<SEC-DOCUMENT>0001133228-15-001490.txt : 20150331
<SEC-HEADER>0001133228-15-001490.hdr.sgml : 20150331
<ACCEPTANCE-DATETIME>20150331162340
ACCESSION NUMBER:		0001133228-15-001490
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150511
FILED AS OF DATE:		20150331
DATE AS OF CHANGE:		20150331
EFFECTIVENESS DATE:		20150331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GAMCO Natural Resources, Gold & Income Trust
		CENTRAL INDEX KEY:			0001438893
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22216
		FILM NUMBER:		15739519

	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:	GAMCO Natural Resources, Gold & Income Trust by Gabelli
		DATE OF NAME CHANGE:	20120106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Natural Resources, Gold & Income Trust
		DATE OF NAME CHANGE:	20080717

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Gold & Income Trust
		DATE OF NAME CHANGE:	20080630
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e405761_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>GAMCO Natural Resources,
Gold &amp; Income Trust</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>GAMCO NATURAL RESOURCES, GOLD &amp; INCOME
TRUST</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GAMCO NATURAL RESOURCES, GOLD &amp; INCOME TRUST</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Notice is hereby given that the
Annual Meeting of Shareholders of GAMCO Natural Resources, Gold &amp; Income Trust, a Delaware statutory trust (the &ldquo;Fund&rdquo;),
will be held on Monday, May 11, 2015, at 1:30 p.m., local time, at The Cole Auditorium, The Greenwich Library, 101 West Putnam
Avenue, Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at any adjournments or postponements thereof for the following
purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">To
elect four (4) Trustees of the Fund, to be elected by the holders of the Fund&rsquo;s Common Shares; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">To
consider and vote upon such other matters, including adjournments, as may properly come before said Meeting or any adjournments
thereof.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in 0.25in">These items are discussed in greater detail in the
attached Proxy Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The close of business on March
16, 2015 has been fixed as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting
and any adjournments or postponements thereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><B>YOUR VOTE IS IMPORTANT REGARDLESS
OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY.
SHAREHOLDERS MAY AUTHORIZE THEIR PROXY BY TELEPHONE OR THE INTERNET. ALTERNATIVELY, SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS
BY SIGNING AND DATING THE PROXY CARD AND RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">By Order of the Board of Trustees,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in">ANDREA R. MANGO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.75in"><I>Secretary</I></P>

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 44.55pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The following general rules
for signing proxy cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote
if you fail to sign your proxy card properly.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Individual
Accounts: </I>Sign your name exactly as it appears in the registration on the proxy card.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Joint
Accounts: </I>Either party may sign, but the name of the party signing should conform exactly to the name shown in the registration.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>All
Other Accounts: </I>The capacity of the individuals signing the proxy card should be indicated unless it is reflected in the form
of registration. For example:</FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>Registration</U></B></FONT></TD>
    <TD STYLE="font-size: 12pt; padding-bottom: 2.5pt">      <FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>Valid
    Signature</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Corporate Accounts</B></FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">ABC Corp.</FONT></TD>
    <TD STYLE="width: 50%; font-size: 12pt">      <FONT STYLE="font: 9pt Times New Roman, Times, Serif">ABC Corp., John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">ABC Corp.</FONT></TD>
    <TD STYLE="font-size: 12pt">      <FONT STYLE="font: 9pt Times New Roman, Times, Serif">John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">ABC Corp.</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">c/o John Doe, Treasurer</FONT></TD>
    <TD STYLE="font-size: 12pt">      <FONT STYLE="font: 9pt Times New Roman, Times, Serif">John Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">ABC Corp., Profit Sharing Plan</FONT></TD>
    <TD STYLE="font-size: 12pt">      <FONT STYLE="font: 9pt Times New Roman, Times, Serif">John Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Trust Accounts</B></FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">ABC Trust</FONT></TD>
    <TD STYLE="font-size: 12pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Jane B. Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Jane B. Doe, Trustee</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">u/t/d 12/28/78</FONT></TD>
    <TD STYLE="font-size: 12pt">      <FONT STYLE="font: 9pt Times New Roman, Times, Serif">Jane B. Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Custodian or Estate Accounts</B></FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">John B. Smith, Cust.</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">f/b/o John B. Smith, Jr. UGMA</FONT></TD>
    <TD STYLE="font-size: 12pt">      <FONT STYLE="font: 9pt Times New Roman, Times, Serif">John B. Smith</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">John B. Smith, Executor</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Estate of Jane Smith</FONT></TD>
    <TD STYLE="font-size: 12pt">      <FONT STYLE="font: 9pt Times New Roman, Times, Serif">John B. Smith, Executor</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 0.25in">Instructions for authorizing your
proxy to vote your shares by telephone or Internet are included with the Notice of Internet Availability of Proxy Materials and
the proxy card.</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GAMCO NATURAL RESOURCES, GOLD &amp; INCOME
TRUST</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.22in; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">This Proxy Statement is furnished
in connection with the solicitation of proxies by the Board of Trustees (the &ldquo;Board,&rdquo; the members of which are referred
to as &ldquo;Trustees&rdquo;) of GAMCO Natural Resources, Gold &amp; Income Trust, a Delaware statutory trust (the &ldquo;Fund&rdquo;),
for use at the Annual Meeting of Shareholders of the Fund to be held on Monday, May 11, 2015 at 1:30 p.m., local time, at The Cole
Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at any
adjournments or postponements thereof. A Notice of Internet Availability of Proxy Materials will first be mailed to shareholders
on or about April 1, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.15pt 0.22in 0; text-indent: 0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">In
addition to the solicitation of proxies by mail, officers of the Fund and officers and regular employees of American Stock
Transfer &amp; Trust Company (&ldquo;AST&rdquo;), the Fund&rsquo;s transfer agent, and affiliates of AST or other
representatives of the Fund may also solicit proxies by telephone, Internet, or in person. In addition, the Fund has retained
Morrow &amp; Co.,  <FONT STYLE="font-size: 8pt">LLC</FONT> to assist in the solicitation of proxies for an estimated fee of
$1,000 plus reimbursement of expenses. The Fund will pay the costs of the proxy solicitation and the expenses incurred in
connection with preparing, printing, and mailing the Notice of Internet Availability of Proxy Materials and/or Proxy
Statement and its enclosures. If requested, the Fund will also reimburse brokerage firms and others for their expenses in
forwarding solicitation materials to the beneficial owners of its shares.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><B>The Fund&rsquo;s most recent
annual report, including audited financial statements for the fiscal year ended December 31, 2014, is available upon request, without
charge, by writing to the Secretary of the Fund, One Corporate Center, Rye, New York 10580-1422, by calling the Fund at 800-422-3554,
or via the Internet at www.gabelli.com.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">If the proxy is properly executed
and returned in time to be voted at the Meeting, the shares represented thereby will be voted &ldquo;FOR&rdquo; the election of
the nominees as Trustees as described in this Proxy Statement, unless instructions to the contrary are marked thereon, and at the
discretion of the proxy holders as to the transaction of any other business that may properly come before the Meeting. Any shareholder
who has submitted a proxy has the right to revoke it at any time prior to its exercise either by attending the Meeting and voting
his or her shares in person, or by submitting a letter of revocation, or a later dated proxy to the Fund at the above address prior
to the date of the Meeting.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">A &ldquo;quorum&rdquo; is required
in order to transact business at the Meeting. A quorum of shareholders is constituted by the presence in person or by proxy of
the holders of one-third of the outstanding shares of the Fund entitled to vote at the Meeting. In the event a quorum is not present
at the Meeting, or in the event that a quorum is present at the Meeting but sufficient votes to approve any of the proposed items
are not received, the chairperson of the Meeting may propose one or more adjournments of such Meeting to permit further solicitation
of proxies. If a quorum is present, a shareholder vote may be taken on one or more of the proposals in this Proxy Statement prior
to such adjournment if sufficient votes have been received for approval and it is otherwise appropriate. If a quorum is present,
the persons named as proxies will vote those proxies which they are entitled to vote &ldquo;FOR&rdquo; any proposal in favor of
such adjournment and will vote those proxies required to be voted &ldquo;AGAINST&rdquo; any proposal against any such adjournment.
Absent the establishment of a subsequent record date and the giving of notice to the holders of record thereon, the adjourned Meeting
must take place not more than 130 days after the record date. At such adjourned Meeting, any business may be transacted which might
have been transacted at the original Meeting.</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The close of business on March
16, 2015 has been fixed as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting
and all adjournments thereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Each shareholder is entitled
to one vote for each full share held. On the record date, there were 21,050,861 Common Shares, par value $0.001 per share (the
&ldquo;Common Shares&rdquo;), outstanding.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; text-align: center">   &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name and Address of</B></FONT></TD>
    <TD STYLE="width: 18%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 29%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount
of Shares</B></FONT></TD>
    <TD STYLE="width: 17%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><U><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Beneficial
    Owner(s)</B></FONT></U></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Title of Class</U></B></FONT></TD>
    <TD STYLE="text-align: center"><U><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>and
    Nature of Ownership</B></FONT></U></TD>
    <TD STYLE="text-align: center"><U><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Percent
of Class</B></FONT></U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">First Trust Portfolios L.P.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Common</FONT></TD>
    <TD STYLE="text-align: center">    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,658,087</FONT></TD>
    <TD STYLE="text-align: center">    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">7.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">120 East Liberty Dr., Suite 400</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Wheaton, IL 60187</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Oxbow Advisors</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Common</FONT></TD>
    <TD STYLE="text-align: center">    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">1,555,126</FONT></TD>
    <TD STYLE="text-align: center">    <FONT STYLE="font: 9pt Times New Roman, Times, Serif">5.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">800 N. Shoreline Blvd., Suite 220</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">South Corpus Christi, TX 78401</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Proposal </U></B></FONT></TD>
    <TD STYLE="width: 74%"><U>&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Common Shareholders</B></FONT></U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Election of</FONT></TD>
    <TD> &nbsp;<FONT STYLE="font: 9pt Times New Roman, Times, Serif">Common Shareholders vote to elect four Trustees:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustees</FONT></TD>
    <TD> &nbsp;<FONT STYLE="font: 9pt Times New Roman, Times, Serif">Anthony J. Colavita,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD> &nbsp;<FONT STYLE="font: 9pt Times New Roman, Times, Serif">Frank J. Fahrenkopf, Jr.,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD> &nbsp;<FONT STYLE="font: 9pt Times New Roman, Times, Serif">William F. Heitmann, and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD> &nbsp;<FONT STYLE="font: 9pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Other Business</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>PROPOSAL: TO ELECT FOUR (4) TRUSTEES OF THE FUND</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in"><B>Nominees for the Board of Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Board consists of ten Trustees,
all of whom are not &ldquo;interested persons&rdquo; of the Fund (as defined in the Investment Company Act of 1940, as amended
(the &ldquo;1940 Act&rdquo;)). The Fund divides the Board into three classes, each class having a term of three years. Each year
the term of office of one class will expire. Anthony J. Colavita, Frank J. Fahrenkopf, Jr., William F. Heitmann, and Salvatore
J. Zizza have each been nominated by the Board for election to serve for a three year term to expire at the Fund&rsquo;s 2018 Annual
Meeting of Shareholders or until their successors are duly elected and qualified. Each of the Trustees of the Fund has served in
that capacity since the August 20, 2008 organizational meeting of the Fund with the exception of Mr. Heitmann, who became a Trustee
of the Fund on May 25, 2011. All of the Trustees of the Fund are also directors or trustees of other investment companies for which
Gabelli Funds, LLC (the &ldquo;Adviser&rdquo;) or its affiliates serve as investment adviser. The classes of Trustees are indicated
below:</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anthonie C. van Ekris</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in">Kuni Nakamura</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Unless instructions are provided
to the contrary, it is the intention of the persons named in the proxy to vote the proxy &ldquo;FOR&rdquo; the election of the
nominees named above. Each nominee has indicated that he has consented to serve as a Trustee if elected at the Meeting. If, however,
a designated nominee declines or otherwise becomes unavailable for election, the proxy confers discretionary power on the persons
named therein to vote in favor of a substitute nominee or nominees. Each nominee is qualified to serve as a Trustee under the Fund&rsquo;s
governing documents.</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in"><B>Information about Trustees and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Set forth in the table below
are the existing Trustees, all of whom are not considered to be &ldquo;interested persons,&rdquo; as defined in the 1940 Act (the
&ldquo;Independent Trustees&rdquo;), four of whom are nominated for reelection to the Board of the Fund, and officers of the Fund,
including information relating to their respective positions held with the Fund, a brief statement of their principal occupations
and, in the case of the Trustees, their other directorships during the past five years (excluding other funds managed by the Adviser),
if any.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Term
    of</B></FONT></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Number of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Office and</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Portfolios to</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Name, Position(s),</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Length of</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Other Directorships</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Fund Complex<SUP>(3)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Time</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Principal Occupation(s)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Held by Trustee</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Overseen</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><U>and Age</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><U>Served</U><SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><U>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>During
    Past Five Years</B></FONT></U></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><U>During Past Five Years</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><U>by Trustee</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B><U>INDEPENDENT TRUSTEES/NOMINEES</U><SUP>(4)</SUP>:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Anthony J. Colavita<SUP>(5)</SUP></B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">President of the law firm
    of</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">37</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Anthony J. Colavita, P.C.</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 79</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>James P. Conn</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Former Managing Director and</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008***</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Investment Officer of</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 77</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Financial Security Assurance</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Holdings, Ltd. (1992-1998)</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Mario d&rsquo;Urso</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Chairman of Mittel Capital
    Markets</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008**</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">S.p.A. (2001-2008); Senator
    in the</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 74</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Italian Parliament (1996-2001)</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Vincent D. Enright</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Former Senior Vice President
    and</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Director of Echo
    Therapeutics, Inc.</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008***</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer of
    KeySpan</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(therapeutics and diagnostics)</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 71</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Corp. (public utility) (1994-1998)</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(2008-2014); Director of LGL Group,</FONT></FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif"> </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Inc. (diversified
    manufacturing)</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(2011-2014)</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Frank J. Fahrenkopf, Jr.</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Co-Chairman of the Commission
    on</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Director of First
    Republic Bank</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Presidential Debates; Former</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(banking)</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 75</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">President and Chief Executive</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Officer of the American Gaming</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Association (1995-2013); Former</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Chairman of the Republican
    National</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Committee (1983-1989)</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>William F. Heitmann<SUP>(5)</SUP></B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Managing Director and Senior Advisor
</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Director and Audit Committee Chair of</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2011*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">of Perlmutter Investment Company</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">DRS Technologies (defense electronic</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 65</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(real estate); Senior Vice
    President of</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">systems)</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Finance, Verizon Communications,
    and</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">President, Verizon Investment</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Management (1971-2011)</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Michael J. Melarkey</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Partner in the law firm of
    Avansino,</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Director of Southwest Gas</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008**</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Melarkey, Knobel, Mulligan
    &amp;</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Corporation (natural
    gas utility)</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 65</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">McKenzie; Owner in Pioneer</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Crossing Casino Group</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Kuni Nakamura</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">President of Advanced Polymer,
    Inc.</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008***</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(chemical manufacturing company);</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 46</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">President of KEN Enterprises,
    Inc.</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(real estate)</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Anthonie C. van Ekris<SUP>(5)</SUP></B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Chairman and Chief Executive
    Officer</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008**</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">of BALMAC International, Inc.</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 80</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(commodities and futures trading)</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Salvatore J. Zizza<SUP>(5)</SUP></B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">President of Zizza &amp; Associates</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Director and Vice
    Chairman of</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008*</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Corp. (financial consulting);</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Trans-Lux Corporation
    (business</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 69</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Chairman of Harbor Diversified,
    Inc.</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">services); Director
    and Chairman</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(pharmaceuticals); Chairman
    of</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">of Harbor Diversified Inc.</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">BAM (semiconductor and aerospace</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(pharmaceuticals); Director, </FONT></FONT></FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">manufacturing); Chairman of
    Bergen</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 10pt">&nbsp;Chairman,
    and CEO of</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Cove Realty Inc.; Chairman
    of</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></FONT>General Employment
    Enterprises</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">Metropolitan Paper Recycling
    Inc.</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>(staffing services)
    (2009-2012)</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(recycling) (2005-2014)</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 17%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 21%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Term
    of</B></FONT></FONT></TD>
    <TD STYLE="width: 65%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Office and</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Name, Position(s),</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Length of</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Address<SUP>(1)</SUP></B></FONT></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Time</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Principal Occupation(s)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><U>and Age</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><U><B>Served</B></U></FONT><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><U>During Past Five Years</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Bruce N. Alpert</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Executive Vice President and Chief Operating Officer of Gabelli
    Funds, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">President</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">since 1988 and an Officer of registered investment companies in
    the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 63</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Gabelli/GAMCO Fund Complex; Senior Vice President of GAMCO Investors,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Inc. since 2008; Director of Teton Advisors, Inc., 1998-2012; Chairman
    of Teton</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Advisors, Inc., 2008-2010; President of Teton Advisors, Inc., 1998-2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Agnes Mullady</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">President and Chief Operating Officer of the Open-End Fund Division
    of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Treasurer</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Gabelli Funds, LLC since 2010; Senior Vice President of GAMCO Investors,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 56</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007;
    Officer of all</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">of the registered investment companies in the Gabelli/GAMCO Fund
    Complex</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Andrea R. Mango</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Counsel of Gabelli Funds, LLC since 2013; Secretary of all registered</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Secretary and</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2013</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">investment companies within the Gabelli/GAMCO Fund Complex since
    2013;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Vice President</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Vice President of all closed-end funds within the Gabelli/GAMCO
    Fund</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 42</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Complex since 2014; Corporate Vice President within the Corporate</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Compliance Department of New York Life Insurance Company, 2011-2013;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Vice President and Counsel of Deutsche Bank, 2006-2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Richard J. Walz</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Chief Compliance Officer of all of the registered investment companies
    in the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Chief Compliance Officer</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2013</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Gabelli/GAMCO Fund Complex since 2013; Chief Compliance Officer
    of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 55</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">AEGON USA Investment Management, 2011-2013; Chief Compliance Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">of Cutwater Asset Management, 2004-2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Carter W. Austin</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Vice President and/or Ombudsman of closed-end funds within the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Vice President</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Gabelli/GAMCO Fund Complex; Vice President of Gabelli Funds, LLC
    since</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 48</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">1996</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Molly A.F. Marion</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Vice President and/or Ombudsman of closed-end funds within the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Vice President and</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2011</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Gabelli/GAMCO Fund Complex; Vice President of GAMCO Investors, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Ombudsman</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">since 2012</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 61</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>David I. Schachter</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Vice President and/or Ombudsman of closed-end funds within the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Vice President and</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Since 2008</FONT></TD>
    <TD><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Gabelli/GAMCO Fund Complex; Vice President of G.research, Inc. since
    1999</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Ombudsman</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Age: 61</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Address: One Corporate Center, Rye, NY 10580-1422.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Fund&rsquo;s Board of Trustees is divided into three classes, each
class having a term of three years. Each year the term of office of one class expires and the successor or successors elected to
such class serve for a three year term.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The &ldquo;Fund Complex&rdquo; or the &ldquo;Gabelli/GAMCO Fund Complex&rdquo;
includes all the registered funds that are considered part of the same fund complex as the Fund because they have common or affiliated
investment advisers.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustees who are not considered to be &ldquo;interested persons&rdquo;
of the Fund as defined in the 1940 Act are considered to be &ldquo;Independent&rdquo; Trustees. None of the Trustees (with the
possible exceptions as described in this proxy statement) nor their family members had any interest in the Adviser or any person
directly or indirectly controlling, controlled by, or under common control with the Adviser as of December 31, 2014.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr. Colavita&rsquo;s son, Anthony S. Colavita, serves as a director
of the GAMCO Mathers Fund and the Comstock Capital Value Fund, which are considered part of the same Fund Complex as the Fund because
they have common or affiliated investment advisers. Mr. van Ekris is an independent director of Gabelli International Ltd., Gabelli
Fund, LDC, GAMA Capital Opportunities Master, Ltd., and GAMCO</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">International SICAV, and Mr. Zizza is an independent director of Gabelli
International Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or affiliates and in that event would be deemed
to be under common control with the Adviser. Mr. Heitmann&rsquo;s son was a summer intern at GAMCO Investors, Inc., the parent
company of the Adviser, from May 19, 2014, through June 27, 2014.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each officer will hold office for an indefinite term until the date
he or she resigns or retires or until his or her successor is duly elected and qualifies.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Nominee to serve, if elected, until the Fund&rsquo;s 2018 Annual Meeting
of Shareholders or until his successor is duly elected and qualifies.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">**</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Term continues until the Fund&rsquo;s 2017 Annual Meeting of Shareholders
or until his successor is duly elected and qualifies.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">***</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Term continues until the Fund&rsquo;s 2016 Annual Meeting of Shareholders
or until his successor is duly elected and qualifies.</FONT></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Board believes that each
Trustee&rsquo;s experience, qualifications, attributes, or skills on an individual basis and in combination with those of other
Trustees lead to the conclusion that each Trustee should serve in such capacity. Among the attributes or skills common to all Trustees
are their ability to review critically and to evaluate, question and discuss information provided to them, to interact effectively
with the other Trustees, the Adviser, the sub-administrator, other service providers, counsel and the Fund&rsquo;s independent
registered public accounting firm, and to exercise effective and independent business judgment in the performance of their duties
as Trustees. Each Trustee&rsquo;s ability to perform his/her duties effectively has been attained in large part through the Trustee&rsquo;s
business, consulting, or public service positions and through experience from service as a member of the Board and one or more
of the other funds in the Fund Complex, public companies, or non-profit entities, or other organizations as set forth above and
below. Each Trustee&rsquo;s ability to perform his/her duties effectively also has been enhanced by education, professional training,
and other experience.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><I>Anthony J. Colavita, Esq.
</I>Mr. Colavita is a practicing attorney with over fifty years of experience, including the field of business and financial law.
He is Chairman of the Fund&rsquo;s Nominating Committee and a member of the Fund&rsquo;s <I>ad hoc </I>Proxy Voting Committee.
Mr. Colavita also serves on comparable or other board committees with respect to other funds in the Fund Complex on whose boards
he sits. He served as a Commissioner of the New York State Thruway Authority and as a Commissioner of the New York State Bridge
Authority, where his duties included reviewing financial documents of these agencies. He served for eleven years as the elected
Supervisor of the Town of Eastchester, New York, responsible for ten annual municipal budgets of approximately eight million dollars
each. Mr. Colavita also served as Special Counsel to the New York State Assembly for five years and as a Senior Attorney with the
New York State Insurance Department. He is the former Chairman of the New York State Republican Party, the Westchester County Republican
Party, and the Eastchester Republican Town Committee. Mr. Colavita received his Bachelor of Arts from Fairfield University and
his Juris Doctor from Fordham University School of Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><I>James P. Conn. </I>Mr. Conn
is the Lead Independent Trustee of the Fund, a member of the Fund&rsquo;s <I>ad hoc </I>Proxy Voting Committee, and a member of
the Fund&rsquo;s <I>ad hoc </I>Pricing Committee. He also serves on comparable or other board committees with respect to other
funds in the Fund Complex on whose boards he sits. He was a senior business executive of an insurance holding company for much
of his career, including service as Chief Investment Officer. Mr. Conn has been a director of several public companies in banking
and other industries, and was lead Director and/or Chair of various committees. He received his Bachelor of Science in Business
Administration from Santa Clara University.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><I>Mario d&rsquo;Urso. </I>Mr.
d&rsquo;Urso is a former Senator and Undersecretary of Commerce in the Italian government. He is a board member of other funds
in the Fund Complex. He is former Chairman of Mittel Capital Markets, S.p.A., a boutique investment bank headquartered in Italy,
and former Partner and Managing Director at investment banks, Kuhn Loeb &amp; 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. d&rsquo;Urso
received his Masters Degree in Comparative Law from George Washington University and was formerly a practicing attorney in Italy.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><I>Vincent
D. Enright. </I>Mr. Enright was a senior executive and Chief Financial Officer (&ldquo;CFO&rdquo;) of an energy public
utility for four years. In accordance with his experience as a CFO, he is a member of the Fund&rsquo;s Audit Committee,
Chairman of the Fund&rsquo;s <I>ad hoc </I>Proxy Voting Committee, a member of the Fund&rsquo;s <I>ad hoc </I>Pricing
Committee, and a member of both multi-fund <I>ad hoc </I>Compensation Committees. He also serves on comparable or other board
committees with respect to other funds in the Fund Complex on whose boards he sits. Mr. Enright is a former director of a
therapeutic and diagnostic company and served as Chairman of its compensation committee and as a member of its audit
committee. He is also a former Director of a pharmaceutical company and diversified manufacturing company. Mr. Enright received his
Bachelor of Science from Fordham University and completed the Advanced Management Program at Harvard University.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><I>Frank J. Fahrenkopf, Jr.
</I>Mr. Fahrenkopf is the former President and Chief Executive Officer of the American Gaming Association (&ldquo;AGA&rdquo;),
the trade group for the hotel-casino industry. He is a member of the Fund&rsquo;s Audit Committee and serves on the boards of other funds in the Fund Complex. He is the Co-Chairman of the Commission on Presidential
Debates, which is responsible for the widely-viewed Presidential debates during the quadrennial election cycle. Additionally, he
serves as a board member of the International Republican Institute, which he founded in 1984. He served for many years as Chairman
of the Pacific Democrat Union and Vice Chairman of the International Democrat Union, a worldwide association of political parties
from the United States, Great Britain, France, Germany, Canada, Japan, Australia, and twenty other nations. Prior to becoming the
AGA&rsquo;s first chief executive in 1995, Mr. Fahrenkopf was a partner in the law firm of Hogan &amp; Hartson, where he chaired
the International Trade Practice Group and specialized in regulatory, legislative,</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">and corporate matters for multinational, foreign,
and domestic clients. He also served as Chairman of the Republican National Committee for six years during Ronald Reagan&rsquo;s
presidency. Mr. Fahrenkopf is the former Chairman of the Finance Committee of the Culinary Institute of America and remains a member
of the board. Additionally, he has over twenty years of experience as a member of the board of directors of a bank and still serves
as a member of the Advisory Board of the bank. Mr. Fahrenkopf received his Bachelor of Arts from the University of Nevada, Reno
and his Juris Doctor from Boalt Hall School of Law, U.C. Berkeley.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><I>William
F. Heitmann. </I>Mr. Heitmann is a Managing Director and Senior Advisor of Perlmutter Investment Company, a private,
institutional real estate investor and advisor. He previously served as Senior Vice President of Finance at Verizon
Communications, Inc. As Senior Vice President of Finance, Mr. Heitmann was responsible for leading the Verizon Investment
Management Corporation, for which he held the positions of President and Chief Investment Officer. During his career of over
thirty-five years at Verizon Communications and its predecessor companies, he served as Senior Vice President and Treasurer
of Verizon Communications, Vice President of Asset Management and Treasurer of Bell Atlantic Corporation, and Vice President
of Merger Implementation during the Bell Atlantic-NYNEX merger. Additionally, he served as Chairman of the Board for Verizon
Capital Corporation, Verizon Communications&rsquo; financial subsidiary. In his leadership roles outside Verizon, Mr.
Heitmann is a Director of DRS Technologies, a NYSE-listed company, and Syncreon, a private equity owned global logistics
company, and chair of their audit committees. He also served as a Director of the Pension Real Estate Association (PREA); and
a member of the Committee for the Investment of Employee Benefit Assets (CIEBA) and the Financial Executives Institute, The
Pension Manager&rsquo;s Advisory Committee (PMAC) of the NYSE, and The Investment Committee of the Neurological Society.
Mr. Heitmann also serves on the board of other funds in the Fund Complex. Mr. Heitmann received his Bachelor&rsquo;s degree
in Mechanical Engineering from New Jersey Institute of Technology and his Masters of Business Administration from Rutgers
University.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><I>Michael J. Melarkey, Esq.
</I>Mr. Melarkey is a practicing attorney specializing in business, estate planning, and gaming regulatory work with over thirty-five
years of experience. He is a member of the Fund&rsquo;s Nominating Committee and a member of one of the multi-fund <I>ad hoc </I>Compensation
Committees. He also serves on other board committees with respect to other funds in the Fund Complex on whose boards he sits. He
is currently a Director of a natural gas utility company and chairs its Nominating and Corporate Governance Committee. Mr. Melarkey
acts as a Trustee and officer for several private charitable organizations, including as a Trustee of The Bretzlaff Foundation
and Vice President of The E. L. Wiegand Foundation. He is an owner of two northern Nevada casinos and an officer of a private oil
and gas company. Mr. Melarkey received his Bachelor of Arts from the University of Nevada, Reno, his Juris Doctor from the University
of San Francisco School of Law, and his Masters of Law in Taxation from New York University School of Law.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><I>Kuni Nakamura. </I>Mr. Nakamura
is the President and sole shareholder of a chemical manufacturing company, and President of a real estate company. Mr. Nakamura
also serves on the boards of other funds in the Fund Complex. He is the sole shareholder of a real estate holding company and a
member of both a boat holding company and a chemical wholesale company. Mr. Nakamura was previously a Board member of LGL Group,
Inc. Mr. Nakamura serves on the Board of Trustees of Mercy College in Dobbs Ferry, NY. Mr. Nakamura has been involved in various
organizations for underprivileged children, such as Big Brother-Big Sister, the Fresh Air Fund and Andrus Dyckman Children&rsquo;s
Home. He is also involved in various capacities with The University of Pennsylvania and The Japan Society. Mr. Nakamura is a graduate
of the University of Pennsylvania &mdash; The Wharton School with a Bachelor&rsquo;s degree in Economics and Multinational Management.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><I>Anthonie
C. van Ekris. </I>Mr. van Ekris has been the Chairman and Chief Executive Officer of BALMAC International, Inc. a global
import/export company, for over twenty years. He serves as  a member of the board of other funds in the Fund Complex and is Chairman of the GAMCO International SICAV. Mr. van
Ekris has over fifty-five years of experience as Chairman and/or Chief Executive Officer of public and private
companies involved in international trading or commodity trading, and served in both of these capacities for nearly twenty
years for a large public jewelry chain. Mr. van Ekris is a former Director of an oil and gas operations company. He served on
the boards of a number of public companies and for more than ten years on the Advisory Board of the Salvation Army of Greater
New York.</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><I>Salvatore J. Zizza. </I>Mr.
Zizza is the President of a financial consulting firm. He also serves as Chairman to other companies involved in manufacturing,
technology, and pharmaceuticals. He is the Chairman of the Fund&rsquo;s Audit Committee and is the Fund&rsquo;s designated Audit
Committee Financial Expert (as defined below). Mr. Zizza is a member of the Fund&rsquo;s Nominating Committee, a member of the
Fund&rsquo;s <I>ad hoc </I>Pricing Committee, and a member of both multi-fund <I>ad hoc </I>Compensation Committees. In addition,
he serves on comparable or other board committees, including as lead Independent Director/Trustee, with respect to other funds
in the Fund Complex on whose boards he sits. In addition to serving on the boards of other funds within the Fund Complex, he is
currently a director of three other public companies and previously served on the boards of several other public companies. He
also served as the Chief Executive of a large NYSE-listed construction company. Mr. Zizza received his Bachelor of Arts and his
Masters of Business Administration in Finance from St. John&rsquo;s University, which awarded him an Honorary Doctorate in Commercial
Sciences.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Overall responsibility for general
oversight of the Fund rests with the Board. The Board does not have a Chairman. The Board has appointed Mr. Conn as the lead Independent
Trustee. The lead Independent Trustee presides over executive sessions of the Trustees and also serves between meetings of the
Board as a liaison with service providers, officers, counsel, and other Trustees on a wide variety of matters including scheduling
agenda items for Board meetings. Designation as such does not impose on the lead Independent Trustee any obligations or standards
greater than or different from other Trustees. The Board has established a Nominating Committee and an Audit Committee to assist
the Board in the oversight of the management and affairs of the Fund. The Board also has an <I>ad hoc </I>Proxy Voting Committee
that exercises beneficial ownership responsibilities on behalf of the Fund in selected situations. From time to time, the Board
establishes additional committees or informal working groups, such as an <I>ad hoc </I>Pricing Committee related to securities
offerings by the Fund to address specific matters, or assigns one of its members to work with Trustees or directors of other funds
in the Fund Complex on special committees or working groups that address fund complex-wide matters, such as the multi-fund <I>ad
hoc </I>Compensation Committee relating to the compensation of the Chief Compliance Officer for all the funds in the Fund Complex,
and a separate multi-fund <I>ad hoc </I>Compensation Committee relating to the compensation of certain other officers of the closed-end
funds in the Fund Complex.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">All of the Fund&rsquo;s Trustees
are Independent Trustees, and the Board believes it is able to provide effective oversight of the Fund&rsquo;s service providers.
In addition to providing feedback and direction during Board meetings, the Independent Trustees meet regularly in executive session
and chair all committees of the Board.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Fund&rsquo;s operations entail
a variety of risks, including investment, administration, valuation, and a range of compliance matters. Although the Adviser, the
sub-administrator, and the officers of the Fund are responsible for managing these risks on a day-to-day basis within the framework
of their established risk management functions, the Board also addresses risk management of the Fund through its meetings and those
of the committees and working groups. As part of its general oversight, the Board reviews with the Adviser at Board meetings the
levels and types of risks, including options risk being undertaken by the Fund, and the Audit Committee discusses the Fund&rsquo;s
risk management and controls with the independent registered public accounting firm engaged by the Fund. The Board reviews valuation
policies and procedures and the valuations of specific illiquid securities. The Board also receives periodic reports from the Fund&rsquo;s
Chief Compliance Officer regarding compliance matters relating to the Fund and its major service providers, including results of
the implementation and testing of the Fund&rsquo;s and such providers&rsquo; compliance programs. The Board&rsquo;s oversight function
is facilitated by management reporting processes designed to provide visibility to the Board regarding the identification, assessment,
and management of critical risks, and the controls and policies and procedures used to mitigate those risks. The Board reviews
its role in supervising the Fund&rsquo;s risk management from time to time and may make changes at its discretion at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0; text-indent: 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Board has determined that
its leadership structure is appropriate for the Fund because it enables the Board to exercise informed and independent judgment
over matters under its purview, allocates responsibility among committees in a manner that fosters effective oversight, and allows
the Board to devote appropriate resources to specific issues in a flexible manner as they arise. The Board periodically reviews
its leadership structure as well as its overall structure, composition, and functioning, and may make changes at its discretion
at any time.</P>

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

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

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 0"><B>Beneficial Ownership of Shares Held in the Fund
and the Family of Investment Companies for each Trustee and Nominee for Election as Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 50.05pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Set forth in the table below
is the dollar range of equity securities in the Fund beneficially owned by each Trustee and nominee for election as Trustee and
the aggregate dollar range of equity securities in the Fund Complex beneficially owned by each Trustee and each Nominee for election
as Trustee.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 41%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 26%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Dollar Range of Equity</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Aggregate Dollar Range of Equity</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Securities Held</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Securities Held in the</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Name of Trustee/Nominee</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>in
    the Fund*</U><SUP>(1)</SUP></B></FONT></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Family of Investment Companies*</U><SUP>(1)(2)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthony J. Colavita</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario d&rsquo;Urso</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vincent D. Enright</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">William F. Heitmann</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael J. Melarkey</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthonie C. van Ekris</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">E</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Key to Dollar Ranges</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0.25in; text-indent: 0in; text-align: justify">A.
None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0.25in; text-indent: 0in; text-align: justify">B.
$1 &ndash; $10,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0.25in; text-indent: 0in; text-align: justify">C.
$10,001 &ndash; $50,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0.25in; text-indent: 0in; text-align: justify">D.
$50,001 &ndash; $100,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0in; margin-left: 0.25in; text-indent: 0in; text-align: justify">E.
Over $100,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0in; text-align: justify">All
shares were valued as of December 31, 2014.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
information has been furnished by each Trustee and nominee for election as Trustee as of December 31, 2014. &ldquo;Beneficial
Ownership&rdquo; is determined in accordance with Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the &ldquo;1934
Act&rdquo;).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
term &ldquo;Family of Investment Companies&rdquo; includes two or more registered funds that share the same investment adviser
or principal underwriter and hold themselves out to investors as related companies for purposes of investment and investor services.
Currently, the registered funds that comprise the &ldquo;Fund Complex&rdquo; are identical to those that comprise the &ldquo;Family
of Investment Companies.&rdquo;</FONT></TD>
</TR></TABLE>

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

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


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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Set forth in the table below
is the amount of Common Shares beneficially owned by each Trustee, nominee for election as Trustee, and executive officer of the
Fund.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount and Nature of</B></FONT></TD>
    <TD STYLE="width: 23%; text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Percent of Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Name of Trustee/Nominee/Officer</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Beneficial Ownership</U><SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Outstanding</U><SUP>(2)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthony J. Colavita</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center">    &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,000</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario d&rsquo;Urso</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vincent D. Enright</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">William F. Heitmann</FONT></TD>
    <TD STYLE="text-align: center">    &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,000</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael J. Melarkey</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center">    &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,225</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthonie C. van Ekris</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>EXECUTIVE OFFICERS:</U></B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bruce N. Alpert</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Andrea R. Mango</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agnes Mullady</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Richard J. Walz</FONT></TD>
    <TD STYLE="text-align: center">     <FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="text-align: center">     &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
information has been furnished by each Trustee, including each nominee for election as Trustee, and executive officer as of December
31, 2014. &ldquo;Beneficial Ownership&rdquo; is determined in accordance with Rule 13d-3 of the 1934 Act.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
asterisk indicates that the ownership amount constitutes less than 1% of the total shares outstanding. The ownership of the Trustees,
including nominees for election as Trustee, and executive officers as a group constitutes less than 1% of the total shares outstanding.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0in 0pt 0; text-indent: 0.25in; text-align: justify">Set forth in the table below is
the amount of interests beneficially owned by each Independent Trustee, nominee for election as an Independent Trustee or his or
her immediate family member, as applicable, in a person, other than a registered investment company, that may be deemed to be controlled
by the Fund&rsquo;s Adviser and/or affiliates (including Mario J. Gabelli) and in that event would be deemed to be under common
control with the Fund&rsquo;s Adviser.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Name of Owner and</B></FONT></td>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Name of Independent</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Relationships
    to</B></FONT></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Value of</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Percent of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><U>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Trustee/Nominee</B></FONT></U></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><U>Trustee/Nominee</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><U>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Company</B></FONT></U></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><U>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title
    of Class</B></FONT></U></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Interests</U><SUP>(1)</SUP></B></FONT></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B><U>Class</U><SUP>(2)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 18%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthony J. Colavita</FONT></TD>
    <TD STYLE="width: 15%; text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="width: 28%; text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">LGL Group, Inc.</FONT></TD>
    <TD STYLE="width: 20%; text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,776</FONT></TD>
    <TD STYLE="width: 8%; text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthony J. Colavita</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">63</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthony J. Colavita</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Family</FONT></TD>
    <TD STYLE="text-align: center"> &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gabelli Associates Fund</FONT></TD>
    <TD STYLE="text-align: center"> &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Membership Interests</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">863,978</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario d&rsquo;Urso</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gabelli Associates Limited</FONT></TD>
    <TD STYLE="text-align: center"> &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Membership Interests</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">574,332</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Frank J. Fahrenkopf, Jr.</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gabelli Associates Limited II E</FONT></TD>
    <TD STYLE="text-align: center"> &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Membership Interests</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,093,851</FONT></TD>
    <TD STYLE="text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.7%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael J. Melarkey</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gemini Global Partners, L.P.</FONT></TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Limited Partner Interests</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">817,579</FONT></TD>
    <TD STYLE="text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,215</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Kuni Nakamura</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">82</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthonie C. van Ekris</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">LICT Corp.</FONT></TD>
    <TD STYLE="text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">120,240</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthonie C. van Ekris</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,728</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthonie C. van Ekris</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">LGL Group, Inc.</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">76</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthonie C. van Ekris</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center">   &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">CIBL, Inc</FONT></TD>
    <TD STYLE="text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,280</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthonie C. van Ekris</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">ICTC Group, Inc</FONT></TD>
    <TD STYLE="text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthonie C. van Ekris</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Morgan Group Holdings, Inc</FONT></TD>
    <TD STYLE="text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common Stock</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">840</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center">   <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same</FONT></TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gabelli Associates Fund</FONT></TD>
    <TD STYLE="text-align: center"> &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Membership Interests</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,069,694</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Same </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gabelli Performance Partnership L.P.</FONT></TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Limited Partner Interests</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">298,087</FONT></TD>
    <TD STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
information has been furnished as of December 31, 2014.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
asterisk indicates that the ownership amount constitutes less than 1% of the total interests outstanding.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Fund pays each Independent
Trustee an annual retainer of $3,000 plus $1,000 for each Board meeting attended. Each Independent Trustee is reimbursed by the
Fund for any out-of-pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended,
the Audit Committee Chairman receives an annual fee of $3,000, and the Nominating Committee Chairman and the lead Independent Trustee
each receive an annual fee of $2,000. A Trustee may receive a single meeting fee, allocated among the participating funds, for
participation in certain meetings on behalf of multiple funds. The aggregate remuneration (excluding out-of-pocket expenses) paid
by the Fund to its Trustees during the fiscal year ended December 31, 2014 amounted to $80,000. During the fiscal year ended December
31, 2014, the Trustees of the Fund met four times, all of which were regular</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">quarterly Board meetings. Each Trustee then
serving in such capacity attended at least 75% of the meetings of Trustees and of any Committee of which he is a member.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in"><B>The Audit Committee and Audit Committee Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The role of the Fund&rsquo;s
Audit Committee is to assist the Board of Trustees in its oversight of (i) the quality and integrity of the Fund&rsquo;s financial
statement reporting process and the independent audit and reviews thereof; (ii) the Fund&rsquo;s accounting and financial reporting
policies and practices, its internal controls, and, as appropriate, the internal controls of certain of its service providers;
(iii) the Fund&rsquo;s compliance with legal and regulatory requirements; and (iv) the independent registered public accounting
firm&rsquo;s qualifications, independence, and performance. The Audit Committee also is required to prepare an audit committee
report pursuant to the rules of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) for inclusion in the Fund&rsquo;s
annual proxy statement. The Audit Committee operates pursuant to the Audit Committee Charter (the &ldquo;Audit Charter&rdquo;)
that was most recently reviewed and approved by the Board of Trustees on February 12, 2015. The Audit Charter is available on the
Fund&rsquo;s website at www.gabelli.com/corporate/closed/corp_gov.html.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Pursuant to the Audit Charter,
the Audit Committee is responsible for conferring with the Fund&rsquo;s independent registered public accounting firm, reviewing
annual financial statements, approving the selection of the Fund&rsquo;s independent registered public accounting firm, and overseeing
the Fund&rsquo;s internal controls. The Audit Charter also contains provisions relating to the pre-approval by the Audit Committee
of audit and non-audit services to be provided by PricewaterhouseCoopers LLP (&ldquo;PricewaterhouseCoopers&rdquo;), the Fund&rsquo;s
independent registered public accounting firm for the fiscal year ended December 31, 2014, to the Fund and to the Adviser and certain
of its affiliates. The Audit Committee advises the full Board with respect to accounting, auditing, and financial matters affecting
the Fund. As set forth in the Audit Charter, management is responsible for maintaining appropriate systems for accounting and internal
control, and the Fund&rsquo;s independent registered public accounting firm is responsible for planning and carrying out proper
audits and reviews. The independent registered public accounting firm is ultimately accountable to the Board of Trustees and to
the Audit Committee, as representatives of shareholders. The independent registered public accounting firm for the Fund reports
directly to the Audit Committee.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">In performing its oversight function,
at a meeting held on February 23, 2015, the Audit Committee reviewed and discussed with management of the Fund and PricewaterhouseCoopers
the audited financial statements of the Fund as of and for the fiscal year ended December 31, 2014, and the conduct of the audit
of such financial statements.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">In addition, the Audit Committee
discussed with PricewaterhouseCoopers the accounting principles applied by the Fund and such other matters brought to the attention
of the Audit Committee by PricewaterhouseCoopers as required by Auditing Standard No. 16, as amended (AICPAAU-C Section 260), as
adopted by the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;). The Audit Committee also received
from PricewaterhouseCoopers the written disclosures and statements required by the SEC&rsquo;s independence rules, delineating
relationships between PricewaterhouseCoopers and the Fund, and discussed the impact that any such relationships might have on the
objectivity and independence of PricewaterhouseCoopers as the independent registered public accounting firm.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">As set forth above, and as more
fully set forth in the Audit Charter, the Audit Committee has significant duties and powers in its oversight role with respect
to the Fund&rsquo;s financial reporting procedures, internal control systems, and the independent audit process.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The members of the Audit Committee
are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting and are not employed
by the Fund for accounting, financial management, or internal control purposes. Moreover, the Audit Committee relies on and makes
no independent verification of the facts presented to it or representations made by management or the Fund&rsquo;s independent
registered public accounting firm. Accordingly, the Audit Committee&rsquo;s oversight does not provide an independent basis to
determine that management has maintained appropriate accounting and/or financial reporting principles and policies, or internal
controls and procedures, designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore,
the Audit Committee&rsquo;s considerations and discussions referred to above do not provide assurance that the audit of the Fund&rsquo;s
financial statements has been carried out in accordance with the standards of the PCAOB or that the financial statements are presented
in accordance with generally accepted accounting principles (United States).</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Based on its consideration of
the audited financial statements and the discussions referred to above with management and PricewaterhouseCoopers, and subject
to the limitations on the responsibilities and role of the Audit Committee set forth in the Audit Charter and those discussed above,
the Audit Committee recommended to the Fund&rsquo;s Board of Trustees that the Fund&rsquo;s audited financial statements be included
in the Fund&rsquo;s Annual Report for the fiscal year ended December 31, 2014.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in">February 23, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Audit Committee met two times
during the fiscal year ended December 31, 2014. The Audit Committee is composed of three of the Fund&rsquo;s Independent Trustees,
namely Messrs. Enright, Fahrenkopf, and Zizza. The Fund has certified that each member of the Audit Committee is able to read and
understand fundamental financial statements, including those of the Fund. Mr. Zizza has been designated as the Fund&rsquo;s audit
committee financial expert, as defined in Items 407(d)(5)(ii) and (iii) of Regulation S-K (the &ldquo;Audit Committee Financial
Expert&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in"><B>Nominating Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Board of Trustees has a
Nominating Committee composed of three of the Fund&rsquo;s Independent Trustees, namely Messrs. Colavita (Chairman), Melarkey,
and Zizza. Each Nominating Committee member is an Independent Trustee as determined under guidelines of the NYSE. The Nominating
Committee met once during the fiscal year ended December 31, 2014. The Nominating Committee is responsible for identifying and
recommending qualified candidates to the Board in the event that a position is vacated or created. In considering candidates submitted
by shareholders, the Nominating Committee will take into consideration the needs of the Board, the qualifications of the candidate,
and the interests of shareholders.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Nominating Committee believes
that the minimum qualifications for serving as a Trustee of the Fund are that the individual demonstrate, by significant accomplishment
in his or her field, an ability to make a meaningful contribution to the Board of Trustees&rsquo; oversight of the business and
affairs of the Fund and have an impeccable record and reputation for honest and ethical conduct in both his or her professional
and personal activities. In addition, the Nominating Committee examines a candidate&rsquo;s specific experiences and skills, time
availability in light of other commitments, potential conflicts of interest, and independence from management and the Fund. The
Fund has adopted specific Trustee qualification requirements that can be found in the Fund&rsquo;s governing documents and are
applicable to all individuals who may be nominated, elected, appointed, qualified or seated to serve as Trustees. The qualification
requirements include: (i) age limits (at least 21 years of age and such maximum age as the Trustees may in the future determine);
(ii) prohibitions regarding any legal disability; (iii) limits on service on other boards; (iv) restrictions on relationships with
investment advisers other than the Fund&rsquo;s adviser; and (v) character and fitness requirements. Additionally, each Independent
Trustee must not be an &ldquo;interested person&rdquo; of the Fund as defined under Section 2(a)(19) of the 1940 Act and may not
be or have certain relationships with a shareholder beneficially owning five percent or more of the Fund&rsquo;s outstanding shares
or specified levels of interest in registered investment companies. The Fund&rsquo;s By-Laws also provide that a majority of the
Trustees then in office may determine by resolution that a failure to satisfy a particular qualification requirement will not present
undue conflicts or impede the ability of the candidate to discharge the duties of a Trustee or the free flow of information among
Trustees or between the Fund&rsquo;s adviser and the Board. Reference is made to the Fund's governing documents for more details.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Nominating Committee also
considers the overall composition of the Board, bearing in mind the benefits that may be derived from having members who have a
variety of experiences, qualifications, attributes, or skills useful in overseeing a publicly traded, highly regulated entity such
as the Fund. The Nominating Committee does not have a formal policy regarding the consideration of diversity in identifying trustee
candidates. For a discussion of experiences, qualifications, attributes, or skills supporting the appropriateness of each Trustee&rsquo;s
service on the Fund&rsquo;s Board, see the biographical information of the Trustees above in the section entitled &ldquo;Information
about Trustees and Officers.&rdquo;</P>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Board of Trustees adopted
a Nominating Committee Charter on August 20, 2008. The charter is available on the Fund&rsquo;s website at www.gabelli.com/corporate/closed/corp_gov.html.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in"><B>Other Board Related Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Board of Trustees has established
the following procedures in order to facilitate communications among the Board and the shareholders of the Fund and other interested
parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in"><U>Receipt of Communications</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Shareholders and other interested
parties may contact the Board or any member of the Board by mail or electronically. To communicate with the Board or any member
of the Board, correspondence should be addressed to the Board or the Board member(s) with whom you wish to communicate either by
name or title. All such correspondence should be sent to GAMCO Natural Resources, Gold &amp; Income Trust, c/o Gabelli Funds, LLC,
One Corporate Center, Rye, NY 10580-1422. To communicate with the Board electronically, shareholders may go to the corporate website
at www.gabelli.com under the heading &ldquo;Contact Us/Email Addresses/ Board of Directors (Gabelli Closed-End Funds).&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in"><U>Forwarding the Communications</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">All communications received will
be opened by the office of the General Counsel of the Adviser for the sole purpose of determining whether the contents represent
a message to one or more Trustees. The office of the General Counsel will forward promptly to the addressee(s) any contents that
relate to the Fund and that are not in the nature of advertising, promotion of a product or service, or patently offensive or otherwise
objectionable material. In the case of communications to the Board of Trustees or any committee or group of members of the Board,
the General Counsel&rsquo;s office will make sufficient copies of the contents to send to each Trustee who is a member of the group
or committee to which the envelope or e-mail is addressed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Fund does not expect Trustees
or nominees for election as Trustee to attend the Annual Meeting of Shareholders. No Trustee or nominee for election as Trustee
attended the Fund&rsquo;s annual meeting of shareholders held on May 12, 2014.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The following table sets forth
certain information regarding the compensation of the Trustees by the Fund and officers, if any, who were compensated by the Fund
rather then the Adviser, for the fiscal year ended December 31, 2014.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Aggregate</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Aggregate Compensation from</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Compensation from</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">  &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>the Fund and Fund Complex</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Name of Person and Position</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>the Fund</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><U>&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Paid to Trustees*</B></FONT></U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Anthony J. Colavita</B></FONT></TD>
    <TD STYLE="width: 7%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,500</FONT></TD>
    <TD STYLE="width: 6%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 24%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">403,500 (36)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>James P. Conn</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,000</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">229,750 (20)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Mario d&rsquo;Urso</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,000</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">80,000 (5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Vincent D. Enright</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,000</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">204,000 (16)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Frank J. Fahrenkopf, Jr.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,000</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">109,500 (7)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>William F. Heitmann</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,000</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,000 (3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Michael J. Melarkey</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,000</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">72,500 (5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Kuni Nakamura</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,000</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">152,500 (13)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Anthonie C. van Ekris</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,000</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">193,000 (20)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Salvatore J. Zizza</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,500</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">331,000 (30)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustee</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Represents
the total compensation paid to such persons during the fiscal year ended December 31, 2014 by investment companies (including
the Fund) or portfolios thereof from which such person receives compensation that are considered part of the Fund Complex. The
number in parentheses represents the number of such investment companies and portfolios.</FONT></TD>
</TR></TABLE>

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.22in"><B>Required Vote</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The election of each of the listed
nominees for Trustee of the Fund requires the affirmative vote of the holders of a plurality of the Common Shares of the Fund present
in person or represented by proxy at the Meeting if a quorum is present.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify"><B>THE BOARD OF TRUSTEES, INCLUDING
THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT THE COMMON SHAREHOLDERS VOTE &ldquo;FOR&rdquo; THE ELECTION OF EACH NOMINEE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.22in; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.22in"><B>Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">PricewaterhouseCoopers, 300 Madison
Avenue, New York, NY 10017, has been selected to serve as the Fund&rsquo;s independent registered public accounting firm for the
fiscal year ending December 31, 2015. PricewaterhouseCoopers acted as the Fund&rsquo;s independent registered public accounting
firm for the fiscal year ended December 31, 2014. The Fund knows of no direct financial or material indirect financial interest
of PricewaterhouseCoopers in the Fund. A representative of PricewaterhouseCoopers will not be present at the Meeting, but will
be available by telephone and will have an opportunity to make a statement, if asked, and will be available to respond to appropriate
questions.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in">Set forth in the table below are
audit fees and non-audit related fees billed to the Fund by Pricewaterhouse-Coopers for professional services received during and
for the Fund&rsquo;s fiscal years ended December 31, 2013 and 2014, respectively.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fiscal Year Ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">   &nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Audit</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>December 31</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Audit Fees</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Related Fees</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Tax Fees*</U></B></FONT></TD>
    <TD STYLE="text-align: center"><U>&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>All Other Fees</B></FONT></U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 18%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,530</FONT></TD>
    <TD STYLE="width: 25%; text-align: center">    <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 18%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,940</FONT></TD>
    <TD STYLE="width: 18%; text-align: center">    <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$40,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">  <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,596</FONT></TD>
    <TD STYLE="text-align: center">    <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,090</FONT></TD>
    <TD STYLE="text-align: center">    <FONT STYLE="font: 10pt Times New Roman, Times, Serif">$40,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Tax
Fees&rdquo; are those fees billed by PricewaterhouseCoopers in connection with tax compliance services, including primarily the
review of the Fund&rsquo;s income tax returns.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Fund&rsquo;s Audit Charter
requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the independent registered public
accounting firm to the Fund, and all non-audit services to be provided by the independent registered public accounting firm to
the Fund&rsquo;s Adviser and service providers controlling, controlled by, or under common control with the Fund&rsquo;s Adviser
(&ldquo;affiliates&rdquo;) that provide ongoing services to the Fund (a &ldquo;Covered Services Provider&rdquo;), if the engagement
relates directly to the operations and financial reporting of the Fund. The Audit Committee may delegate its responsibility to
pre-approve any such audit and permissible non-audit services to the Chairman of the Audit Committee, and the Chairman must report
his decision(s) to the Audit Committee at its next regularly scheduled meeting after the Chairman&rsquo;s pre-approval of such
services. The Audit Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services
in accordance with applicable laws, including the delegation of some or all of the Audit Committee&rsquo;s pre-approval responsibilities
to other persons (other than the Adviser or the Fund&rsquo;s officers). Pre-approval by the Audit Committee of any permissible
non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to
the Fund, the Adviser, and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the
Fund to its independent registered public accounting firm during the year in which the permissible non-audit services are provided;
(ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services;
and (iii) such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or the
Chairman prior to the completion of the audit. All of the audit, audit related, and tax services described above for which PricewaterhouseCoopers
billed the Fund fees for the fiscal years ended December 31, 2013 and December 31, 2014 were pre-approved by the Audit Committee.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">For the fiscal years ended December
31, 2013 and 2014, PricewaterhouseCoopers has represented to the Fund that it did not provide any non-audit services (or bill any
fees for such services) to the Adviser or Covered Services Provider.</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Audit Committee was not
required to consider whether the provision of non-audit services that were rendered to the Adviser or Covered Service Providers
that were not pre-approved was compatible with maintaining PricewaterhouseCoopers&rsquo; independence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in"><B>The Investment Adviser and Administrator</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Gabelli Funds, LLC is the Fund&rsquo;s
Adviser and Administrator and its business address is One Corporate Center, Rye, New York 10580-1422.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Section 16(a) of the 1934 Act
and Section 30(h) of the 1940 Act, and the rules thereunder, require the Fund&rsquo;s executive officers and Trustees, executive
officers and directors of the Adviser, certain other affiliated persons of the Adviser, and persons who own more than 10% of a
registered class of the Fund&rsquo;s securities to file reports of ownership and changes in ownership with the SEC and the NYSE
and to furnish the Fund with copies of all Section 16(a) forms they file. Based solely on the Fund&rsquo;s review of the copies
of such forms it received for the fiscal year ended December 31, 2014, the Fund believes that during that year such persons complied
with all such applicable filing requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in"><B>Broker Non-Votes and Abstentions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">For purposes of determining
the presence of a quorum for transacting business at the Meeting, abstentions (or &ldquo;withheld votes&rdquo; with respect to
the election of Trustees) and broker &ldquo;non-votes&rdquo; (that is, proxies from brokers or nominees indicating that such persons
have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular matter with respect
to which the brokers or nominees do not have discretionary power) will be treated as shares that are present but that have not
been voted. Accordingly, shareholders are urged to forward their voting instructions promptly.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Because the Fund requires a plurality
of votes to elect each nominee for Trustee, abstentions and broker non-votes, if any, will not be counted as votes cast, but will
have no effect on the result of the vote. Abstentions and any broker non-votes, however, will be considered to be present at the
Meeting for purposes of determining the existence of a quorum.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Brokers holding shares of the
Fund in &ldquo;street name&rdquo; for the benefit of their customers and clients will request the instructions of such customers
and clients on how to vote their shares on Proposal 1 before the Meeting. Under the rules of the NYSE, such brokers may, for certain
&ldquo;routine&rdquo; matters, grant discretionary authority to the proxies designated by the Board to vote if no instructions
have been received from their customers and clients prior to the date specified in the brokers&rsquo; request for voting instructions.
Proposal 1 is a &ldquo;routine&rdquo; matter and accordingly beneficial owners who do not provide proxy instructions or who do
not return a proxy card may have their shares voted by broker-dealer firms in favor of Proposal 1. A properly executed proxy card
or other authorization by a beneficial owner of shares that does not specify how the beneficial owner&rsquo;s shares should be
voted on Proposal 1 may be deemed an instruction to vote such shares in favor of the proposal.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Shareholders of the Fund will
be informed of the voting results of the Meeting in the Fund&rsquo;s Semiannual Report for the six months ended June 30, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0.12in"><B>&ldquo;Householding&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">Please note that only one document
(i.e., an annual or semiannual report or set of proxy soliciting materials) may be delivered to two or more shareholders of the
Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of a document,
or for instructions regarding how to request a separate copy of these documents or regarding how to request a single copy if multiple
copies of these documents are received, shareholders should contact the Fund at the address and phone number set forth above.</P>

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

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

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Trustees of the Fund do
not intend to present any other business at the Meeting, nor are they aware that any shareholder intends to do so. If, however,
any other matters, including adjournments, are properly brought before the Meeting, the persons named in the accompanying proxy
will vote thereon in accordance with their judgment.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">All proposals by shareholders
of the Fund that are intended to be presented pursuant to Rule 14a-8 under the 1934 Act (&ldquo;Rule 14a-8&rdquo;) at the Fund&rsquo;s
next Annual Meeting of Shareholders to be held in 2016 (the &ldquo;2016 Annual Meeting&rdquo;) must be received by the Fund for
consideration for inclusion in the Fund&rsquo;s 2016 proxy statement and 2016 proxy relating to that meeting no later than December
3, 2015. Rule 14a-8 specifies a number of procedural and eligibility requirements to be satisfied by a shareholder submitting a
proposal for inclusion in the Fund&rsquo;s proxy materials pursuant to Rule 14a-8. Any shareholder contemplating submissions of
such a proposal is referred to Rule 14a-8.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The Fund&rsquo;s Bylaws require
shareholders that wish to nominate Trustees or make proposals to be voted on at an Annual Meeting of the Fund&rsquo;s Shareholders
(and which are not proposed to be included in the Fund&rsquo;s proxy materials pursuant to Rule 14a-8) to provide timely notice
of the nomination or proposal in writing. To be considered timely for the 2016 Annual Meeting, the shareholder notice (and information
summarized below and described fully in the Fund&rsquo;s Bylaws) must be sent to the Fund's Secretary, c/o Gabelli Funds, LLC,
One Corporate Center, Rye, NY 10580-1422, and must be received by the Secretary no earlier than December 13, 2015 and no later
than January 12, 2016; provided, however, that if the 2016 Annual Meeting is to be held on a date that is earlier than April 16,
2016 or later than June 5, 2016, such notice must be so received not later than the close of business on the 10th day following
the date on which notice of the date of the annual meeting was mailed or public disclosure of the date of such annual meeting was
made, whichever occurred first. In no event shall the adjournment or postponement of an annual meeting, or the public announcement
of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of a shareholder's
notice as described above.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">In order for a shareholder of
record to propose a nominee for Trustee, such shareholder must furnish written notice setting forth specified information about
the nominee and associates of the nominee, the shareholder(s) of record (and if different, each beneficial owner on whose behalf
the nomination is being made) and associates of the shareholder(s), as well as an executed certificate by the nominee relating
to the nominee's disclosure of any agreement, arrangement or understanding with any person or entity other than the Fund in connection
with service as a Trustee of the Fund, the nominee's consent to serve as a Trustee if elected and the nominee's satisfaction of
the Trustee qualifications set forth in the Fund's governing documents. If requested by the Nominating Committee, the proposing
shareholder will need to also submit a completed and signed trustee's questionnaire, including a supplement, relating to the nominee's
satisfaction of the qualifications requirements set forth in the governing documents.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.25in; text-align: justify">The foregoing description of
the procedures for a shareholder of the Fund properly to make a nomination for election to the Board or to propose other business
for the Fund is only a summary and is not complete. Copies of the Fund's governing documents, including the provisions that concern
the requirements for shareholder nominations and proposals, are available on the EDGAR Database on the SEC's website at www.sec.gov.
The Fund will also furnish, without charge, a copy of its governing documents to a shareholder upon request, which may be requested
by writing to the Fund's Secretary, c/o Gabelli Funds, LLC, One Corporate Center, Rye, NY 10580-1422. Any shareholder of the Fund
considering making a nomination or other proposal should carefully review and comply with those provisions of the Fund's governing
documents.</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.3pt 0pt 0; text-indent: 0.25in; text-align: justify"><B>SHAREHOLDERS MAY PROVIDE THEIR
VOTE BY TELEPHONE OR THE INTERNET BY FOLLOWING THE INSTRUCTIONS ACCOMPANYING THE PROXY CARD, VOTING INSTRUCTION FORM OR SET FORTH
IN THE NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS.</B></P>

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

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

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

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


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    <!-- Field: /Page -->

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

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

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

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

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



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

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    <!-- Field: /Page -->

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

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

 <tr style='height:12.6pt;'>
        <td colspan="2" style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>M86717-P62542</font></p> </td>
        <td style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>KEEP THIS PORTION FOR YOUR RECORDS</font></p> </td> </tr>
 <tr>
        <td width="24%" valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="40%" valign=bottom >
                        <p style=' margin-left:0in;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="34%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>DETACH AND RETURN THIS PORTION ONLY</font></p> </td> </tr>
 <tr>
        <td ></td>
                    <td ></td>
        <td ></td> </tr> </table>
</div>
<p style=' margin-bottom:0pt; margin-top:2pt;text-align:center;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:3pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td colspan="2" valign=bottom style='border-top:solid black 2.25pt; border-left:solid black 2.25pt;border-bottom:none;border-right:none; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-top:solid black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="14" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>GAMCO NATURAL RESOURCES, GOLD &amp; INCOME TRUST</font></B></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="13" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>COMMON SHAREHOLDER</font></B></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=middle rowspan=2 style='background:black; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
        <td colspan="8" rowspan=2 valign=bottom >
                      <p style=' margin-left:3pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Election of Trustees &#151; The Board of Trustees recommends a vote <u>FOR</u> each of the nominees listed.</font></b></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Withhold</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For All</font></b><br> <b><font face="Arial" style='font-size:7pt'>Except</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</font></p> </td>
        <td rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p>
      </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p></td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
        <td colspan="7" valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect four (4) Trustees of the Fund:</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-bottom:solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Anthony J. Colavita</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Frank J. Fahrenkopf, Jr.</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>03)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>William F. Heitmann</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>04)</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Salvatore J. Zizza</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>B</font></B></font></p> </td>
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                        <p style=' margin-left:3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</font></b></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt;border-top:solid black .5pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black .5pt;border-top:solid black .5pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature [PLEASE SIGN WITHIN BOX]</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature (Joint Owners)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="10" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
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        <td width="30" ></td>
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</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:10pt'>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:10pt'>The Notice and Proxy Statement is available at www.proxyvote.com.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&diams;&nbsp;&nbsp;&nbsp;</font><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</font></B><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&diams;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' margin-left:0pt;border-collapse:collapse;'>
 <tr>
        <td width="62%" valign=bottom style='border-top: dashed black 1.5pt;'>
                        <p style=' margin-left:0pt;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> </p> </td>
        <td width="37%" valign=bottom style='border-top: dashed black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>M86718-P62542</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
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        <td valign=bottom style='border-top:solid black 2.25pt; border-left:solid black 2.25pt;border-bottom:none;border-right:none; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td width="2%" valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="47%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="47%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
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        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>GAMCO NATURAL RESOURCES, GOLD &amp; INCOME TRUST</font></B></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:10pt'>This proxy is solicited on behalf of the Board of Trustees</font></b></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies
of the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of GAMCO Natural Resources, Gold &amp; Income Trust (the &#147;Fund&#148;) which the undersigned is entitled to vote at
the Annual Meeting of Shareholders of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue,
Greenwich, Connecticut 06830 on Monday, May 11, 2015, at 1:30 P.M., and at any adjournments thereof. The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said
shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may properly come
before the Meeting.</font></p>

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