or that any such Claim brought in any such court has been
    brought in an inconvenient forum. Process in any such Claim may
    be served on any party anywhere in the world, whether within or
    without the jurisdiction of any such court. Without limiting the
    foregoing, each party agrees that service of process on such
    party as provided in Section&#160;11 of the Marketing and
    Structuring Fee Agreement shall be deemed effective service of
    process on such party. EACH OF MORGAN STANLEY AND THE COMPANY
    WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM
    (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF
    OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT. EACH
    OF MORGAN STANLEY AND THE COMPANY AGREES THAT A FINAL JUDGMENT
    IN ANY PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING
    TO THIS INDEMNIFICATION AGREEMENT BROUGHT IN ANY SUCH COURT
    SHALL BE CONCLUSIVE AND BINDING UPON MORGAN STANLEY AND THE
    COMPANY, AS THE CASE MAY BE, AND MAY BE ENFORCED IN ANY OTHER
    COURTS TO THE JURISDICTION OF WHICH MORGAN STANLEY OR THE
    COMPANY ARE OR MAY BE SUBJECT, BY SUIT UPON SUCH JUDGMENT. This
    Indemnification Agreement may be executed in any number of
    counterparts, each of which shall be an original, and all of
    which, when taken together, shall constitute one agreement.
    Delivery of an executed signature page of this Indemnification
    Agreement by facsimile transmission shall be effective as
    delivery of a manually executed counterpart hereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Very truly yours,
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    GABELLI FUNDS, LLC
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD valign="bottom" align="left">
    <DIV style="display:inline; text-align:center; width:90%"></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Name:&#160;
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:&#160;&#160;&#160;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Accepted and agreed to as of the date first above written:
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    MORGAN STANLEY&#160;&#038; CO. INCORPORATED
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 49%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="48%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By:&#160;
</TD>
    <TD valign="bottom" align="left">
    <DIV style="display:inline; text-align:center; width:90%"></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Name:&#160;
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="8%"></TD>
    <TD width="40%"></TD>
    <TD width="49%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;&#160;&#160;
</TD>
    <TD align="left">

</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.IV.II
<SEQUENCE>7
<FILENAME>y89182a4exv99whwivwii.htm
<DESCRIPTION>EX-99.H.IV.II
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whwivwii</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99(h)(iv)(ii)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">STRUCTURING
    FEE AGREEMENT</FONT></U></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">January
    [&#160;&#149;&#160;], 2011
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Citigroup Global Markets Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    388 Greenwich Street
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York, New York 10013
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reference is made to the Underwriting Agreement dated January
    [&#160;&#149;&#160;], 2011 (the &#147;Underwriting
    Agreement&#148;), by and among The Gabelli Natural Resources,
    Gold&#160;&#038; Income Trust, Gabelli Funds, LLC and each of
    the Underwriters named in Schedule&#160;I thereto, with respect
    to the issue and sale of the Fund&#146;s Common Shares (the
    &#147;Offering&#148;), as described therein. Capitalized terms
    used herein and not otherwise defined shall have the meanings
    given to them in the Underwriting Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;<I><U>Fee.</U></I>&#160;&#160;In consideration of your
    services in offering advice relating to the structure, design
    and organization of the Fund and the distribution of its common
    shares of beneficial interest, par value $0.001 per share (the
    &#147;Common Shares&#148;), which may but need not necessarily
    include views from an investor market and distribution
    perspective on (i)&#160;diversification, proportion and
    concentration approaches for the Fund&#146;s investments in
    light of current market conditions, (ii)&#160;marketing issues
    with respect to the Fund&#146;s investment policies and proposed
    investments and (iii)&#160;the overall marketing and positioning
    thesis for the Fund&#146;s initial public offering, which
    services may be completed by your affiliate in your sole
    discretion, the Adviser shall pay a fee to you in the aggregate
    amount of $[&#160;&#149;&#160;] (the &#147;Fee&#148;). The Fee
    shall be paid before the closing of the purchase and sale of the
    Common Shares pursuant to the Underwriting Agreement on January
    [&#160;&#149;&#160;], 2011. The payment shall be made by wire
    transfer to the order of Citigroup Global Markets Inc. The
    Adviser acknowledges that the Fee is in addition to any
    compensation you earn in connection with your role as an
    underwriter to the Fund in the Offering, which services are
    distinct from and in addition to the marketing and structuring
    services described above. In the event the Offering does not
    proceed, you will not receive any fees under this Agreement;
    however, for the avoidance of doubt, accountable expenses
    actually incurred may be payable to you pursuant to the terms of
    the Underwriting Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;<I><U>Term.</U></I>&#160;&#160;This Agreement shall
    terminate upon the payment of the entire amount of the Fee, as
    specified in Section&#160;1 hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;<I><U>Indemnification.</U></I>&#160;&#160;The Adviser
    agrees to the indemnification and other agreements set forth in
    the Indemnification Agreement attached hereto, the provisions of
    which are incorporated herein by reference and shall survive the
    termination, expiration or supersession of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;<I><U>Not an Investment Adviser; No Fiduciary
    Duty.</U></I>&#160;&#160;The Adviser acknowledges that you are
    not providing any advice hereunder as to the value of securities
    or regarding the advisability of purchasing or selling any
    securities for the Fund&#146;s portfolio. No provision of this
    Agreement shall be considered as creating, nor shall any
    provision create, any obligation on the part of you, and you are
    not agreeing hereby, to: (i)&#160;furnish any advice or make any
    recommendations regarding the purchase or sale of portfolio
    securities; or (ii)&#160;render any opinions, valuations or
    recommendations of any kind or to perform any such similar
    services. Neither this Agreement nor the performance of the
    services contemplated hereunder shall be considered to
    constitute a partnership, association or joint venture between
    you and the Adviser. In addition, nothing in this Agreement
    shall be construed to constitute you as the agent or employee of
    the Adviser or the Adviser as your agent or employee, and
    neither party shall make any representation to the contrary. It
    is understood that you are engaged hereunder as an independent
    contractor solely to provide the services described above to the
    Adviser and that you are not acting as an agent or fiduciary of,
    and you shall not have any duties or liability to, the current
    or future partners, members or equity owners of the Adviser or
    any other third party in connection with its engagement
    hereunder, all of which are hereby expressly waived to the
    extent the Adviser has the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    authority to waive such duties and liabilities. Furthermore, the
    Adviser agrees that it is solely responsible for making its own
    judgments in connection with the matters covered by this
    Agreement (irrespective of whether you have advised or are
    currently advising the Adviser on related or other matters).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;<I><U>Not Exclusive.</U></I>&#160;&#160;Nothing herein
    shall be construed as prohibiting you or your affiliates from
    acting as an underwriter or financial adviser or in any other
    capacity for any other persons (including other registered
    investment companies or other investment managers).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;<I><U>Assignment.</U></I>&#160;&#160;This Agreement may
    not be assigned by either party without prior written consent of
    the other party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.&#160;<I><U>Amendment; Waiver.</U></I>&#160;&#160;No provision
    of this Agreement may be amended or waived except by an
    instrument in writing signed by the parties hereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.&#160;<I><U>Governing Law.</U></I>&#160;&#160;This Agreement
    shall be governed by, and construed in accordance with, the laws
    of the State of New York.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.&#160;<I><U>Counterparts.</U></I>&#160;&#160;This Agreement
    may be executed in any number of counterparts, each of which
    shall be an original, and all of which, when taken together,
    shall constitute one agreement. Delivery of an executed
    signature page of this Agreement by facsimile transmission shall
    be effective as delivery of a manually executed counterpart
    hereof.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">[END OF TEXT]
    </FONT>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Agreement shall be effective as of the date first written
    above.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    GABELLI FUNDS, LLC
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Agreed and Accepted:
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CITIGROUP GLOBAL MARKETS INC.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Indemnification
    Agreement</FONT></U></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">January
    [&#160;&#149;&#160;], 2011
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Citigroup Global Markets Inc.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    388 Greenwich Street
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York, New York 100
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the engagement of Citigroup Global Markets
    Inc. (the &#147;Bank&#148;) to advise and assist the
    undersigned, Gabelli Funds, LLC (together with its affiliates
    and subsidiaries, referred to as the &#147;Company&#148;) with
    respect to the matters set forth in the Structuring Fee
    Agreement dated January [&#160;&#149;&#160;], 2011 between the
    Company and the Bank (the &#147;Agreement&#148;), in the event
    that the Bank, any of its affiliates, each other person, if any,
    controlling the Bank or any of its affiliates, their respective
    officers, current and former directors, employees and agents or
    the successors or assigns of any of the foregoing persons (the
    Bank and each such other person or entity being referred to as
    an &#147;Indemnified Party&#148;) becomes involved in any
    capacity in any claim, suit, action, proceeding, investigation
    or inquiry (including, without limitation, any shareholder or
    derivative action or arbitration proceeding) (collectively, a
    &#147;Proceeding&#148;) with respect to the services performed
    pursuant to and in accordance with the Agreement, the Company
    agrees to indemnify, defend and hold each Indemnified Party
    harmless to the fullest extent permitted by law, from and
    against any losses, claims, damages, liabilities and expenses,
    including fees and expenses of counsel to the Indemnified
    Parties, with respect to the services performed pursuant to and
    in accordance with the Agreement, except to the extent that it
    shall be determined by a court of competent jurisdiction in a
    judgment that has become final in that it is no longer subject
    to appeal or other review, that such losses, claims, damages,
    liabilities and expenses resulted primarily from the gross
    negligence or willful misconduct of such Indemnified Party. In
    addition, in the event that an Indemnified Party becomes
    involved in any capacity in any Proceeding with respect to the
    services performed pursuant to and in accordance with the
    Agreement, the Company will reimburse such Indemnified Party for
    legal and other expenses (including the cost of any
    investigation and preparation) as such expenses are incurred by
    such Indemnified Party in connection therewith. Promptly as
    reasonably practicable after receipt by an Indemnified Party of
    notice of the commencement of any Proceeding, such Indemnified
    Party will, if a claim in respect thereof is to be made under
    this paragraph, notify the Company in writing of the
    commencement thereof; but the failure so to notify the Company
    (i)&#160;will not relieve the Company from liability under this
    paragraph to the extent it is not materially prejudiced as a
    result thereof and (ii)&#160;in any event shall not relieve the
    Company from any liability which it may have otherwise than on
    account of this Indemnification Agreement. Counsel to the
    Indemnified Parties shall be selected by the Bank. The Company
    may participate at its own expense in the defense of any such
    action; provided, however, that counsel to the Company shall not
    (except with the consent of the Indemnified Parties) also be
    counsel to the Indemnified Parties. The Company shall not,
    without the prior written consent of the Indemnified Parties,
    settle or compromise or consent to the entry of any judgment
    with respect to any litigation, or any investigation or
    proceeding by any governmental agency or body, commenced or
    threatened, or any claim whatsoever in respect of which
    indemnification or contribution could be sought hereunder
    (whether or not the Indemnified Parties are actual or potential
    parties thereto), unless such settlement, compromise or consent
    (i)&#160;includes an unconditional release of each Indemnified
    Party from all liability arising out of such litigation,
    investigation, proceeding or claim and (ii)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If such indemnification were not to be available for any reason,
    the Company agrees to contribute to the losses, claims, damages,
    liabilities and expenses involved (i)&#160;in the proportion
    appropriate to reflect the relative benefits received or sought
    to be received by the Company and its stockholders and
    affiliates, on the one hand, and the Indemnified Parties, on the
    other hand, in the matters contemplated by the Agreement or
    (ii)&#160;if (but only if and to the extent) the allocation
    provided for in clause&#160;(i) is for any reason held
    unenforceable, in such proportion as is appropriate to reflect
    not only the relative benefits referred to in clause&#160;(i)
    but also the relative fault of the Company and its stockholders
    and affiliates, on the one hand, and the Indemnified Parties, on
    the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    other hand, as well as any other relevant equitable
    considerations. The Company agrees that for the purposes of this
    paragraph the relative benefits received, or sought to be
    received, by the Company and its stockholders and affiliates, on
    the one hand, and the Indemnified Parties, on the other hand, of
    a transaction as contemplated shall be deemed to be in the same
    proportion that the total value received by or paid to or
    contemplated to be received by or paid to the Company or its
    stockholders or affiliates, as the case may be, as a result of
    or in connection with the transaction (whether or not
    consummated) for which the Bank has been retained to perform
    services bears to the fees paid to the Bank under the Agreement;
    provided, that in no event shall the Company contribute less
    than the amount necessary to assure that the Indemnified Parties
    are not liable for losses, claims, damages, liabilities and
    expenses in excess of the amount of fees actually received by
    the Bank pursuant to the Agreement. Relative fault shall be
    determined by reference to, among other things, whether any
    alleged untrue statement or omission or any other alleged
    conduct relates to information provided by the Company or other
    conduct by the Company (or its employees or other agents), on
    the one hand, or by the Bank, on the other hand. Notwithstanding
    the provisions of this paragraph, an Indemnified Party shall not
    be entitled to contribution from the Company if it is determined
    that such Indemnified Party was guilty of fraudulent
    misrepresentation (within the meaning of Section&#160;11(f) of
    the Securities Act of 1933, as amended) and the Company was not
    guilty of such fraudulent misrepresentation. The Company will
    not settle any Proceeding in respect of which indemnity may be
    sought hereunder, whether or not an Indemnified Party is an
    actual or potential party to such Proceeding, without the
    Bank&#146;s prior written consent (which consent shall not be
    unreasonably withheld). The foregoing indemnity and contribution
    agreement shall be in addition to any rights that any
    Indemnified Party may have at common law or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company agrees that no Indemnified Party shall have any
    liability to the Company or any person asserting claims on
    behalf of or in right of the Company with respect to the
    services performed pursuant to and in accordance with the
    Agreement, except to the extent that it shall be determined by a
    court of competent jurisdiction in a judgment that has become
    final in that it is no longer subject to appeal or other review
    that any losses, claims, damages, liabilities or expenses
    incurred by the Company resulted primarily from the gross
    negligence or willful misconduct of the Bank in performing the
    services that are the subject of the Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR
    DISPUTE OF ANY KIND OR NATURE WHATSOEVER WITH RESPECT TO THE
    SERVICES PERFORMED PURSUANT TO AND IN ACCORDANCE WITH THE
    AGREEMENT (&#147;CLAIM&#148;), DIRECTLY OR INDIRECTLY, SHALL BE
    GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
    STATE OF NEW&#160;YORK. EXCEPT AS SET FORTH BELOW, NO CLAIM MAY
    BE COMMENCED, PROSECUTED OR CONTINUED IN ANY COURT OTHER THAN
    THE COURTS OF THE STATE OF NEW YORK LOCATED IN THE CITY AND
    COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR
    THE SOUTHERN DISTRICT OF NEW YORK, WHICH COURTS SHALL HAVE
    EXCLUSIVE JURISDICTION OVER THE ADJUDICATION OF SUCH MATTERS,
    AND THE COMPANY AND THE INDEMNIFIED PARTIES CONSENT TO THE
    JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE WITH RESPECT
    THERETO. THE COMPANY HEREBY CONSENTS TO PERSONAL JURISDICTION,
    SERVICE AND VENUE IN ANY COURT IN WHICH ANY CLAIM ARISING OUT OF
    OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT IS
    BROUGHT BY ANY THIRD PARTY AGAINST THE BANK OR ANY INDEMNIFIED
    PARTY. EACH INDEMNIFIED PARTY AND THE COMPANY WAIVES ALL RIGHT
    TO TRIAL BY JURY IN ANY PROCEEDING OR CLAIM (WHETHER BASED UPON
    CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR IN ANY WAY
    RELATING TO THIS INDEMNIFICATION AGREEMENT. THE COMPANY AGREES
    THAT A FINAL JUDGMENT IN ANY PROCEEDING OR CLAIM ARISING OUT OF
    OR IN ANY WAY RELATING TO THIS INDEMNIFICATION AGREEMENT BROUGHT
    IN ANY SUCH COURT SHALL BE CONCLUSIVE AND BINDING UPON THE
    COMPANY AND MAY BE ENFORCED IN ANY OTHER COURTS TO THE
    JURISDICTION OF WHICH THE COMPANY IS OR MAY BE SUBJECT, BY SUIT
    UPON SUCH JUDGMENT.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing Indemnification Agreement shall remain in full
    force and effect notwithstanding any termination of the
    Bank&#146;s engagement under the Agreement. This Indemnification
    Agreement may be executed in two or more counterparts, each of
    which shall be deemed an original, but all of which shall
    constitute one and the same agreement.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Very truly yours,
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    GABELLI FUNDS, LLC
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Agreed and Accepted:
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    CITIGROUP GLOBAL MARKETS INC.
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By:&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 38%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:
</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.IV.III
<SEQUENCE>8
<FILENAME>y89182a4exv99whwivwiii.htm
<DESCRIPTION>EX-99.H.IV.III
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99whwivwiii</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99(h)(iv)(iii)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STRUCTURING
    FEE AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    STRUCTURING FEE AGREEMENT (the &#147;Agreement&#148;), dated as
    of January [&#160;&#149;&#160;], 2011, between
    Merrill&#160;Lynch, Pierce, Fenner&#160;&#038; Smith
    Incorporated (&#147;Merrill Lynch&#148;) and Gabelli Funds, LLC
    (the &#147;Adviser&#148;).
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WHEREAS, The Gabelli Natural Resources, Gold&#160;&#038; Income
    Trust (including any successor by merger or otherwise, the
    &#147;Trust&#148;) is a non-diversified, closed-end management
    investment company registered under the Investment Company Act
    of 1940, as amended (the &#147;1940 Act&#148;), and its common
    shares are registered under the Securities Act of 1933, as
    amended;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WHEREAS, the Trust and the Adviser have entered into an
    underwriting agreement (the &#147;Underwriting Agreement&#148;),
    dated January [&#160;&#149;&#160;], 2011 with Merrill Lynch and
    the other underwriters named therein (the
    &#147;Underwriters&#148;);
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WHEREAS, Gabelli Funds, LLC is the investment adviser of the
    Trust;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WHEREAS, Merrill Lynch is acting an underwriter in an offering
    of the Trust&#146;s common shares;&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WHEREAS, the Adviser desires to provide a structuring fee to
    Merrill Lynch for providing the advice and services described
    below;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    NOW, THEREFORE, in consideration of the mutual terms and
    conditions set forth below, the parties hereto agree as follows:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;In consideration of Merrill Lynch&#146;s providing
    advice relating to the structure and design and the organization
    of the Trust as well as services related to the sale and
    distribution of the Trust&#146;s common shares, the Adviser
    shall pay Merrill Lynch an aggregate fee equal to
    [&#160;&#149;&#160;]% of the total price to the public of the
    Trust&#146;s common shares sold by Merrill Lynch pursuant to the
    prospectus dated January [&#160;&#149;&#160;], 2011 (the
    &#147;Prospectus&#148;) (including all Initial Securities and
    Option Securities as such terms are described in the
    Underwriting Agreement) (the &#147;Fee&#148;),
    $[&#160;&#149;&#160;]. The Fee shall be paid within 30&#160;days
    of the Closing Date (as defined in the Underwriting Agreement)
    and any Date of Delivery (as defined in the Underwriting
    Agreement), if applicable, in an aggregate amount equal to
    [&#160;&#149;&#160;]% of the total price to the public of the
    common shares sold by Merrill Lynch on such Closing Date or Date
    of Delivery, as the case may be, or as otherwise agreed to by
    the parties. The sum total of all compensation to or
    reimbursement of underwriters in connection with the offering,
    including sales load and all forms of additional compensation,
    shall not exceed 9.0% of the total price of the Trust&#146;s
    common shares sold in the offering. In the event the offering
    does not proceed, you will not receive any fees under this
    Agreement; however, for the avoidance of doubt, accountable
    expenses actually incurred may be payable to you pursuant to the
    terms of the Underwriting Agreement.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;Nothing herein shall be construed as prohibiting Merrill
    Lynch or its affiliates from acting as an underwriter to any
    other client (including other registered investment companies).
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;The Adviser acknowledges that Merrill Lynch did not
    provide and is not providing any advice hereunder as to the
    value of securities or regarding the advisability of purchasing
    or selling any securities for the Trust&#146;s portfolio. No
    provision of this Agreement shall be considered as creating, nor
    shall any provision create, any obligation on the part of
    Merrill Lynch, and Merrill Lynch is not hereby agreeing, to:
    (i)&#160;furnish any advice or make any recommendations
    regarding the purchase or sale of portfolio securities or
    (ii)&#160;render any opinions, valuations or recommendations of
    any kind or to perform any such similar services in connection
    with acting as lead underwriter in an offering of the
    Trust&#146;s common shares.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;This Agreement shall terminate upon the payment of the
    entire amount of the Fee, as specified in Paragraph&#160;1
    hereof.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;The Adviser will furnish Merrill Lynch with such
    information as Merrill Lynch believes appropriate to its
    assignment hereunder (all such information so furnished being
    the &#147;Information&#148;). The Adviser recognizes and
    confirms that Merrill Lynch (a)&#160;has used and relied
    primarily on the Information and on information available from
    generally recognized public sources in performing the services
    contemplated by this Agreement without having independently
    verified the same and (b)&#160;does not assume responsibility
    for the accuracy or completeness of the Information and such
    other information. To the best of the Adviser&#146;s knowledge,
    the Information
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    furnished by the Adviser, when delivered, was true and correct
    in all material respects and did not contain any material
    misstatement of fact or omit to state any material fact
    necessary to make the statements contained therein not
    misleading. The Adviser will promptly notify Merrill Lynch if it
    learns of any material inaccuracy or misstatement in, or
    material omission from, any Information delivered to Merrill
    Lynch.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;The Adviser agrees that Merrill Lynch shall have no
    liability to the Adviser or the Trust for any act or omission to
    act by Merrill Lynch in the course of its performance under this
    Agreement, in the absence of gross negligence or willful
    misconduct on the part of Merrill Lynch. The Adviser agrees to
    the terms set forth in the Indemnification Agreement attached
    hereto, the provisions of which are incorporated herein by
    reference and shall survive the termination, expiration or
    supersession of this Agreement.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.&#160;This Agreement and any claim, counterclaim or dispute of
    any kind or nature whatsoever arising out of or in any way
    relating to this Agreement (&#147;Claim&#148;) shall be governed
    by and construed in accordance with the laws of the State of New
    York.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.&#160;No Claim may be commenced, prosecuted or continued in
    any court other than the courts of the State of New&#160;York
    located in the City and County of New York or in the United
    States District Court for the Southern District of New York,
    which courts shall have exclusive jurisdiction over the
    adjudication of such matters, and Gabelli Funds, LLC and Merrill
    Lynch consent to the jurisdiction of such courts and personal
    service with respect thereto. Each of Merrill Lynch and the
    Adviser waives all right to trial by jury in any proceeding
    (whether based upon contract, tort or otherwise) in any way
    arising out of or relating to this Agreement. The Adviser agrees
    that a final judgment in any proceeding or counterclaim brought
    in any such court shall be conclusive and binding upon the
    Adviser and may be enforced in any other courts to the
    jurisdiction of which the Adviser is or may be subject, by suit
    upon such judgment.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.&#160;This Agreement may not be assigned by any parties
    without the prior written consent of the other parties.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    10.&#160;This Agreement (including the attached Indemnification
    Agreement) embodies the entire agreement and understanding
    between the parties hereto and supersedes all prior agreements
    and understandings relating to the subject matter hereof. If any
    provision of this Agreement is determined to be invalid or
    unenforceable in any respect, such determination will not affect
    such provision in any other respect or any other provision of
    this Agreement, which will remain in full force and effect. This
    Agreement may not be amended or otherwise modified or waived
    except by an instrument in writing signed by Merrill Lynch and
    the Adviser.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    11.&#160;All notices required or permitted to be sent under this
    Agreement shall be sent, if to Gabelli Funds, LLC:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One Corporate Center
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Attention: [&#160;&#149;&#160;]
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or if to Merrill Lynch:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith<BR>
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Incorporated
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One Bryant Park
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York, New York 10036
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Attention: Angela Fannon
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or such other name or address as may be given in writing to the
    other parties. Any notice shall be deemed to be given or
    received on the third day after deposit in the U.S.&#160;mail
    with certified postage prepaid or when actually received,
    whether by hand, express delivery service or facsimile
    electronic transmission, whichever is earlier.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    12.&#160;This Agreement may be executed in separate
    counterparts, each of which is deemed to be an original and all
    of which taken together constitute one and the same agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">[signatures
    on following page]</FONT></I>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    IN WITNESS WHEREOF, the parties hereto have duly executed this
    Structuring Fee Agreement as of the date first above written.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    MERRILL LYNCH, PIERCE, FENNER&#160;&#038;
</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    SMITH INCORPORATED
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    GABELLI FUNDS, LLC
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 79%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Merrill
    Lynch&#160;&#038; Co. Indemnification Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <FONT style="font-family: 'Times New Roman', Times">January
    [&#160;&#149;&#160;], 2011
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Merrill Lynch, Pierce, Fenner&#160;&#038; Smith
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;Incorporated
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    One Bryant Park
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    New York, New York 10036
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the engagement of Merrill Lynch, Pierce,
    Fenner&#160;&#038; Smith Incorporated (&#147;Merrill
    Lynch&#148;) to advise and assist the undersigned (together with
    their affiliates and subsidiaries, each referred to as a
    &#147;Company&#148; and, together, the &#147;Companies&#148;)
    with the matters set forth in the Structuring Fee Agreement
    dated January [&#160;&#149;&#160;], 2011 among each of the
    Companies and Merrill Lynch (the &#147;Agreement&#148;), in the
    event that Merrill Lynch becomes involved in any capacity in any
    claim, suit, action, proceeding, investigation or inquiry
    (including, without limitation, any shareholder or derivative
    action or arbitration proceeding) (collectively, a
    &#147;Proceeding&#148;) in connection with any matter in any way
    relating to or referred to in the Agreement or arising out of
    the matters contemplated by the Agreement, the Companies agree
    to jointly and severally indemnify, defend and hold
    Merrill&#160;Lynch harmless to the fullest extent permitted by
    law, from and against any losses, claims, damages, liabilities
    and expenses in connection with any matter in any way relating
    to or referred to in the Agreement or arising out of the matters
    contemplated by the Agreement, except to the extent that it
    shall be determined by a court of competent jurisdiction in a
    judgment that has become final in that it is no longer subject
    to appeal or other review, that such losses, claims, damages,
    liabilities and expenses resulted solely from the gross
    negligence or willful misconduct of Merrill Lynch. In addition,
    in the event that Merrill Lynch becomes involved in any capacity
    in any Proceeding in connection with any matter in any way
    relating to or referred to in the Agreement or arising out of
    the matters contemplated by the Agreement, the Companies shall
    jointly and severally reimburse Merrill Lynch for its reasonable
    legal and other expenses (including the cost of any
    investigation and preparation) as such expenses are incurred by
    Merrill Lynch in connection therewith, except to the extent that
    it shall be determined by a court of competent jurisdiction in a
    judgment that has become final in that it is no longer subject
    to appeal or other review, that such legal and other expenses
    resulted from the gross negligence or willful misconduct of
    Merrill Lynch. Promptly as reasonably practicable after receipt
    by Merrill Lynch of notice of the commencement of any
    Proceeding, Merrill Lynch will, if a claim in respect thereof is
    to be made under this paragraph, notify the Companies in writing
    of the commencement thereof; but the failure to so notify the
    Companies (i)&#160;will not relieve the Companies from liability
    under this paragraph to the extent it is not materially
    prejudiced as a result thereof and (ii)&#160;in any event shall
    not relieve the Companies from any liability which it may have
    otherwise than on account of this Indemnification Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If such indemnification were not to be available for any reason,
    each Company agrees to, jointly and severally with the each
    other Company, contribute to the losses, claims, damages,
    liabilities and expenses involved (i)&#160;in the proportion
    appropriate to reflect the relative benefits received or sought
    to be received by that Company and its stockholders and
    affiliates and other constituencies, on the one hand, and
    Merrill Lynch, on the other hand, in the matters contemplated by
    the Agreement or (ii)&#160;if (but only if and to the extent)
    the allocation provided for in clause&#160;(i) is for any reason
    held unenforceable, in such proportion as is appropriate to
    reflect not only the relative benefits referred to in
    clause&#160;(i) but also the relative fault of that Company and
    its stockholders and affiliates, on the one hand, and the party
    entitled to contribution, on the other hand, as well as any
    other relevant equitable considerations. Each Company agrees
    that for the purposes of this paragraph the relative benefits
    received, or sought to be received, by that Company and its
    stockholders and affiliates, on the one hand, and the party
    entitled to contribution, on the other hand, of a transaction as
    contemplated shall be deemed to be in the same proportion that
    the total value received or paid or contemplated to be received
    or paid by the Company or its stockholders or affiliates, as the
    case may be, as a result of or in connection with the
    transaction (whether or not consummated) for which Merrill Lynch
    has been retained to perform services bears to the fees paid to
    Merrill Lynch under the Agreement; provided, that in no event
    shall the Company
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    contribute less than the amount necessary to assure that Merrill
    Lynch is not liable for losses, claims, damages, liabilities and
    expenses in excess of the amount of fees actually received by
    Merrill Lynch pursuant to the Agreement. Relative fault shall be
    determined by reference to, among other things, whether any
    alleged untrue statement or omission or any other alleged
    conduct relates to information provided by a Company or other
    conduct by that Company (or its employees or other agents), on
    the one hand, or by Merrill Lynch, on the other hand.
    Notwithstanding the provisions of this paragraph, Merrill Lynch
    shall not be entitled to contribution from the Companies if it
    is determined that Merrill Lynch was guilty of fraudulent
    misrepresentation (within the meaning of Section&#160;11(f) of
    the Securities Act of 1933, as amended) and the Companies were
    not guilty of such fraudulent misrepresentation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No Company will settle any Proceeding in respect of which
    indemnity may be sought hereunder, whether or not Merrill Lynch
    is an actual or potential party to such Proceeding, without
    Merrill Lynch&#146;s prior written consent (which consent will
    not be unreasonably withheld). For purposes of this
    Indemnification Agreement, Merrill Lynch shall include Merrill
    Lynch, Pierce, Fenner&#160;&#038; Smith Incorporated, any of its
    affiliates, each other person, if any, controlling Merrill Lynch
    or any of its affiliates, their respective officers, current and
    former directors, employees and agents, and the successors and
    assigns of all of the foregoing persons. The foregoing indemnity
    and contribution agreement shall be in addition to any rights
    that any indemnified party may have at common law or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Companies agree that neither Merrill Lynch nor any of its
    affiliates, directors, agents, employees or controlling persons
    shall have any liability to the Companies or any person
    asserting claims on behalf of or in right of the Companies in
    connection with or as a result of either Merrill Lynch&#146;s
    engagement under the Agreement or any matter referred to in the
    Agreement, including, without limitation, related services and
    activities prior to the date of the Agreement, except to the
    extent that it shall be determined by a court of competent
    jurisdiction in a judgment that has become final in that it is
    no longer subject to appeal or other review that any losses,
    claims, damages, liabilities or expenses incurred by the
    Companies resulted solely from the gross negligence or willful
    misconduct of Merrill Lynch in performing the services that are
    the subject of the Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For clarification, the parties to this Indemnification Agreement
    agree that the term &#147;affiliate&#148; as used in the
    definition of &#147;Company&#148; herein does not include any
    registered investment company, except for the Trust, for which
    such Company or any of its affiliates serves as investment
    adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THIS INDEMNIFICATION AGREEMENT AND ANY CLAIM, COUNTERCLAIM OR
    DISPUTE OF ANY KIND OR NATURE WHATSOEVER ARISING OUT OF OR IN
    ANY WAY RELATING TO THIS AGREEMENT (&#147;CLAIM&#148;), DIRECTLY
    OR INDIRECTLY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
    WITH THE LAWS OF THE STATE OF NEW YORK. EXCEPT AS SET FORTH
    BELOW, NO CLAIM MAY BE COMMENCED, PROSECUTED OR CONTINUED IN ANY
    COURT OTHER THAN THE COURTS OF THE STATE OF NEW YORK LOCATED IN
    THE CITY AND COUNTY OF NEW YORK OR IN THE UNITED STATES DISTRICT
    COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WHICH COURTS SHALL
    HAVE EXCLUSIVE JURISDICTION OVER THE ADJUDICATION OF SUCH
    MATTERS, AND THE COMPANIES AND MERRILL LYNCH CONSENT TO THE
    JURISDICTION OF SUCH COURTS AND PERSONAL SERVICE WITH RESPECT
    THERETO. THE COMPANIES HEREBY CONSENT TO PERSONAL JURISDICTION,
    SERVICE AND VENUE IN ANY COURT IN WHICH ANY CLAIM ARISING OUT OF
    OR IN ANY WAY RELATING TO THIS AGREEMENT IS BROUGHT BY ANY THIRD
    PARTY AGAINST MERRILL LYNCH OR ANY INDEMNIFIED PARTY. EACH OF
    MERRILL LYNCH AND THE COMPANIES WAIVE ALL RIGHT TO TRIAL BY JURY
    IN ANY PROCEEDING OR CLAIM (WHETHER BASED UPON CONTRACT, TORT OR
    OTHERWISE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS
    AGREEMENT. EACH COMPANY AGREES THAT A FINAL JUDGMENT IN ANY
    PROCEEDING OR CLAIM ARISING OUT OF OR IN ANY WAY RELATING TO
    THIS AGREEMENT BROUGHT IN ANY SUCH COURT SHALL BE CONCLUSIVE AND
    BINDING UPON THAT COMPANY AND MAY BE ENFORCED IN ANY OTHER
    COURTS TO THE JURISDICTION OF WHICH THAT COMPANY IS OR MAY BE
    SUBJECT, BY SUIT UPON SUCH JUDGMENT.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing Indemnification Agreement shall remain in full
    force and effect notwithstanding any termination of Merrill
    Lynch&#146;s engagement. This Indemnification Agreement may be
    executed in two or more counterparts, each of which shall be
    deemed an original, but all of which shall constitute one and
    the same agreement.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Very truly yours,
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    GABELLI FUNDS, LLC
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:&#160;&#160;&#160;&#160;&#160;
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Accepted and agreed to as of
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the date first above written:
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    MERRILL LYNCH, PIERCE, FENNER&#160;&#038; SMITH
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;INCORPORATED
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By&#160;</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 2pt; margin-left: 0%; width: 38%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Name:
</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Title:
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.K
<SEQUENCE>9
<FILENAME>y89182a4exv99wk.htm
<DESCRIPTION>EX-99.K
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    99(k)</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y89182a4y8918206.gif" alt="(AST LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTIFICATE
    OF APPOINTMENT<BR>
    of<BR>
    AMERICAN STOCK TRANSFER<BR>
    &#038; TRUST&#160;COMPANY, LLC<BR>
    as</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="32%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="45%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <IMG src="y89182a4y8918207.gif" alt="check box">&#160;&#160;<B>TRANSFER
    AGENT</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <IMG src="y89182a4y8918207.gif" alt="check box"><B>
    &#160;&#160;REGISTRAR</B>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">BY</FONT></B>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Gabelli Natural Resources,<BR>
    Gold&#160;&#038; Income
    Trust&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<IMG src="y89182a4y8918208.gif" alt="PLUS SIGN">
    (the &#147;Company&#148;)<BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 30%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">&#160;&#160;(name of corporation)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    a&#160;</TD>
    <TD align="left">
    Delaware
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 1%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(state
    of corporation)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    closed-end management investment company
</DIV>

<DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-size: 8pt">(description of entity&#160;&#151;
    e.g., corporation, partnership)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company is authorized to issue the following shares/units:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="34%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    <B>Number of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares/Units<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Class of Stock</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Par Value</B>
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Authorized</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Shares
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    0.001
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
    Unlimited
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The address of the Company to which Notices may be sent is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 6pt; border-right: 1px solid #000000; padding-right: 6pt; border-bottom: 1px solid #000000; padding-bottom: 6pt; border-left: 1px solid #000000; padding-left: 6pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 1%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Gabelli Natural Resources, Gold&#160;&#038; Income Trust<BR>
    Once Corporate Center<BR>
    Rye, NY
    <FONT style="white-space: nowrap">10580-1422</FONT>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The name and address of legal counsel for the Company is:
</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 6pt; border-right: 1px solid #000000; padding-right: 6pt; border-bottom: 1px solid #000000; padding-bottom: 6pt; border-left: 1px solid #000000; padding-left: 6pt"><!-- Begin box 1 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 1%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Peter D. Goldstein,&#160;Esq.<BR>
    One Corporate Center<BR>
    Rye, NY
    <FONT style="white-space: nowrap">10580-1422</FONT>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Attached are true copies of the certificate of incorporation and
    bylaws (or such other comparable documents for noncorporate
    entities), as amended, of the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any provision of the certificate of incorporation or by-laws
    of the Corporation, any court or administrative order, or any
    other document, affects any transfer agency or registrar
    function or responsibility relating to the shares, attached is a
    statement of each such provision.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All shares issued and outstanding as of the date hereof, or to
    be issued during the term of this appointment, are/shall be duly
    authorized, validly issued, fully paid and nonassessable. All
    such shares are (or, in the case of shares that have not yet
    been issued, will be) duly registered under the Securities Act
    of 1933 and the Securities Act of 1934. Any shares not so
    registered were or shall be issued or transferred in a
    transaction or series of transactions exempt from the
    registration provisions of the relevant Act, and in each such
    issuance or transfer, the Corporation was or shall be so advised
    by its legal counsel and all shares issued or to be issued bear
    or shall bear all appropriate legends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    American Stock Transfer&#160;&#038; Trust&#160;Company, LLC
    (&#147;AST&#148;) is hereby appointed as transfer agent and
    registrar for the shares/units of the Company set forth above,
    in accordance with the general practices of AST and its
    regulations set forth in the pamphlet entitled Regulations of
    American Stock Transfer&#160;&#038; Trust&#160;Company, LLC, a
    copy of which we have received and reviewed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The initial term of this Certificate of Appointment shall be
    three years from the date of this Certificate of Appointment and
    the appointment shall automatically be renewed for further three
    years successive terms without further action of the parties,
    unless written notice is provided by either party at least
    90&#160;days prior to the end of the initial or any subsequent
    three year period. The term of this appointment shall be
    governed in accordance with this paragraph, notwithstanding the
    cessation of active trading in the capital stock of the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Corporation will advise AST promptly of any change in any
    information contained in this Certificate by a supplemental
    Certificate or otherwise in writing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    WITNESS my hand this <U>22nd</U> day of
    <U>December</U>&#160;&#160;,&#160; 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <DIV style="display:inline; text-align:left;"><FONT style="font-size: 9pt">/s/&#160;&#160;Bruce
    Alpert</FONT></DIV><FONT style="font-size: 9pt"><BR>
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>
    </FONT>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    By:&#160;</TD>
    <TD valign="bottom" align="left">
    Bruce Alpert<BR>
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>    Title:&#160;</TD>
    <TD valign="bottom" align="left">
    President<BR>
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="y89182a4y8918209.gif" alt="AST logo">
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Regulations
    of American Stock Transfer&#160;&#038; Trust&#160;Company,
    LLC</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">1.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Appointment
    as Stock Transfer Agent.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A Certificate of Appointment (&#147;Certificate&#148;) of
    American Stock Transfer&#160;&#038; Trust&#160;Company, LLC
    (&#147;AST&#148;), a New York banking corporation, in
    substantially the form furnished by AST, shall be filed with AST
    by the corporation (the &#147;Company&#148;) with respect to the
    shares for which it is to act as transfer agent or registrar
    (either, an &#147;Agent&#148;) and for any such other shares as
    the Company may subsequently request in writing (the
    &#147;Shares&#148;). The Company shall, by Supplemental
    Certificate or otherwise in writing, advise AST of any change in
    the information contained in said Certificate, and of any
    recapitalization of the Shares or change in the number of issued
    Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">2.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Appointment
    as Indenture Trustee.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The appointment of AST as trustee for debt securities shall be
    made by the instrument to which it is a party and under which it
    is to act as trustee, and these Regulations shall apply thereto
    except as otherwise provided for in said instrument.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">3.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Stock
    Certificates.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company shall furnish AST with a sufficient supply of blank
    stock certificates for the Shares and shall renew the supply at
    AST&#146;s request. AST may, if the Company has not complied
    with such request, order a renewal of such supply at the
    Company&#146;s expense. In such event, AST is authorized to
    direct the printer&#146;s invoice for such certificates to be
    addressed to the Company and the amount thereof shall be a
    direct obligation of the Company. The stock certificates shall
    be signed by (or bear the facsimile signature of) the officers
    of the Company authorized to sign stock certificates and, if
    required, shall bear the Company&#146;s corporate seal. AST may
    use certificates bearing the signature of a person who at the
    time of use is no longer an officer of the Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">4.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">AST&#146;s
    Reliance.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AST may rely on written or oral instructions received from any
    person it believes in good faith to be an officer, authorized
    agent or employee of the Company, unless prior thereto
    (a)&#160;the Company shall have advised AST in writing that it
    is entitled to rely only on written instructions of designated
    officers of the Company; (b)&#160;it furnishes AST with an
    appropriate incumbency certificate for such officers and their
    signatures; and (c)&#160;the Company thereafter keeps such
    designation current with an annual (or more frequent, if
    required) re-filing. AST may also rely on advice, opinions or
    instructions received from the Company&#146;s legal counsel. AST
    may, in any event, rely on advice received from its legal
    counsel. AST may rely on any writing or other instruction
    believed by it in good faith to have been furnished by or on
    behalf of the Company or a Shareholder; on any statement of fact
    contained in any such writing or instruction which it in good
    faith does not believe to be inaccurate; on the apparent
    authority of any person to act on behalf of the Company or a
    Shareholder as having actual authority to the extent of such
    apparent authority; on the authenticity of any signature (manual
    or facsimile) appearing on any writing; and on the conformity to
    original of any copy.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">5.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Compensation.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AST shall be entitled to reasonable compensation for all
    services rendered and shall be reimbursed for all expenses
    incurred (including to its legal counsel) in connection with its
    acting as Agent. If AST and the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Company have an express understanding regarding such fees, the
    compensation shall be determined in accordance therewith.
    Notwithstanding such agreement, in the event that the scope of
    services to be provided by AST is increased substantially, the
    parties shall negotiate in good faith to determine reasonable
    compensation for such additional services. AST shall be entitled
    to any income earned with respect to the deposit of any funds by
    or with AST for the account of the Company or its Shareholders.
    Any benefits to AST from such deposits shall be deemed to have
    been contemplated in connection with said reasonable
    compensation and as part of said express fee arrangement. On
    termination of its services as Agent, AST shall be entitled to
    reasonable additional compensation for the service of preparing
    records for delivery to its successor or to the Company, and for
    forwarding and maintaining records with respect to certificates
    received after such termination.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">6.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Performance
    of Services.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that the Company commits any breach of its material
    obligations to AST, including non-payment of any amount owing to
    AST, and such breach remains uncured for more than sixty
    (60)&#160;days, AST shall have the right to terminate or suspend
    its services without further notice to the Company. During such
    time as AST may suspend its services, AST shall have no
    obligation to act as transfer agent
    <FONT style="white-space: nowrap">and/or</FONT>
    registrar on behalf of the Company and AST shall have no duties
    to act in such capacity. Such suspension shall not affect
    AST&#146;s rights under the Certificate or these Regulations. On
    termination of the appointment of AST for any reason, AST shall
    be entitled to retain all transfer records and related documents
    until all amounts owing to AST have been paid in full.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">7.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">AST as
    Distributor of Funds.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All funds received by AST for distribution on behalf of the
    Company will, if so requested, be deposited by it in a
    segregated bank account. The Company, which will, upon request,
    be given a copy of the bank&#146;s statements for said account,
    shall have the responsibility to reconcile said account. The
    company shall also have the responsibility to discharge all
    escheat obligations relating to said funds. If so requested by
    AST, the Company shall, at its expense, furnish AST with a
    written opinion of its legal counsel regarding such obligations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Lost
    Certificates.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AST shall be authorized to issue replacement certificates for
    stock certificates claimed by a shareholder to have been lost,
    stolen or mutilated upon receipt of an affidavit of the
    Shareholder to such effect and (unless waived by the Company)
    receipt of payment from the Shareholder of a premium for an
    indemnity bond purchased through AST or, at the option of the
    Shareholder, any surety company reasonably acceptable to AST.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">9.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Overissue.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If AST acquires the Company&#146;s records from a prior transfer
    agent (or from the Company) and it subsequently receives a stock
    certificate not reflected in its records, if neither the Company
    nor AST is able to reconcile said certificate with AST&#146;s
    records (so that the transfer of said certificate on the records
    maintained by AST would create an overissue), the Company shall
    either increase the number of its issued shares, or acquire and
    cancel a sufficient number of issued shares, to correct the
    overissue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">10.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Further
    Limitations on AST&#146;s Responsibilities.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AST shall not be responsible for the validity of the issuance,
    presentation or transfer of stock; the genuineness of
    endorsements; the authority of presentors; or the collection or
    payment of charges or taxes incident to the issuance or transfer
    of stock. AST may, however, delay or decline an issuance or
    transfer if it deems it to be in its or the Company&#146;s best
    interests to receive evidence or assurance of such validity,
    authority, collection or payment. AST shall not be responsible
    for any discrepancies in its records or between its records and
    those of the Company, if it is a successor transfer agent or
    successor registrar, unless no discrepancy existed in the
    records of the Company and any predecessor transfer agent or
    predecessor registrar. AST shall not be deemed to have notice
    of, or be required to inquire regarding, any provision of the
    Company&#146;s charter or by-laws, any
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    court or administrative order, or any other document, unless it
    is specifically advised of such in a writing from the Company,
    which writing shall set forth the manner in which it affects the
    Shares. In no event shall AST be responsible for any transfer or
    issuance not effected by&#160;it.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">11.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Indemnities.</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Company shall indemnify AST against all judgments, fines,
    amounts paid in settlement and reasonable expenses, including
    attorney&#146;s fees, if AST is made a party to, or is
    threatened to be made a party to, any action or proceeding,
    whether civil, administrative or investigative, by reason of the
    fact that AST is or was serving as Agent, so long as it acted in
    good faith. The claim of liability, or the liability, of AST or
    the Company to a Shareholder or another party, or the
    termination of any action or proceeding by a judgment, order, or
    settlement, shall not create a presumption that AST did not act
    in good faith. So long as it shall provide the Company with
    prior notice thereof when practicable (unless AST is not
    otherwise permitted to provide notice), AST shall be entitled to
    comply with any direction or request issued pursuant to any
    statutory, regulatory, governmental or quasi-governmental body,
    and the Company shall indemnify AST for its reasonable expenses,
    including attorney&#146;s fees, incurred in connection
    therewith. The Company shall also indemnify AST for its
    reasonable expenses, including attorney&#146;s fees, incurred in
    seeking to enforce the foregoing indemnities. The foregoing
    indemnities shall not terminate on termination of AST&#146;s
    acting as Agent, and they are irrevocable. AST&#146;s acceptance
    of its appointment as Agent, by its acting as such for any
    period, shall be deemed sufficient consideration for the
    foregoing indemnities.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.L
<SEQUENCE>10
<FILENAME>y89182a4exv99wl.htm
<DESCRIPTION>EX-99.L
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wl</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99(l)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS">Skadden, Arps, Slate, Meagher &#038; Flom llp</FONT><BR>
FOUR TIMES SQUARE<BR>
NEW YORK 10036-6522
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">TEL: (212)&nbsp;735-3000
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">January&nbsp;26, 2011
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Gabelli Natural Resources, Gold &#038; Income Trust<BR>
One Corporate Center<BR>
Rye, New York 10580-1422

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:</TD>
    <TD>&nbsp;</TD>
    <TD>The Gabelli Natural Resources, Gold &#038; Income Trust<br>
<U>Registration Statement on Form&nbsp;N-2</U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special counsel to The Gabelli Natural Resources, Gold &#038; Income Trust, an
unincorporated statutory trust created under the Delaware Statutory Trust Act (the &#147;<U>Fund</U>&#148;),
in connection with the issuance and sale by the Fund of up to
18,750,000 shares (including shares subject
to an over-allotment option) of the Fund&#146;s common shares of beneficial interest, par value $.001
per share (the &#147;<U>Common Shares</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is being furnished in accordance with the requirements of Exhibit&nbsp;L of the Form
N-2 registration statement under the Securities Act of 1933, as amended (the &#147;<U>1933 Act</U>&#148;),
and the Investment Company Act of 1940, as amended (the &#147;<U>1940 Act</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion, we have examined originals or copies, certified or otherwise
identified to our satisfaction, of the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Notification of Registration of the Fund as an investment company under the 1940 Act
on Form N-8A, dated July&nbsp;18, 2008, as filed with the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;) on July&nbsp;18, 2008;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the registration statement of the Fund on Form N-2 (File Nos. 333-152424 and 811-22216),
as filed with the Commission on July&nbsp;18, 2008, and as amended by Pre-Effective Amendment No.&nbsp;1
thereto on September&nbsp;29, 2010, Pre-Effective Amendment No.&nbsp;2 thereto filed on November&nbsp;24, 2010,
Pre-Effective Amendment No.&nbsp;3 thereto filed on December&nbsp;29, 2010 and Pre-Effective Amendment No.&nbsp;4
thereto filed on January&nbsp;26, 2011 under the 1933 Act and the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Gabelli Natural Resources, Gold &#038; Income Trust<BR>
January&nbsp;26, 2011

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1940 Act (such registration statement, as so amended and proposed to be amended, being hereinafter
referred to as the &#147;<U>Registration Statement</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the form of the Underwriting Agreement (the &#147;<U>Underwriting Agreement</U>&#148;) proposed to
be entered into among the Fund, as issuer, Gabelli Funds, LLC, as investment adviser to the Fund
(the &#147;<U>Adviser</U>&#148;), and Morgan Stanley &#038; Co. Incorporated, Citigroup Global Markets Inc. and
Merrill Lynch, Pierce, Fenner &#038; Smith Incorporated, as representatives of the several underwriters
named in Schedule&nbsp;I thereto (the &#147;<U>Underwriters</U>&#148;), filed as an exhibit to the Registration
Statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;a specimen certificate representing the Common Shares, filed as an exhibit to the
Registration Statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Certificate of Trust of the Fund and the Certificate of Amendment to the Certificate
of Trust of the Fund, as filed with the Secretary of State of the State of Delaware on June&nbsp;26,
2008 and July&nbsp;16, 2008, respectively;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the Agreement and Declaration of Trust of the Fund, dated as of August&nbsp;15, 2008, filed as
an exhibit to the Registration Statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the By-Laws of the Fund, adopted on August&nbsp;20, 2008, filed as an exhibit to the
Registration Statement; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;certain resolutions adopted by the Board of Trustees of the Fund relating to the issuance
and sale of the Common Shares and related matters.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also have examined originals or copies, certified or otherwise identified to our satisfaction,
of such records of the Fund and such agreements, certificates of public officials, certificates of
officers or other representatives of the Fund and others, and such other documents, certificates
and records as we have deemed necessary or appropriate as a basis for the opinions set forth
herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our examination, we have assumed the genuineness of all signatures including endorsements,
the legal capacity and competency of all natural persons, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all documents submitted to us
as facsimile, electronic, certified, conformed or photostatic copies, and the authenticity of the
originals of such copies. In making our examination of documents, we have assumed that the parties
thereto, other than the Fund, had or will have the power, corporate or other, to enter into and
perform all obligations thereunder and have also assumed the due authorization by all requisite
action, corporate or other, and the due execution and delivery by such parties of such documents
and the validity and binding effect thereof on such parties. We also have assumed that the Common
Shares will be properly entered by the transfer agent in the share registry and, if the Common
Shares are issued in certificated form, the share certificates representing the Common Shares will
conform to the specimen examined by us and will have been signed manually or by facsimile by an
authorized officer of the transfer agent and registrar for the Common Shares and registered by such
transfer agent and registrar. As to any facts material to the opinions expressed herein that we
did not independently establish or verify, we
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Gabelli Natural Resources, Gold &#038; Income Trust<BR>
January&nbsp;26, 2011

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">have relied upon statements and representations of officers and other representatives of the Fund
and others.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members of our firm are admitted to the bar in the State of Delaware, and we do not express
any opinion as to any laws other than the Delaware Statutory Trust Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We advise you that the Firm has rendered legal advice to the Adviser and other investment
funds advised by the Adviser and certain of their affiliates in connection with various matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon and subject to the foregoing, we are of the opinion that, when (i)&nbsp;the Registration
Statement becomes effective under the 1933 Act and the 1940 Act; (ii)&nbsp;the Underwriting Agreement
has been duly executed and delivered; and (iii)&nbsp;the shareholders&#146; accounts have been duly credited
in the share registry and the Common Shares have been delivered to and paid for by the Underwriters
at a price per share not less than the per share par value of the Common Shares as contemplated by
the Underwriting Agreement, the issuance and sale of the Common Shares will have been duly
authorized, and the Common Shares will be validly issued, fully paid and nonassessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion with the Commission as an exhibit to the
Registration Statement. We also consent to the reference to our firm under the caption &#147;Legal
Opinions&#148; in the Registration Statement. In giving this consent, we do not thereby admit that we
are included in the category of persons whose consent is required under Section&nbsp;7 of the 1933 Act
or the rules and regulations of the Commission.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK&#093;
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Gabelli Natural Resources, Gold &#038; Income Trust<BR>
January&nbsp;26, 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">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><FONT style="white-space: nowrap">/s/ Skadden, Arps, Slate, Meagher &#038; Flom LLP</FONT>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N.I
<SEQUENCE>11
<FILENAME>y89182a4exv99wnwi.htm
<DESCRIPTION>EX-99.N.I
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wnwi</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&nbsp;99(n)(i)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y89182a4y8918210.gif" alt="(PWC LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the use in this Registration Statement on Form N-2 of our report dated January
24, 2011, relating to the statement of net assets of The Gabelli Natural Resources, Gold &#038; Income
Trust as of December&nbsp;31, 2010, which appears in such Registration Statement. We also consent to the
reference to us under the heading &#147;Independent Registered Public Accounting Firm&#148; in such
Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="y89182a4y8918211.gif" alt="(SIGNATURE)"><BR>
PricewaterhouseCoopers LLP<BR>
New York, New York<BR>
January&nbsp;26, 2011

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>PricewaterhouseCoopers LLP, PricewaterhouseCoopers Center, 300 Madison Avenue, New York, NY 10017<BR>
T: (646)&nbsp;471 3000, F: (813)&nbsp;286 6000, </I>www.pwc.com/us

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>y89182a4y8918204.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y89182a4y8918204.gif
M1TE&.#EA=``?`,00`.#LZ-#CV_#V]&&@AQ%P2J#&MR%Y5G&IDS&#8K#0PU&6
M>Y"\JX"SGT&,;L#9SP%F/O___P``````````````````````````````````
M`````````````````````````"'Y!`$``!``+`````!T`!\```7_8"..9&F>
M:*JN;.NNCR//=&W?>*[O?._GCP=D2"P:C\BD<LEL.I_*('1*K5JO42%VR^UR
MI=ZP>(P$'P$,D:(@:`IF`"4`)]?%B6]9,R"[UQT!169%!T&&#P0%3`R&!TJ,
MAX>.1Y"1A@Q%#H9-#4&82Y`-@EI%`Y:&BDH(A@:/IX8#E*^>F9M,G0^?K@^B
M1(,0!:P%#@4$AGY&`)'(19`&),9!S)6GNA":OTBXUDBAHT8&00AM0P'1DT?!
MAPM)D-8"X0_LS;1,V*1*VXM!O4.#"88"T7N`((F"(*8>*&A7CX@[(P_MV5JB
M#Q2_;T0*\3K#H&.2:,J"D(/8<(C&5`Y+_R:YQTFEK(V^\%6$`I`@A%4/$G0K
MZ0`DR5Q-6-YR^;,?A$&&'%#1Z$ACK)>OG@X\9?3:Q'Q$!QI%&D1I.1-(XBFM
MV0KJ*9T_J1H12C%K2IC^\"4E<N_JD)!:!`0T>S:MI:ILL0*U"/>HW*YT+1U9
M<'$(SGD#K0'`6?;M`!L"$V<[,I-AX4$S\SC`R3G(,Q'1JD*(2`3OR-5N->-+
MTGGG9WP)5>O]M7O6:]B#1\6('-2NMMC`M^)3]R#S$,:_:LY".83UD-[.K:\T
M7CJX9^5%!$1#X,><W80*:AQ\(+6ZRH2SM2,)3!NYMYAI"0Q@`/]7/.K`!$'`
M3Z>)$`][?IU2RX4LUN#RBE88%>%@)!H5$8`AOUT81':S(/(;-0K*5HV$'4*(
MGQ$"]!<$&X-`4M`1T5@#XB$*..=>B2):TB".-X*'1``'B,#`'7H0P0<@/\K@
MW!PW_)%#>'98J$,13#JW&1E89DG%E5IVZ649LWTIYIB&O6#FF6BFJ68*,?S@
+YIMPQBFG#B$``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>y89182a4y8918203.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y89182a4y8918203.gif
M1TE&.#EAZ``^`,00`.#LZ*#&MQ%P2B%Y5O#V]#&#8F&@A]#CVY"\JU&6>W&I
MD[#0P\#9ST&,;H"SGP%F/O___P``````````````````````````````````
M`````````````````````````"'Y!`$``!``+`````#H`#X```7_H-*,9&F>
M:*JN;.N^<"S/=&TW3Z[O?.__P*!P2"P:C\BD<LG$(1C0J'1*K5JOV*QVR^UZ
MO^"P^%MXX!B0M'K-;KO?\+A\3J_;[_B\?H_'G?F`@8*#A(6&AVE^#VB(C8Z/
MD)&-BHR2EI>8F9&4FIV>GZ!SG*&DI::2HZ>JJZQZJ:VPL;*)9HNSM[BGKW8,
M"PZ_#`"YP\1VNW(,"3\##@2$O]"_!WH!T=;7`=-XU]S=#L)PU=&5?.+0Y'H`
MUV_';P=E0@(.@@P^!JY(\LYU3+9P.#OF!0*H0R"?>CS8U4+W)L"1!OOV*/`Q
M`%^2`=KF]&.XAF`.@WP\/@"I!^$.A7_D_SA$4B!B'G@],AI;(@"<G(UQ1)*T
M6#"021TH_85;DF`/`"`(\HA\2`?G/QX[E4+UV2,H1S4`!#`)0`U(`:E,KJYQ
MJC"@()U4$[IIIT:9#P7:""Q8^J!B'K<_7-*A:^3>S;`YIPX4?+#JVH5P?NHH
M8',-`A]<\0B)/'/'U0,.>@C0R$-L'\(A09<TW(8M!+R+]3KN\?7.`B%^*^OP
MO'*':C8]/-]!.]@L(,4/K+XYRJ.FG*6WX4S<8:#X9\MR!G3^"WT0;T#7]P`7
M[N:Q:#?$J]>1OB,K#YFBI@<6_R8WH>Q[X.?9?CAEZ1[)V<#\:"=\CHJHC;2;
M>D^51]UL[WT'5O]/OY'&!EL]%!6)=SK<4UL.K=4ADFY:G71@#KK)QE]O#!:F
MUGWVK7%`#Y0](A)7_N60WWWLM9'9#A+&X9YU"CY7HG8.=H18&Q?F@!XB!/0`
M#GDZM'@<@6PDPR)G.SRQ17J^8=<C+T&JT<Z-'D+RV@X9-L><B"PUM026/\:W
M91WTH2C4&LOI8!<D9NJ@@!I%;J;A$BVIJ02;(VJ9)9`G/CBDHCLT\`8!6C06
M!Y,Y+(!53'\F89R@21`J((F%(AJFHBEZR8.C;@#70U1MK,B#2Y1^ZJD1`EA*
M9:=/'NJFKO-U24NIM#3ZAJIOJ@$FAFSDB>Q>9,'!A*>L#L@K'G&2.J?_J<*F
M.D2T:^PG:QI%/B!I633-",&SN;;)4ZBC)2HDL!"(A&H;Q$[+1I)00A#C`TZ2
M"^)P`718Y8</6*D%M&<5.T>U[UZ;QK$/^$GOMG.$ZT:L.:Z'(!P$Q#IO>_F&
M9J^TZE+K:[R+K@%Q<&X<<(*WW*:A;%W<Q"JQQO_&8;&.(>]:LH_L]NJNJ?`"
M%V(:BL4,@<!(A+BA'/@:Z&S/ZW[K<]`F#_VKP_JN6D>=6*]1[Q![IILSSS7B
M1O6"89/<-IPGLQ5KAM$5"W::9G.M=MICK0VTU54KC4S<*:\QL]YB>QV'MTB,
MR^C&<+C*MQH[)CPRFH+'P3#1>H])YJS<[HM$_[^/G_W&R@0?S>SEF?[,I=8H
MPYL&TSG$YL;*@*\1+A(9'S9Y&@?0?B?(O_^=.<ZYW['YUF+A;L!MN">?1H##
MNQ'@S;Y#S@8`"-#^0-E3%^_V`P9PX7BP%9H_+.&R0T"`]Q$KP`@!`?`E_;D\
MV-Y=Y=DO<3[E_4">$:)E/R&P:GFQ0QP$/,>$:#&P4G*0G)X$R!2"(8&"1"#@
M$@[(/@5"X'#;&MG='F`N",P-@T38%-K65*`D:%`)'(2=:=3`N"`@0(+1\A@=
M#O>_`DZ&4X-J(1)>Z,+UR;!P;B!`@(#@%WOM*RD5ZP$4^T<KTKFA'RSSUQ&(
M.$0CCJIAJNN>$*;()*M644@'1P)/A(1(A`$HX']MP"(*#<C&`7H1*/7QX!H(
MX(!8U:XQYKB*.:!A!VZ$PQO6"$`P\H#(1OY"9X[LAE@&&<ES#&<=>52=BGSA
M@"<4XY.@Y$XH1TG*T+2OE*A,I;4TJ<I6?G*&KHPE*&$IRUKF@I:VS&4L%&&`
M2OKRE\`,IC"'2<QB&O.8P92.#['(S&8Z\YG0C*8T?T!)9%KSFMC,IC:WJ4U=
'>I.4(0``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>y89182a4y8918205.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y89182a4y8918205.gif
M1TE&.#EA60!$`-4_`+FYN2`@('=W=Q\?'U965IZ>GBPL+("`@$!`0/#P\(Z.
MCLC(R,#`P(>'ASL[.V%A8:"@H$-#0\O+R]#0T#`P,(J*BA`0$'!P<,/#PT)"
M0JZNKK"PL%!04)"0D%=75S0T-&!@8-;6UE%142(B(FYN;DY.3N#@X*6EI=W=
MW>'AX7)R<N?GYWM[>YN;F\_/S]+2TMC8V/+R\I>7EY*2DK2TM,W-S?3T].+B
MXDA(2'U]?5E96;Z^OCHZ.EI:6@```/___R'Y!`$``#\`+`````!9`$0```;_
MP)]P2"P:C\BD\K<J.)_0:&%)K5JOQZ9TZ\1ZOV"AEBL-F\_)6V7-;KLKK[@-
M33>C!/B\?B_`^!-U@5YW?(5X?AB`@HM4A(9\B(J,DT>.CWJ1E)I%,`^>GZ"A
M#RVD.Q*GJ!(PFX(A/:^PL;(]"K4:`+BY`!*L@:ZSP*^U"K>ZN+R]=+_!L\/%
MQLC)9\O,L<[&Q])HU-7"MMB[VM/=LM?8T>)?W-WFT.EA$QGR\_,XS=_G[V`N
M#OW^_AGN$0.'3I\5?O_^!2R'SYU!+`@3]EMHK:&N@@^7U/C`L6-''B5"BF1!
M4@:$DR@AT$C!,D7&)0L&R)PY<X2!FS@CZ!1!H*=/_P(D&@AM\%))3)HT;>*\
MJ3,"SY\]@PXMFN0H4IE*ES9]"E6J4*I(K%[-FG,GU*A#B8(U(A8I6:9FSWI5
MNY9(VZ1+X3H]"S1MW2)W:^8UL)7OW+]$0GA8S)BQ#E$J(N<X0+GR@1DG,I\0
MMR"`Y\^@0P=8@/A+9]&H/9,NC>5T:M&K65MQ_1IT;-E48BS8S;NW[P4Q<`L?
M3KRX\>/(DRM?SKRYEP0;#B`(((3!`0X<#D"05,0Z92,=*%^X0*0#`@0<)G0'
M0<&'>Q\(0&RHDZ!#^_<^$ES`__Z"H@00<&`!?D5L@!\"1.!GP7\(\,<?!>J=
MX:![]TU(00(33.A#$0$<F/\@?O,E,"!^'##0X7O42:BA9QKZ-V``([H7X0\=
M\(?@$/P=\$.#^$$@!(_O,4"'@XJ8L!^10P#I@Y`_B&CCA^]U`,&3/_+'I(H$
M$G&`@SY6&:006SX(I0\4_,`!?_-Y^1YW83A8A)/XZ:CFDC^8$&.60KQG@0D)
MN#G$F>]UB8:?1(!`Y8[X"6FH#R>^!^5\#!#:I'D@7#DH?T:$^=Z-B`:9H8R8
M"C&E#W)&&NHFDH*98Y*)\JACJ*-R:BJ>FJ3Z@Z;N=<#J>X"6^0.F$PRXX!"S
MOI=FK:<.<>1[,RK);)[XV2DC$7WR!P(KME;(*!'+OB?GK_C=IVL1VKIG*2.I
M%NN)@Z"WBHFC@]<:,:J"QS8)00#G@B%I`MKZ.@2N/LP(;KAL[LI?`""``&2^
M7SAXP4D7W'EA$;A^"ZV>`K]9KH89ZZLA?_YEBJ(1:"ZAW\?P=>QQG.>=]W#!
MU576L67U*F%"!QRT?-X!*K>9K'-)V`HTR3\/332M1A/!@+I++@VS<RC3F?3%
'&C+L7!``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>y89182a4y8918212.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y89182a4y8918212.gif
M1TE&.#EA*0$B`,0``%I75\C'Q^/CXY&/CSX[.S`M+?'Q\:RKJW5S<TQ)2=75
MU8.!@9Z=G;JYN6=E95I76*VKJR,?(/___P``````````````````````````
M`````````````````````````"'Y!```````+``````I`2(```7_H"2*!U!$
M!;",;.N^<"S/=&W?>*[O?.__.$9D2(P0#L"D<LEL.I_0J$11K!8:TBQ4X``X
M`MJP>-Q$5*L$LIKG*`K6LP9AT##`[U#%R6@7*,Q#8'B#+P=5"(0L!@!%!0R)
MD#V&0V\L"T,`D9`$9PJ1G&>/FJ,U`Y@N>YFD=U1#"XP1HH0)9T,%E:NY+;!(
M++`1B+HTLDE"$0D&`:>$DT,)O['"P@L+H((2`K1$=M(M!P-(A@-+H$AM$:IX
M`D0$6,INW9`!"`YO50$*!^=$Q/$2>T6^]##`($"S:D0<$+HT1!2T"-?\P6$8
MJ$H"@$2"P1#0#U(M%!UM-$`!ZDRO.P:(_P"PD_*>1#@&*`XI^?$8KA>,L(RJ
M&8&'J9H*!XT<HO.GD4`OR2AH\'!(LUK(9@S1&`D!@*8]=^CY&'30.8T8AR0=
MTZI(20F`JC#P1&,9-D8)=`X"12``OAY&9PY@.T@`J$KKJHP;*Z-@DK2UL*EL
M@&O2"AA"^/XJ<,U`@[5-%-!Y$3B"W"DW;VB+Q0V.B<>3$HQX5R0B850$2L,8
M0"!T"\1G1-"*RF)?Z`8(!%A>?6@$(,HRA-\8L(?OB-2E#210K4,F`.<M%-A6
M8O01H)-/(SR.L@A[E%:N77"BZH+U&>J,QH\H,EC$._:XLTJ`QLV0[`2UL:"`
M;"/D59\(+45PX/\[Z='P$'4LF,$(`<Y1T8\9YAGPS6<B5.&76`72!P1'YH68
M#C8G-?%3@RRX]<([SUQUU7B,G"C!4P4\5\1)0Q6A2F<-B<"(+(&-EU(:+>1E
M!`L"_/+94.DAP*(`[A&18H]$#!"``#_EV"(P+`1`DVQES>0,"S_5,^(>'(K0
MRHFFV.B+@AMM)P(H!+K@H@N&R*<GB".,YE0`^]ABAYAG(%#"&8/14@!;#'DI
MP5"?;57%")8B)8(`>[AVB9PB%%H$A!+05%-]"6X:5@0I5JD2DULBV$:)-&!9
M0)Z`G`A+B26U:4I7V1$QPR2@CA"?#'OR=(:IRCH#RZ,2&`"03J`<:,S_I0+D
M-YBT1$34DJ2[[!C`'KU@R5,ZK#5@+A'@YN<*#`:`LI(+P<60(#_!NOAJ"X7*
MJ<UL0QSXPD_%"HD.L@<3%X$#2C;K,!I4"IK":'`^'+`$"V"4#J?"#DP$:K8,
M@-`0HE;QHZ`\@2&`3,<P)/`(A;+72D@2N!I!DP@,X`!`XXT&[J15I'C`63@1
M-0,L[+70[48NOG/`(A8=D!\!6"T\``,-#%`U3\@ET[`55BF+P&4T$6"8?5)G
MB2!6!,B4@);&%#``;1]-A\9'`?ST\HUG+,`-0438UF0MUYJL=5A\%=Z000C0
M!"RFG2+(@&WDRJ"-GSJ".4)+;W#I``(+,,#2_P+:$!"<`<RIM(!K@-="P*K.
MD'Y437$!;?$9,C(Z@N*UJ"D"[%7X_74M>4_U0LGHB"SH9WDS2]3M"]N5\<,`
M;&?4V++'QF26!LV-'2P%(X!<A#3;8.<(ZR8@@*TH3S4810DLT/D_AB-_D</U
M?5B3G_EU84LOO/L(WQ*FM-M1S6$[&U4M"N"\9IDM!NU3F\*6=9N.C8);!9#2
M"*@4JS+9@D7TF@E?\G*$:(6G%BF:@EU$U9&8L$,G5[D)ZF1$0W!PPDMG^A/T
M:K('9+P"`/5"6?4\Z#`$Y.E+'R'&O2X5)@N2(E8R4,`OK@,$!=@E/0%@`&)R
MQI@H<F(!M(I6>L[W@JMD5`(0MMD:_GQ$`]L\!0!;:IBB:H"H1!$(>4C:H!-?
MDXP`'/$U2IB$(W`1@/8]1D,EH5K.P/&&DA0L#E=S#@?MHA4RBN`R6KO*`&QC
M"T!Z4@Q0FTGNHI8=6LC/8WOZ)+\2D$)5NI())R3>"X`3`Z,\\I6XS"436&8R
M$!9F7[H,IC"9T"2`J,"7-&#-+8?)S&:JH2S+=*8TIPD%;423FMC,I@\@\(`'
'E*^9(0``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>y89182a4y8918206.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y89182a4y8918206.gif
M1TE&.#EA)0'M`-4```D+(/_]^_JJ??S3N_B!/S\_/L&_PN_LZ82#C`\/#_9C
M$/[QZ49'5G]^?+^]NM_<V?F67OW=RI^=FR\O+E]>7?N^G/=M(/WGVOS)JQ\?
M'_=W+_B+3L_,ROF@;6]N;$].3:^MJ_NTC!@:+8^-C-#.T._LZ^#=W5568Z*A
MIR<I.V5E<;*PM9.2FC<X2'1T?ONUCOW>S/F77_B#0?99`0```/_\^0``````
M`````````````````````````````````"'Y!```````+``````E`>T```;_
MP$!M2"P:C\BD<LEL.I]0Y\$Q:A0*M*QVR^5F"I_&R/&(FL_HM!HJ7+O?\#AR
M:DUT[_C\=D(9R_^`@4AM@H6&<0<@'A-ZC8Z-$QX@!X>5EDR$EYJ;10\C6(^A
MHGF1')RGA9FHJX">C*.PL5T)%""LMVJJN+MG$J"RP,%9&1ZFO,=*NLC+1P\>
M=L)9$U?4U5<9T7@3$I3,R\K>RPX?LM-B#@YG#B`-%+_1"1YEX;O@]+@@[XZ1
M$L:`'!(69:,P[QXJ>P9/.7BUST.Z38DH8`M&,"$GA!8M.="'YP.W71P$`JN8
ML1+&DH(>D&ODL=NRD!-C-7")$M#)FG(:0,.3H4'!_WL@5L+*8`OGGYM&USB(
M>:=`490/=,8J\#-I+JN"#GC00\&?T0,CF#Y*,`+K&J1FGW`0NX5DVAH2V#:B
M^M8,VKI*&N2ABW?(`:FB$CSMN^0N82('.`Y[>-COUE$4:#8N8O@PAYU;$C28
M?(2#8E)5.5?N*P$/7T,#!F`0P+JUZPJI+8W`W"@!8\XU1M>E<(=LH`4#!$`@
M,*.X\>/(D1/8(&#`A4`//N.1@'N(;K,'>'<Y_>9"!0@6DHL?3]X"A`K/Y8R`
M7/VZU0,,MVR&$Z&#!O+X\X^WT`%#G+6B4(";>U_%EX5MW740GGX,-GB<`A!$
M\,8!0CE2@&1X$5@3?%U,$/^:&17<Y^"(),Y@00@+N*%7*!-@^):&)7'(Q0<N
M/K&```J4J".)$*:7!@BTD5(C5C!:)&-;:EP`P8Y,Z@B!CV=<QN*0215IT)%:
M4(?&`DLVZ66)3Z;Q@(%"]F4E/5AFH>49.'[I9HD=I'A&FGE\8&9U-52H)AH8
M+/CFGPXJ4`$:=.(A8%UG>J/=%FM"L<`&@$9*(@%0/E'H'?.EE>@RI7'1Z!,8
MY"CIJ`TJ$,*<9$[W(F<.=/%I$X^2*JN#!,@)Q:5<).!5E9,]0-NK3$3@YZS$
MXJ?``&9(Z4@"5%JT*2\&'@I%!<56RZ``R0;9E%G/XO*8%G9&T8&UY.8'@:U.
M=.K_B`=$'@8"%RTZ"FFY](ZG`;I-K.C(;35UN\H!F"7P81(+B%COP<A9("$4
M>N+!+*]]Z<GO$@4C;#%R"BPLA5Q=A(N3OZ>\*Y^C!E]L<L90<!!*61_C!?`6
M!9!L\LS&H?S$>LL.?`_(FU0HL(TETWRRQDU(MX7')?%\2:M;#$9QT$*;;`&^
M2OCZB-,)*6T)4T@S,6_44=][\R,9-/O-6_K2\+`378(-]@90&*U%ILZF9766
M3U#K]MX=//%`*#HSH[4AB](0LQ,1[*WX#/XYD7:=29OU]Q:!$['`L(L+K4"E
M2G#,Q<3A#"[(.^PZ\77F8&OPA,AS920Z($P?:'8-&*"^_SBV3LB=!>B"8_4.
MW4HL(*KM>Q.M1.QZ'&[0ZW(@G\$3IQ.?^A,-W\$[,LS'\0ZP1]0N_>*G-C$Y
M2UDG-3X-S\.*^?=1*T`U$H7G43DNV;]1./!)",!^YA`X<7X>I:-'_=9POK51
M;'C[*YX3JI>KY1F%`PV(8`.X9X2V)7!O!'`"!"7(P0[.CQ4#W,0%+H@Z9.$I
MA)JP(`G=EL$3XFD!*RRA"ZNCOQ$I@``XS*$."8#`/YFG.28D0FHJ(`#BT*Q_
M[<%3#_4SJ"6HT$LGXMP2!@"!)1JGA7@R277T%JCW%2%Q;B)`$,^P@`I8$8M9
M-`0**V%$!R&1"5#C4?C<L(!Q*?\GC5KDS`A)9+PD<%%'&NCC&LQX'#3B,1!K
M-$0-':0Z)PAO1V(#1`2&9\A#'@4WZ\M/$]FFH\T5PGLSJ*0EXY!(08!Q1%Y$
MP@!TU+A"U%"4HWQ#*0,1`A*]\0F9Q`\LCQ"!U*0FE4@(SRYC>97)Q!$_8W1"
M+4>4S"-4('K%L8``I.C,4!+3)I.!X8@L0,9M4JR-XU$`[IA@1?*,4Y4,$N2J
M&@/*!LTQ"D\D3]^4`$[\W#()=FS0.8^P2OV\\TZ-R6>#@*F$?C*HE?P<T3^[
M-Z)]&L&@^(%;8V;YAWJ:*WA,R&5RJ%F#13+(?11KZ!0_.AF*RH%$"#5"!YI9
MA&7J9PG_'F700HU03O$XM`@0Q0]'VW684S*(FTHPSQ+V^-*"3HH)%C7G2`\Z
MT<;\43\W'0(8@0E-\3`AGN01IVNV*@"-)B>J0\BI4@]C4CC$-#\<M>,FD=!.
M\C0A!#65%5AK(-;Q#-,J97U#4L<CT20LJ)%!U0]+C7"CN$IJKG45#V`!2IB]
MBB>E7SS.3L^:G'DZX9G60JR#FGH8!P$5G\>Q+!*(6IXS!&<#QW239@=*UL8X
M2+1'&-9GDU!5Y*S5M"%P[(Y6RZ#!\K0O/D6K49$#V2(\53P@I6,%="O2X?:V
MM81);'*&^<1['L&P,^CK&R*`U>8F0;K)N>TZ^P+>XXBW"%8$_Z9`R6/=-42`
MN?GA+52A2UZ2*J&MQCDO$4AK3T"XM$3RC2]]\5+>XL"V@O9":H-J]8=)ZBC`
M^)DKQ/IR7/'LM*;J'$*%PSE3-3B81!`>*V/Q0EGD+):A\B3G-O6+AN!>:ZDO
M)DQ>UU!@%M>@NS-0P%5+I(`.9#@*_XWQ=QTD8:/,6`WE36X2#%M<(KC8L^?Y
M<1/@>YP0CZ?(+8ON1>^K'^TB(;4C6HX`,+!37GH7G?H<<%W*^^/:(@>8&VX2
M?Z1,!"H7Q\HV5?-;P'MB03QR5&)L`GY%C&:FRO@PVAR/C>6`XR\=F+!$AK%@
M]?P6_!`T#C[5P`YU".;^+L'.>$Z.;__QVIARMK<0!ALUDT;M9N2$&CF<;>QX
M1NU?XXRZT^R%:9J=6]1#'Z:JL[5$HD<=9%HM8;V$3BB#[CKAOE"VPX;HTJCY
M:VQZ[GK(#/(RHM@IGDL#HI\2;O1XH%T#4$LZPK'N"[5/78GP:)NPV,48,"/-
M:V2FNR\]'+6XP\F$6NHX6/$NCLV2\.0KGYL\WL[RKX\3[.NN.J2,:\*'\T,`
M*2,[V0_]:4DGX]&YQIE!CRX"I-A=!"Y%M,E&\*JK#RX>DO]6R\;9::OUTW`C
M>*_,EON.#L><\$%C'*<,6C2I)R.J=^_W2U(6IB94OO)ZCP?GS2;,O%!>@V+#
MB0DU%/H;2OS_<R'27#2<H5;-BX!K_?39"'L<N"`*_%66(R?DXT7T#.9:\!*5
M>5YJ;W#`J^SVX]!YZ)/9P$XOKB-RTZYF5$\#(0'<]V@."#=EWGM^SD[3T"8<
M5OLVN-/?_GAB^GQ'95ZO."^/A,(VZ=5_!_QD+N#+UJ?&S@U:-+5S#('$(Z$^
MDM<\MA/<><ZP?68*8,X`,CR`$("'9EI_N3%)J&D<EIU>2M[X%F.8.2QS*XM,
MI_[!H'Y]/'U<^P=S^;:Q#_ZH<;_[]+"&^J_`,B9\O_S6$G\-/D$-"N[,(`S,
MS.RR#W]913\)+Z,%']0[0/$(^%-H_5<O6*8N-"`M_9(0GJ,%!O1I_PE8+V-W
M!$QQ/0YD$`R8!P=X!!>0>Q7H);0V!`RH/`J')MJ2*[/#=2,8*4:'@5N@@1MH
M$(^#!Q]X!,_W@DSR?TF`,UF`@BFH@CF#."+(@PYB>S40@+NC?/1P@W?@@$M@
M=4CH:$_P+8:#?A#X"#1(!#-7A20224SP/[LRA/?0@=I@(_P'AOF1=TKP#E)H
M9"BA.S30?@#'AEZBA'"1&0-X?R6!/'GP,T[P>7@X7U*`&3F($D<&/X\@A$OP
M?H68'/(W!!62/IJR(2O(!7:X8Y'8(#%X!!W8A:Z#$ZRC!X+(29TX>0EW-UG0
M-4YH$70X`?"4BN0AADT0'Q.HA3&2B5L00/^H2(O'88M,@(4T@#6O:!&EJ`?&
MJ`29QX/"N`3)Z(JZB!+QXS!E>&S`.`/GDC(!,SN*^!X1J`7Q,BVT.(E^(1:B
M^(!6H3*/((U3=(0KE'Q$8"")J'I&@8:&8@87L(,QY(9,$#^..'Y848VJ$@4F
MAX0,%@7QDXL9\A:I<@?VEP2A\H+65P0=J"M@EQ8'$(YXHX^P)SV!U`NNTGMF
MH2R.$)%^!(]@(TYH@(;U>(EUP8Z/@)*EUXR*0RDMV05Q2&E6@8\%>0;O=4$6
M4((_V#%9M(@B&0HT^5T?>3$6((]'4(WCF$2$X9-12&--22]/J0;9T2'>")-5
M*0HT0F,V:2T$H(?_`$@F4SE#AV&5'=*'27`!705\'7!^26"2XOB5<1>6H2`8
M]*$@]0(A:+D$0+@'>KF7A.$`O,@%ON@&]<&/.\(?@[D$%'*5HX24;H"7D'"-
M:K``&-`!68D?&M`!Z/$'2V&9EXDGN#(+FR@'$;`:P\%_-\0<%9!Z9J`5/YF:
MJDF0I,"9@<!ZKI<:MND&ISD+Z2A]6528!GB87\&;'G)-UG%(`!(82YD4@*&3
MS,F3G%&9HS`!QUD2<>$PRZB;EB0!B[D=WWF&GL,=T)D;Q!0=4U&=WA">#M.:
M[8F9A@`DL9`!(Y"=JQ`5O,B>[1F=T(F;L4`+OGD,0=$(1#&@28"?E0"?_[+0
M$W!I"2&QF)KAGT?IH$.P$<%0"K<0$>?9@!J:1A"J"2#PD'U)`1)0H6K@`%80
M("X:2R>Z"1X:#1D0!@Y0HD8P!2-``2IJ*#-*3#7*"1S`F[*0``5``1.$#F.(
M#NS0`!]`A[TQ$QS*!E<*@&&1#5PJ"P4@GUE:I*QPI"/:I3@J#UEZ!F**#Q)A
MIFZ*/L60IFFPIKP`053ZIG<P`0V0H'+:!'0J#G6`IY`@"3S:I^YIJ&CP`.SP
M`4'ZH3I:J(A*H)%*0`X@`1%$#1Q)`]-0`!'D`'PZJ6CPIZ`ZJIA`JJ;J:Z>:
MJM.HJJP:.:WZJM\(J[):/K-:JZ%CJ[AZ-KFZJ__TPZN^N@JB^JM7&JS"ZJ#$
M6JSWB:S*JD;+VJS8Y*S0*DO1.JW%1*W6BJ77FJU^JJW<F@S=^JU&<*S@BJKC
MVJWB6JX"B:[:>J[JNJIO8`(&$*\FH`3P&J\E,`3Q:@#W6@0ED*_[2@+Y.J]%
ML`((4+`(8`!-8`(L8+`HL*]%@`(&&[$HH*]+0`(12P)(D*\8:P0`&Z]$D*\@
M:P`;BZO/@@``<+((H`0F>[((6P,G"P`M8`0&\+(MRP`OF[)$@`(O"[,.F[$V
MN[,H:P0_"[0OJP(].P0DT`)$RP`C.P0ORP!',+1$0+0O*P(X:Z$C,*1IP`CV
MB4B"L+(`<+5'`+8MN[/_8CNS+#L$0WNU*["S(G"T1J"S5'NR#."P0SNW+="S
M<DNU(M"T3QNU+SNU<WNR*F`)!Y`%D&HI6?"I<%"R-ZNR-.NT.SNR:`L`-?NX
M-4`"(E"U37L$>PL`*K`"!H``*?"R+$`$0\L`JLL`FVNZ1$`".\L`!7L"52NP
M+DNW@'NR@@L`*6"PM/NRMEL(K9(`G,`TFN"X09L$9"NY+QNS^!JY-;"VF=NZ
M:4NOK=NW_-JZ)X"Z@5L$E0NU0U"Z)XL"1:"YN,N\X%L$4HN^#^NZ4J"!4Q`:
M>A&09D`&3,`!E#"_Q_NUF(L$RWN[9ON\U;NV):"T+TN^2Z`"[ONPJNL"W*N[
M_T)[OFV;O-X+O.P;P1`,P.D[!*TKMD;@"P[!$!=B!`T0$PU:`_E@!TH:$`40
M0-'QI43PPO-PHVI#-[[0`""`#>Q"#IG"`5,:&5X;"&#KP47POU2+L95[N2?K
M`@9,P4IPO4^POD4@OMM;`PH,`"*0!.)[NAJ<NP"PNQL,P$1,!+PQ$0SA,3*2
M`#%1!L3HH<JC'9G"&X?S&$H*#0&$!0Q!'790%/HYPD%,<$0YMOTKR-7[LN(+
MLS60Q&H[MU5<L2_;R$PPM""+`I*\R```R47PNU7\MQC\Q1<\!%<,`"N@!*\P
MEHFA-G[!"!GP$(I)`Z7#CO.@OTLX-T,P.::P(BS#G?_=``U.L:.30PF/T9A0
M@`&)IPP7$`(:8'B0Z\1&8,0HN[:*'+USFP)P*[.#[`*KN[H;>[=4B\!BK+SG
MR\GJV[T`+`*K>\AO"X"M6`1ZD3YZ,8%;<3BE0;Q#(,OOW(!#P!L",CEVR([I
MP(X.6!IE@P5^J08A4GL/^E"0XH]/,,3+;+G,BP`F0+TL`+W<O+.%NP25*[87
MK<1$:[7!.\A%',[G.\X9/+@G.\I)P#0_P1MV\C*?(LLN303Z"S#QD(634P9R
M?`1-.,\TL149@`T9P+A,$"LG@B^$,``&`Y6$'+8/7;9!.\%8;-%`>[?>G+'B
M+,U`Z]'Q&LJ=^[,9G;N;7-+_#^S)``RT(G`"G4O"FFH$V+`9;ADNC)`I[Q(S
M>B$)6:C/0V`'K]*$,UT$!J*U1H!WYR0$%U!/;N#0X%S(R?N[.^O1`$"^32P"
MP7L$.PNWT;R^)2"^>5L$5YS.1]"Z7)S5EFS6I%TTKEP$ATL#Z;`52KI^U+':
MC-$J%V('#T#;.5T#+&T$(D,)<VT$6O`8.]EB#+<P`3!QQD%Z33W&0^#,3ET#
M)4"]`_RR#IRY.^N\2>#8F)S(5)W!E5O=0R#5X$T$8"NP37RTXIL"8&P&>UP$
M(C,$6$"_'9H%13"\I2$@M*T7AV*\1A#?L\S:];VX-4#0D,I?"N`?,&!%%>F_
M11NR__):`\[-MEM=VE<+M@`PWM9<M`YK`H[MT2-=O>$[R'O;R"Y0M$50T82[
MWBF3!3^A%[(XX%G(SNA3SVT=P\-``V70*A-@V_--`U[!-.G`WS0=XYWRDDYP
M5NX3`^3!U!\^N"D;X9G\V!1NTB!^!"5>M2J``(X]W1D\!`8,VMQMR"Z``)-M
MNR80NP5[M[9[VDLPS_V=VC7@VOZ`,T6!!5*H!?L=W(BQSAUJ!X?BXD;`PT2@
MPF^P82$@`Q&EW,V-TDX-Y400W=W]W$,PT55;S:#,Z.`MQ4C[R.T[M]C;Z7-[
MU6RN!'\]Z#2@)>-S#7L"WT'H#P+H%[)3!(_Q!:\@+>30F/_M3>.GWIF$-W<O
MT(8"H-P63K5/#KTB+=4>[<$H3M9'L`*''+LM6]I'L.PJC:_/3K>5'=[7SKO5
M_LE.\-M$`,M$D,-[<!OZXA)^7@19@#]8F`&-PM>=P.(V/N-H4`%>=0$!`%\0
M8IOUZN`!6P/]OJ__+K/VBK0#[[T@:^FON[`%RP)KK086V_`//[`1&^T(+[+"
MBPZ"K013X*FGL``AH'*#(@2];F(A,)SM&DL8(&X'3J`#`'N2J>@ISQDK'V_;
M**ET59:C268S/TK'O`'QUF.5H@ME](7)80'"9Y<]CQ(1$`(;L(8;4`'O8P]%
M?X0W1)H#(/-+OPO%!YHD$O7`=!/_$5!$*GE#$-`<*+_UE=!+`@"::V@<HQG(
MAM'TQ^<ELRD`L)'V:A\%P,D:.*22!,!S=M&9P0$!D&DL.-0!`A`"J:'T,P^<
M1"0`&X!#;T(`4786KDE$!/#VVX1#9X_WPMFMP%E\K9%#*JE+S($!>I_0A?":
MPL%#UM)\S,$:&.!+6A]+P-%ZK@&:ID\N8@8;M[^MFZ`:;4\`AP\HS2=FK0$;
MK8<3H]]ZD>\:P[%#8(-#M!_(<K!&N<\:D\_Y])+\.O3Y7#7^Y.\:D[]IU`]^
M-T0`BI_WQ["(O;0:Q4_YV7A!.<0:C)_UM&H5HP\$`J&`4"189DGEDMET/J%1
MZ91:M4:-3)#A@%OS?L%A\9A<-I_!`?2:W7:[(UQN92C<&(N:ZY[?]ROP-NHP
HY!;>#A$3R]04&QT?$1?D)@?J+"'P,O/\DC0T,RVW*`TA2TT=@P``.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>y89182a4y8918207.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y89182a4y8918207.gif
M1TE&.#EA&``8`+,-`&!@8/#P\#`P,'!P<,#`P.#@X"`@(+"PL%!04-#0T("`
M@$!`0````/___P```````"'Y!`$```T`+``````8`!@```2#<*Q)J[U++L6[
M_Q^E-&1IGJ<RC6B+JILKES`[EP/#UG<),#H2K_<#'H0K(I`QH"5)`8"@8"HR
M`*9AP&#T+1>I)V')L@H"X5AC#$0TS.@TB]U>GEM#^I)AB+^>"7M`4S)##8)W
BA4\-.8-^+H8-*C8SD3U9BY>8:IJ;&R"@(!,:&*46`Q$`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>y89182a4y8918208.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y89182a4y8918208.gif
M1TE&.#EA"``(`+,``-_?WY^?G^_O[\_/SX^/CW]_?U]?7S\_/R\O+Q\?'[^_
MOP```````````````````"'Y!```````+``````(``@```08<,E)ETEUJ4--
1`4&!+80B#`I";1FA9E0$`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>y89182a4y8918209.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y89182a4y8918209.gif
M1TE&.#EAD0!V`-4P``D+(/B#0?W6P/NL@,#`P,+#R!`0$/=C$?#P\$!`0/[U
M\$=(6/=N(8"`@*"@H/S!H/F782`@((2%D#`P,/W@T-#0T/F-4>#@X/[KX/S,
ML/AX,6!@8/NWD%!04)"0D'!P<+"PL!@:+M+2UOJB<?'Q\N'AY"@J/*.DK&9G
M=%989C<Y2K.SNG5V@I25GO99`0```/___P``````````````````````````
M`````````````````````````````````"'Y!`$``#``+`````"1`'8```;_
M0)AP2"P:C\BD<@F[$#R-J%1*(""8V*QVR^UZ80C')_$JF\_H<F+CJ7S?\+C\
M6&E,TOC\V;`!7>>`@8)#"!YW>HB)?`2#C8Y;%QL&>!$)#1Y5%T45!`X-"9.(
M$0Z/I:9#D6D1?7];%1X=HJ2GM($-H64&'VYR8;%Y$8RUPUX$$6<3LX,7'[AH
M':W$TDH?9PG"I0BW>`8@T]]&%X<O!LJTJ7@?X.L$N!_12@(/`Q`!]O<#`P(8
M6<9X$_#6G7)@Q@"V)!E&:'#!L*'#AP<L/%"P!,$&2KP$#C23("`1"A`./!Q)
MTJ'$)0Z<Y<JHT1'!,AN4/`A0LJ;-`P,H(JF@DAS+_Y:!7KYHD$3`0IM(:^+4
M:03!N((_@<8A8,8<$0P6DFJUR4``$J=I#'B4VH5G&:M#,HC<RK8D!*9$P*(!
M2!:.7'5'(+3=6U(#A2,7>L:L^^77X"(*CO)=[/!`!CH]/1#N`J(,W2(4%#/>
MS/#!$:%0)VM!,,F`)LQK.:MVX=G(Q;FBL_SRAIC!ZMNLFQY#0S2V$JHO.AA)
MC!OWWR+`]YSV?>286"-ZB]\^P*](-32'F1-Y*;D(!^G%-33M>5`[C&,1C&!(
M#7[U`",>TB0P/^0E6IKMBU<GLOO,<NWH&?%`?M(%8`1H,-%700()T$:$;006
MYU41'3!HH7#T(3%@A,49F/_A%Q".I`%^?&E@03X#6*#99L=]N$4&)1V`&'LE
M,3#1$0H\$*(++M*2%4D00(?4"%A\QU"/IBA04XM#4&`3!UILB&0I&XJ(Q(H-
M>?B1``(P.<0(/$[IR(\CM29@28\UN2,#:0ZAY#UP$DG$"'#:`Y>81M#(T`%W
MNJEGF$/\V:809#JDI1`D-C0HGE>Y18290D1G*!$"U%C$`"0="D.B#+W'J!$P
MDL2DC92.I"F6G:(X`*<,:<JJII_"@.E(#'SD@@5%[.A"K40H,,"?2;E*:ZQ%
M2.H0E%\RM!\,1CKD)0P*9%!/6\*.1"P1K+H`%X3("J'D0[!B-H*NF1:1;9^,
MLAK_9),-\3J$L9UB\0"PK9I+TH37LHHO#&`VQ&2E([W%A`*%@FOO2/O&RJF[
M0NRX[A#D[GKC$@5G>?!#"7_*:;<P.-D87+.2%!$'&?M9+K;W7HOH0\O.>L`]
M^V*P%0,0+`I#E9.BC+#*FYK41<4V:0#7MP;KS#+/QMK,!(P'<.DTO:>:>K%#
M/,O:+H@R$@%T0U/7:_35/(?J@J==8%H$P"(7H6>U.:OLL0O+<E!GG3&[D#"\
M#4$JL]1?QUNU2+@^:-/#B!(N!`?L0>!ELVVO_)#2GV8%J=@Q%C'@LQUWB6/$
M;#>$[J?S%IN4EP<(O07>7@_!J7A50RNGMUJ]+@28&BR;_X0"J*?N>$,<MSX$
MSC4Q#,/>.-G>JXXV=0ZW[S!0SM;<#VDPP@-."Y`BO0V]#"=[@3,?,8>;E:PR
M\.!O)GR/'EAH87DP?%]^6PDCP&!OVB7'T9GO;P;K2^S']E09[,M6_K3RK&-,
MX$,(>L%\BK">`>Z%;$-HP%E<U)^J&(%Q#D0*Z^(RB05^R'ZY",C6,M@8X[VF
M?]HA`QKPTBM4D;`A&0,.AGH4F#2P3P'8<R"DA(``Y_S'11)$0P0"0H$<OF^'
M0OA%=\2DPC/,\"/N.^(1XJ/`3]60-SAR(?@.@$08`,<TL:I,&M`"K=Q%B`&8
M,\L+'/2I(**!C#<S(FXL@"XULO^06*_9`PHQ(,#BL&DGA\C.M9IX!CC"0`!1
MW,Q2=A**R_!,+F^4B1;YLD@DM,,R8XD5),\@2",(("2<T<#$D$#%%SB2>7E$
M1E1`!8%$-L8"'#!>$1#P"P5FDF?708,!EK@$!0B``RF:VP@&D`%9'@$$_>DD
M\X0`@IZ8$H6.N$`M7V#(98HC#QWX82.TH<IE,F$;>.@`-.$0"6>\PYM8D*8>
M(N`!;7HA#(14X"K1F00"Q',N;?#"*Z99A@BPD9Y:L&<B%/@!!Q`@*DX@0`/&
MD(=D`)2<'ZC@0">:BPV,\Z%;($!$*:J(#CC@EAC]P@7$<$]%6.*B(0T$`@@`
M@BFXM`'_!@5I2F=*TYK:]*8XS:E.=\K3GOKTIT`-JE"'>BT2%$`$1#`J4H\J
M!*.6``8%*``)8&!4IB9U!1(XP51A((*H1A6I0RC!"20`5J@68`A=)4$)O"I5
M:53`G8`H```60`2YTA4``%@J`"0``[R>%04`"$%987""$.`UL$A=P&'QB@(A
MG&"QC>TK`(:@V`)(8+$`6`$7Q/$%2Y3"KG6=JV158-2]2K8`@,TL$400V!,4
M@`4`2`$,%(L""4C`L&MM;0%28%J\4A8`E@4`"H*K@J808#DKY84#TJ,$3D3#
M"B]`Z1M`.P30'I8%<N4K7A4+@!,4@;=\%4)69PM<(:@@KX#U_ZX03!`"R?XV
MN.$-+!$J$PIO"`6F98@%(RH!@P8,D0P&,,T%R+'&%\`@)?33`@:`F03J"L&Z
M[-UK;P]K@JV^E["VY:MB5;``$\26O$10K'N%4-G++D`"BI7M$)KAA@@T@"J,
ML`,,)D"4Z!*D(^5(`$!ZV(#*2,80S?CG5480RZOHQ7!%<#!413O7%AQ6NW@U
M+`N*4%GR^I:VYPVO8BTL8M^2&+B7/6P*+`R#!.!EC1TP`(,F<,#HSGBY%?)O
M!5[`"TO(&`9*9,)W(,"/*HGOP:*M+I/IRETHM^"QJAT"8%4,XLJ6(`0A>"IL
MP_MH$\#`PV#U<`DN&UXCK!$&<Q[P!_^JX`$04.4*"8A`,%)M4`.#88V>/<\&
M=(R%/5'.=$B0:P@6P.L%6)>NCY[P67D;Z;`:]L3<)>]95R#:8-?6P]Z]K`HD
MP%M+<_H(IX:!!])C`.$01*',)4.K#TB5M[(9!I\><`6^O01)Z8J+N<8L<`<M
M!"=#^:PD./9J/8Q7$VBVRC#@K7=%P.\0A)<$W`6`"9!Z;?@P=P/>+@TIXJ..
M#:0'QD)X34?F?(5V""$"3SQ;HFPTD@/4;!AK':P2TEJ$E)LG1PO["P9`"9$3
M_9FH3>)`Q1B0D^/17$0VQYQ/*9"!5>F)9I#+N06B.*)A9D``GZ,GEX!9C^\Q
M`)9"5X(OZ=%GQ\;8XT0#(!F7ID0!IP$S'_?02@!.5$Q!^'(>%@B`'"%R#[#G
M@WK5N[D2RIYW+A5=50.@$YQ<6:,`0&``U(MZ*<K^]WH$@/`OW,R(`C!,L2N>
8,'P7P-]1-+>Y%T=[]CA\/L0.=5H$`0`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>y89182a4y8918210.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y89182a4y8918210.gif
M1TE&.#EA9@!.`,0``(^/CS\_/U]?7Y^?G]_?WT]/3^_O[\_/S[^_OZ^OKR\O
M+P\/#Q\?'V]O;W]_?P```/___P``````````````````````````````````
M`````````````````````````"'Y!```````+`````!F`$X```7_("2.9&F>
M:*JN;.N^<.P2R$$<-FX0=[\;LJ!P6`(X&@#``(D<&!T.HP!`K%I=@X0V,1@@
MN`@O(CPX#*[H=*E;^[K'W,3[K*Y?DTIM#5SS<ITW"7:#00`-"5$#40V*B4I.
M`SP(A)0O1DD(CTX.B$Y&73P'E:,K``4.BH]X2E!*23MTI+(E1ZA=AJZ*3@E)
MD3BSP"-0B;J<3;R7#@8VP<&UA@*+M5`-#5%1``)E<#0)-,UU#J<)UJT#I\.M
M`%\^!P8U$`@$X&I'N$\#T=2M4UT-[C=V$#"P@UX:<4ND,4EG2!>8'@-YW#"(
MQH$`)/:>/5MB[<]`@@-M%*1HY<@4AA:K_STY<@L`#H`0;H@B6;+`DV0`R-6R
M9F2+J&4R!=*L8G&?M:.XG#2(EL6E#1\UY@T=PC))(G75RO7T0D/@`00_IE(M
M((#LQ:4%TEK,AH_<UYA1)8H5XB!``'$-`A2H1M:>E%P\EKWL,3=(W:46!2B.
M=I%E-2]=#LB1M^-E81EUB^ZM5O>4U4U<'$3\$5CJY1<.%"@FF[9L@&C5+NYM
MK'BIXM=]AYUF(6ZQ[XL7`RR-C;$<YR[7GNQ>T3DMZ]5[%S7.>J1<=21X'"Q7
M(0XOV;RVD0@?KN\H9VW17&G?CJ)NV09[R=Z-GA6Q>=C0RFUBW[XU?+/O9:58
M=TM!LU(K/%'!G_\)AP$XG%YYF62(2CPQQA,CRBU(BUZGK+88@&=E90@J&-72
M5!0:TL(`6LZ5M=84YG%6W775K304)%GPT@4?7>PB@%UV%0#DD$0.*621`)XR
M%)`**&!7DPLHP("4`3!0I8(I!J$78[ZAY>&/6&89PVM?=GG6:F&*^4(`3EKY
M9)-2PMDD`^NI"<-7<.@Q1AA;N&&:G8`&*NB@A!9JZ*&()JHH`;N00,:?:AC`
MRTPGF%%=)*,08,H#G`8`@0$`,,`IIPI,8L(!\"V@J@D&2,E`E"0<L,"HL8A@
M@`.SCCIJ`*:JD8"0NG;J@*C!<MJ`"`38E:NN)C2@JZ?"!$LIKKHN((#_`KK6
MB48`Q7;;[20(>/M`"08L^P"T(C@0['K<ZJK`/`4$V^L50BI@+J=3!G`OJ03!
MIV^P)0@0K`(DJ*OK&0`$RX!4\>HJP"#M[CJ"`0(76ZO!HSI:+,'1ZNK.O;%$
MW"G$P:*;;K$F8\SIQ/MR?/*HVCFK*P,D-#QJFMN63&ZW!0,L@LPZCY#PJ$#<
M6T#!RP8`A!TBGVM"TP\L#8'*X\8TJKDF#_T`%0<4JVU,BB0@=1U-F_RRQQUG
M/#6G=;E;,Z</Q^,U.&4S6*S45,O]`,TBNRRSRUJ/>FPS==-2;,_,8OO`)'V+
M$.[>4B>`,MU!O^UVV@\L\'C<(M-,0*Z"C/!XW;!CRU(X"<3"C/BHHC*PM,B>
MMCLX"?M^3<KIC@>[P-A4LSU"WP/`?4+%U5*Z!LG/DM!JL&GV3O/OW;I^PN?%
M+EQ"`M@B+[&M33^_^JBABP#U`L8;7FR4?"VK/;X6I3[JT7;K.KOXQ8:/`O'B
MJDUV_JS;_O*LNRM!T^:7`@#L:UWERYG"5.4D1I3N>[6BWZA<QH);N>\!JAG`
M`].`NRL0I`HZF$4'%=6"$9)P!28\80I2J,(3-$T!&VRAZ*`V00+*4`0#6,"K
:9K5#!OC0;#>TU:=L!01W?#"(2$QB)4(``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>y89182a4y8918211.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y89182a4y8918211.gif
M1TE&.#EAE`$Z`,0```\/#Q\?'^_O[S\_/R\O+W]_?[^_OX^/CU]?7]_?WZ^O
MKY^?G\_/ST]/3V]O;X"`@/[^_B`@(````/___P``````````````````````
M`````````````````````````"'Y!```````+`````"4`3H```7_X"2.9&F6
M`I,8SV(8BIH(R6G?>*[O?.__P*!P2"P:C\BD42!R(!H#`D!"K5JO`X1BINQZ
MO^"P>$PNFTT)A8-@)30:AX7"P&"*["6&HC`(2``$6GAGA(6&AXB)BD`,!PA^
M``@'!0L,2`P%4U22"XN>GZ"AHJ,E"05L`0@&@U\)!P-5`0>LI+6VM[BY*`NP
M!`4UA0(*"`"`#K2W#*NZS,W.8@H2@9:>F00!P+D)4PW/WM_@0`@2HP+C!-2X
M#5(2#N'O\/$3"@.UXP#9M@&I"Q(*\@`#"@P&"P$N!@`"=&J`;:##ATK4%)B8
M#EP"*OE&+6!C8,+%`Q!#B@0BX(^5`;_"_S4``-)6@082J#4P.+)0`@85:R(Z
M0&``C%=5&BQ`AJN`A`*W$$@9<4`"49U*#*RL0N`?U$./*IKR\Z?`4U*PD-KJ
M26`$`W]76SF@HM".@0`YTY*A<N/LIKBD[':TU2<`"0!BY1X14,#/`*LDU@D^
M(\$OC@4PV^$Z,*7>K0&822`(O'A(@GN<23#HUGF,`0F6<]"30%.4``-K&^,-
MA1D`"3ZEARA(V"!C[AP'%/9X?4(8,0(OE/DF`2M4&EBQOG[*0FZ$`]M*3LV6
M=_WH[Q\$`O58>L+H%;8SG[Q!X*`/]B)U3AP@77>/^3]]EI,Z!6#OA)5=;`+1
M;A*T]!T/P575@_\T-S15X`*3%*`4+,50,04`J0UAWF8*++#`1%08\.&'$KXQ
M@"95`'#,,Z\$X-\C74#AV$`7I7*@#P-`T8,"`;QGP@)3(&;#"OX5(8PC45R#
M8GB0-(G```X<D!PX!K`16&817=.)0`*PL:(\!VR7Q#;B\8!9AB5$$X`[GEQ4
MG1`(;'G+-K*,X-T1P:%('T!K!2!=,V>I.`:0`0B90S$&FG`::I\LZMD?AGK!
M8R1_GK"291=%&H1Y%TY1*3,EW5D+#0LX4(`#FHZ0P#Y=(?,I#E"\J<.DVRTJ
M:R)N(H.0-)+8,$F17S`0&SI`\%36!$8=$5L!E@#)4D`+^"%F$9,LH)__#@Y2
M-<`@^4C00'<-#"(`+`'`\6H)Q1R[@U(SGF!`0K<BXJ9OP^#76#OG2EK,M3;L
M1D`-&.K@BIPG-"9D(&@FD\-*[7;Q+E<$$#Q"/^$Y4*117PJP%@%VP.*?9![Y
M$1AOI[*1\`Z`A(:#%"J34)*GGW"4YA].-"'@PGCMD:\)1JF[H$+]M#S"6_#N
MB>ZMC^"C#17(W0"+T4`D<-,@&TO#VA_`3B``))4-]9\$$H_3$F8&>LL40R.$
MUQHL.^\C\0VK%HH#0C![X@>PP>V3&H'4(`,3FR58^&406X/<`TSK^'F#40&@
M)+()`L#4\+L`();UW#]<^U4FFFQ;L*@V;(3`_V8SO23%/E,8:&L5'D[A6RH)
M0$:%.U-DW9,("<DIF3`]SK@J:\#P>X.T"!9C`@2B:2*\&6LE.D\Q6(K`1B<7
M<5S"B9=?V%@^#'B]P[M@K]3:8Y`T`$.'4BYS$0!V[-8PLE7D88P(_3@OPFA"
M<J5%3J4.4O\)VSB9"#+ACY7\RP1^`%SH+/2'"_6D-G4205-($[1Y2*-](%D)
M#7CTAZ^]#4`3Z!%B6%.8/QAM4F#;V03>\J`#..!;'5I&8@QW`TVHT`O]&-\$
MSN*&\<&B$XO288]LD+3UX<%+/8C-[%Z1$QJTYQI78%45+-$4JY@C(8K2!+`"
M<+L)-*4_)K"2JJ;`%?]OC?!9(S"*CT8@@"D(S0%^$$$"L%>"?JSQ!`J`B>>T
MQD8JX.%_$[B.6*JX0X/QT`I(Z4?#VDB:U,FQ#3B!W!<5](.W]"@6*3)A`5;!
MAE21X)*@.$W"&M/%0DJ@(]%HC&C(@X;4Y?`.?VA8`@:G&0MU@@IHND]"`.&M
MB10@!GA8BP($0)D_V&\")@D-'+$S#HP$KD`D<%`<V'#!EV5H46^;0#]BXJX.
MWH]1+J/",4WP-$6!4P2P&-LIO]F-21W`3;,#1N$4"$>DE*1<WYS"EE#CFRI1
M(9LX>`LJY'"J)U&S,9=T$1OGXP`'I`,Z-^S"/5G!Q<;=@8Q,B(Q3)N:&&S3_
M4X_T:R!GU.B]$<"+)E7(QV[FTZ.$O$]5T&$@0!W4,/-HS23;Z^,Z;_.'3G2I
M,=$J!M6D@8GQN0D!RV&#@<8!K(V9"8PDB$9JVBB!&JQO+Z+49G@ZH3UST<^-
M*V1#N`(9RT<RS:%<B6`MV><#2X+-!MW##!L`T(`"3**,JA1!,T,Q#ATFC31K
M`8`R#FHXC-W@BKA$)UV[PL8*`0(E"N"@V2:@"3G!!A+(V0U;564L*Z1./P2B
M0D4(-"YOS;$Q+2F<\XC)%HNYCU5[7*&%RB3'"NE0!.#S2;2XZ;($[B!0^2A<
M1Q@@-MR*\T-^`(DE_\$0+-2&:1.Q2BH=N:@*W:L*_Q$8@)2D)A76^*!P\2+B
M>;SU@FQ\,12+J@AEGL6X-?4.-GX<H*!PD*VAU"XVQ5A'9311#!0%@%E<H>M4
M<*F[^>*NM9N9:R0H,4QES$=[-#R-=?]A#J8Q`1614L!![R&+*1`@M2B21ET+
M4XS&+<=!FKCM"CV\+M#!KW$W$P%>6<,$!NP#)$T10*G:HXGP6"@A44@N&\H2
M#6:M`:$,3')0?I`0%0,0!E`P%5[.(D!$/,XLQ>@(N5+T#S=M"4A5]B)>N;**
M;>[2NSIN3R93Q-_^(H`5<-RH]&*KM8V$&`NS\$.[["(%!1;SNKB,4WSHI]_D
M[K#'HZ-"K/C[S\X]\9(G0O\1418E-_I&`H%50).-+Z0Z#"72Q2E@0@(TFNG7
M_($=B$G#'&:`"<+^87DE&`=`AW`6J"EB@B7PPX5-0H#!P<(R5(5#'5:@A^Y(
M8P'-%.T=>)&%[;R&&!<ZTR]MP,)9N\P`I\+,MZQEEE?W<<BL`)\X2\C`5-AU
M#X"HW!W,`^G[L2L+6KX"H_N0Z9(FCRW<[F;+G@!0+J!+/*<1FJIB9]=T,,Z;
M.2#2E!CQA<LM(I(W>$%Q#+U#:L*KC&M"C(X[:H8^.'E3AK.Q'_3C"L00UZ`A
M3HC%3#",NGZ%J@Y5!BM,,6^+#4+#;)$&E%RXAB`AH7'U"/@0MCG.&QGB-.HB
MYHG_8MDX>R-BFTDP1SI2*7"!>036OW6XRUYR'N%,#";PBF+5?U"N>IQE[#G`
MMM%#,0?(#3H4/[4V$1SU#E6?NS@P.!6#M2Z$*%3GG&L//!D>%M&%V5KP.U@F
M$R:+^,:#81]\=WPA>"+8"=!6\IC'$X,R_W#((S/,G`^]P'PN>D34CK*@+[WJ
M66Z\U1>B#V%BO.MG?P,V3(OV27B$*F2/^]X;-_6^+T(F7$3#X..>JI$WOFZ*
M44'E^WXCAW<^$=9'!;1+'_-4O7Z`+FE][3O>M]X_@A3$&'[74P;XY<\!,<*2
M_M73O?U"L*.+X8_Y]],_<Z@!@-SO;_14WI[_8016`%A_+/$U@#T0:=UG@*41
C60K8`R2F0`T8@;,7*!\G@1:8><60@!>X@3?R+EBW=B$``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>23
<FILENAME>filename23.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>cover</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS">Skadden, Arps, Slate, Meagher &#038; Flom llp</FONT><BR>
FOUR TIMES SQUARE<BR>
NEW YORK 10036-6522
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 1pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt">TEL: (212)&nbsp;735-3000</DIV>


<DIV align="center" style="font-size: 10pt">FAX: (212)&nbsp;735-2000</DIV>


<DIV align="center" style="font-size: 10pt">www.skadden.com</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January&nbsp;26, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-1004<BR>
Attention: Laura Hatch

</DIV>

<DIV align="left" style="margin-top: 12pt; margin-left: 10%">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RE:</TD>
    <TD>&nbsp;</TD>
    <TD><U>The Gabelli Natural Resources, Gold &#038;<br>
Income Trust (File Nos. 333-152424 and 811-22216)</U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronically transmitted herewith for filing on behalf of The Gabelli Natural Resources,
Gold &#038; Income Trust (the &#147;Fund&#148;) is the Fund&#146;s Pre-Effective Amendment No.&nbsp;4 to its registration
statement on Form N-2 (the &#147;Registration Statement&#148;) under the Securities Act of 1933.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents that its Registration Statement is substantially similar to Pre-Effective
Amendment No.&nbsp;3, filed December&nbsp;29, 2010, to the
Fund&#146;s Registration Statement and that no substantive
changes have been made to the disclosure contained in Pre-Effective Amendment No.&nbsp;3 to the Fund&#146;s
Registration Statement, except certain updating changes (primarily in the Statement of Additional
Information), inclusion of audited seed financials and minor modifications to information regarding
the Fund&#146;s investment adviser and other minor updates. In addition, based on current market
conditions, the Fund has no plans to issue preferred and debt securities in the next year.
Accordingly, the Fund hereby requests accelerated review of the Fund&#146;s Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions or comments or require any additional information in connection with
the Fund or the Registration Statement please telephone me at (212)&nbsp;735-2262 or Rick Prins at
212-735-2790.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&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">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</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">/s/ Rose Park
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rose Park, Esq.</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>
</SEC-DOCUMENT>
