<SEC-DOCUMENT>0000950123-11-085267.txt : 20110919
<SEC-HEADER>0000950123-11-085267.hdr.sgml : 20110919
<ACCEPTANCE-DATETIME>20110919173029
ACCESSION NUMBER:		0000950123-11-085267
CONFORMED SUBMISSION TYPE:	N-2/A
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20110919
DATE AS OF CHANGE:		20110919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI GLOBAL UTILITY & INCOME TRUST
		CENTRAL INDEX KEY:			0001282957
		IRS NUMBER:				320116828
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-175701
		FILM NUMBER:		111098050

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8149219105

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GABELLI GLOBAL UTILITY & INCOME TRUST
		CENTRAL INDEX KEY:			0001282957
		IRS NUMBER:				320116828
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21529
		FILM NUMBER:		111098051

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		8149219105

	MAIL ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2/A
<SEQUENCE>1
<FILENAME>y92093a1nv2za.htm
<DESCRIPTION>FORM N-2/A
<TEXT>
<HTML>
<HEAD>
<TITLE>nv2za</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>As filed with the Securities and Exchange Commission on
    September&#160;19, 2011</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Securities Act File
    <FONT style="white-space: nowrap">No.&#160;333-175701</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Investment Company Act File
    <FONT style="white-space: nowrap">No.&#160;811-21529</FONT></B>
</DIV>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 13pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 11pt">Washington, DC 20549</FONT></B>
</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

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

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

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

<CENTER><DIV style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Registration
    Statement under the Securities Act of 1933
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Pre-Effective
    Amendment No. 1
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Post-Effective
    Amendment No.
</DIV>

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Registration
    Statement under the Investment Company Act of 1940
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;Amendment
    No. 7
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (Check Appropriate Box or Boxes)
</DIV>

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

</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">THE GABELLI GLOBAL
    UTILITY&#160;&#038; INCOME TRUST</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I><FONT style="font-size: 7pt">(Exact name of Registrant as
    specified in Charter)</FONT></I>
</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">One Corporate Center, Rye, New
    York
    <FONT style="white-space: nowrap">10580-1422</FONT><BR>
    </FONT></B><I><FONT style="font-size: 8pt">(Address of Principal
    Executive Offices)<BR>
    </FONT></I><B><FONT style="font-size: 8pt">Registrant&#146;s
    Telephone Number, including Area Code:
    <FONT style="white-space: nowrap">(800)&#160;422-3554</FONT></FONT></B>
</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">Bruce N. Alpert</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 8pt">The Gabelli Global
    Utility&#160;&#038; Income Trust<BR>
    One Corporate Center<BR>
    Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT><BR>
    <FONT style="white-space: nowrap">(914)&#160;921-5100</FONT><BR>
    </FONT></B><I><FONT style="font-size: 8pt">(Name and Address of
    Agent for Service)</FONT></I>
</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I><FONT style="font-size: 8pt">Copies to:</FONT></I></B>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
    <B>Richard Prins,&#160;Esq.<BR>
    Skadden, Arps, Slate, Meagher&#160;&#038; Flom LLP<BR>
    4 Times Square<BR>
    New York, New York 10036<BR>
    <FONT style="white-space: nowrap">(212)&#160;735-3000</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>David Goldman,&#160;Esq.<BR>
    The Gabelli Global Utility &#038; Income Trust<BR>
    One Corporate Center<BR>
    Rye, New York 10580-1422<BR>
    (914) 921-5100 </B>
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

<CENTER><DIV style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Approximate date of proposed public
    offering:</B>&#160;&#160;From time to time after the effective
    date of this Registration Statement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any securities being registered on this form will be offered
    on a delayed or continuous basis in reliance on Rule&#160;415
    under the Securities Act of 1933, as amended, other than
    securities offered in connection with a dividend reinvestment
    plan, check the following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is proposed that this filing will become effective (check
    appropriate box)
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;When
    declared effective pursuant to section&#160;8(c)
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If appropriate, check the following box:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;This
    [post-effective] amendment designates a new effective date for a
    previously foiled [post-effective amendment] [registration
    statement].
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 2%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;This
    form is filed to register additional securities for an offering
    pursuant to Rule&#160;462(b) under the Securities Act and the
    Securities Act registration number of the earlier effective
    registration statement for the same offering
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>

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

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount Being<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Offering<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Securities Being Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Price Per Share</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Offering Price(1)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee(1)(3)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Common Shares of Beneficial Interest(2)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Preferred Shares of Beneficial Interest(2)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Notes(2)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Subscription Rights for Common Shares(2)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Subscription Rights for Preferred Shares(2)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Total
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    [&#160;&#160;&#160;&#160;&#160;]
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    $[&#160;&#160;&#160;&#160;&#160;]
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    $100&#160;million
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
    11,610
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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



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

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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Estimated pursuant to Rule&#160;457
    solely for the purpose of determining the registration fee. The
    proposed maximum offering price per security will be determined,
    from time to time, by the Registrant in connection with the sale
    by the Registrant of the securities registered under this
    registration statement.
    </FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(2)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">There is being registered hereunder
    an indeterminate principal amount of common or preferred shares,
    notes, or subscription rights to purchase common or preferred
    shares as may be sold, from time to time. In no event will the
    aggregate offering price of all securities issued from time to
    time pursuant to this registration statement exceed
    $100&#160;million.
    </FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 9pt">(3)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 9pt">Includes a payment of $8,540 and an
    unused registration fee of $3,070 that was previously paid in
    connection with the filing of a registration statement for the
    Registrant on November&#160;21, 2007.
    </FONT></TD>
</TR>

</TABLE>

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

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

<CENTER><DIV style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></DIV></CENTER>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH
    DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE
    UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH
    SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL
    THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION&#160;8(a)
    OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION
    STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES
    AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID
    SECTION&#160;8(a), MAY DETERMINE.
</DIV>

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

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these
securities in any state where the offer and sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

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

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B> Preliminary Prospectus dated September&#160;19, 2011</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

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

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B> <IMG src="y92093a1y9209300.gif" alt="(GABELLI LOGO)"> </B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">$100,000,000</FONT></B>
</DIV>

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

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

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Subscription Rights for Common
    or Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Investment Objectives.</I>&#160;&#160;The Gabelli Global
    Utility&#160;&#038; Income Trust (the &#147;Fund&#148;) is a
    non-diversified, closed-end management investment company
    registered under the Investment Company Act of 1940, as amended
    (the &#147;1940 Act&#148;). The Fund&#146;s investment objective
    is to seek a consistent level of after-tax total return for its
    investors with an emphasis currently on tax-advantaged dividend
    income (which is scheduled to change by the end of 2012 unless
    further legislative action is taken). We cannot assure you that
    the Fund&#146;s objective will be achieved. Gabelli Funds, LLC
    (the &#147;Investment Adviser&#148;) serves as investment
    adviser to the Fund. Under normal market conditions, the Fund
    invests at least 80% of its assets in equity securities of
    domestic and foreign companies involved in the &#147;utilities
    industry&#148; and other industries that are expected to
    periodically pay dividends. The Fund&#146;s 80% policy is not
    fundamental and shareholders will be notified if it is changed.
    Under current tax law, which expires for taxable years beginning
    after December&#160;31, 2012, dividends on most stocks issued by
    publicly traded companies may qualify for U.S.&#160;federal
    income taxation at rates applicable to long-term capital gains,
    which currently are taxed at a maximum rate of 15%. Such
    dividends are referred to in this prospectus as
    &#147;tax-advantaged qualified dividend income&#148; or
    &#147;qualifying dividends.&#148; Companies in the
    &#147;utilities industry&#148; are those companies involved to a
    substantial extent (i.e., at least 50% of the assets, gross
    income or net profits of a company is committed to or derived
    from) in providing (i)&#160;products, services or equipment for
    the generation or distribution of electricity, gas or water,
    (ii)&#160;infrastructure operations such as airports, toll roads
    and municipal services and (iii)&#160;telecommunications
    services such as telephone, telegraph, satellite, cable,
    microwave, radiotelephone, mobile communication and cellular,
    paging, electronic mail, videotext, voice communications, data
    communications and internet. Under normal market conditions, at
    least 50% of the Fund&#146;s assets will consist of equity
    securities of domestic and foreign companies involved to a
    substantial extent in the &#147;utilities industry.&#148; In
    making stock selections, the Fund&#146;s Investment Adviser
    looks for companies that have proven dividend records and sound
    financial structures. The Fund was organized as a Delaware
    statutory trust on March&#160;8, 2004 and commenced its
    investment operations on May&#160;28, 2004. An investment in the
    Fund is not appropriate for all investors.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may offer, from time to time, in one or more offerings, our
    common or preferred shares, each with a par value $0.001 per
    share (together, &#147;shares&#148;), our promissory notes
    (&#147;notes&#148;), or our subscription rights to purchase our
    common or preferred shares, which we refer to collectively as
    the &#147;securities.&#148; Securities may be offered at prices
    and on terms to be set forth in one or more supplements to this
    Prospectus (each a &#147;Prospectus Supplement&#148;). You
    should read this Prospectus and the applicable Prospectus
    Supplement carefully before you invest in our securities.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our securities may be offered directly to one or more
    purchasers, through agents designated from time to time by us,
    or to or through underwriters or dealers. The Prospectus
    Supplement relating to the offering will identify any agents or
    underwriters involved in the sale of our securities, and will
    set forth any applicable purchase price, fee, commission or
    discount arrangement between us and our agents or underwriters,
    or among our underwriters, or the basis upon which such amount
    may be calculated. The Prospectus Supplement relating to any
    sale of preferred shares will set forth the liquidation
    preference and information about the dividend period, dividend
    rate, any call protection or non-call period and other matters.
    The Prospectus Supplement relating to any sale of notes will set
    forth the principal amount, interest rate, interest payment
    dates, prepayment protection (if any), and other matters. The
    Prospectus Supplement relating to any offering of subscription
    rights will set forth the number of common or preferred shares
    issuable upon the exercise of each right and the other terms of
    such rights offering. We may not sell any of our securities
    through agents, underwriters or dealers without delivery of a
    Prospectus Supplement describing the method and terms of the
    particular offering of our securities. Our common shares are
    listed on the NYSE Amex LLC (the &#147;NYSE Amex&#148;) under
    the symbol &#147;GLU&#148;. On September&#160;16, 2011 the last
    reported sale price of our common shares was $19.51. The net
    asset value of the Fund&#146;s common shares at the close of
    business on September&#160;16, 2011 was $20.03 per share.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Shares of closed-end funds often trade at a discount from net
    asset value. This creates a risk of loss for an investor
    purchasing shares in a public offering.</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 11pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Investing in the Fund&#146;s securities involves risks. See
    &#147;Risk Factors and Special Considerations&#148; on
    page&#160;27 for factors that should be considered before
    investing in securities of the Fund.</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus may not be used to consummate sales of
    securities by us through agents, underwriters or dealers unless
    accompanied by a Prospectus Supplement.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus sets forth concisely the information about the
    Fund that a prospective investor should know before investing.
    You should read this prospectus, which contains important
    information about the Fund, before deciding whether to invest in
    the securities, and retain it for future reference. A Statement
    of Additional Information, dated September&#160;19, 2011,
    containing additional information about the Fund, has been filed
    with the Securities and Exchange Commission and is incorporated
    by reference in its entirety into this prospectus. You may
    request a free copy of our annual and semi-annual reports,
    request a free copy of the Statement of Additional Information,
    the table of contents of which is on page&#160;53 of this
    prospectus, request other information about us and make
    shareholder inquiries by calling (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554)</FONT>
    or by writing to the Fund, or obtain a copy (and other
    information regarding the Fund) from the Securities and Exchange
    Commission&#146;s web site
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our securities do not represent a deposit or obligation of, and
    are not guaranteed or endorsed by, any bank or other insured
    depository institution, and are not federally insured by the
    Federal Deposit Insurance Corporation, the Federal Reserve
    Board, or any other government agency.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained or
    incorporated by reference in this prospectus. The Fund has not
    authorized anyone to provide you with different information. The
    Fund is not making an offer to sell these securities in any
    state where the offer or sale is not permitted. You should not
    assume that the information contained in this prospectus is
    accurate as of any date other than the date of this
    prospectus.</B>
</DIV>
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left">
<A name="Y92093tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093101'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093102'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093103'>Summary of Fund&#160;Expenses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093104'>Financial Highlights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093105'>The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093106'>Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093107'>Risk Factors and Special Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093108'>How the Fund&#160;Manages Risk</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093109'>Management of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093110'>Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093111'>Dividends and Distributions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093112'>Automatic Dividend Reinvestment and Voluntary
    Cash Purchase Plan</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093113'>Description of the Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093114'>Anti-Takeover Provisions of the Fund&#146;s
    Governing Documents</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093115'>Closed-End Fund&#160;Structure</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093116'>Repurchase of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093117'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093118'>Custodian, Transfer Agent and Dividend Disbursing
    Agent</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093119'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093120'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093121'>Independent Registered Public Accounting Firm</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093122'>Additional Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093123'>Privacy Principles of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093124'>Special Note&#160;Regarding Forward-Looking
    Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093125'>Table of Contents of Statement of Additional
    Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093126'>Corporate Bond Ratings</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y92093a1exv99wa.htm">EX-99.A</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y92093a1exv99wb.htm">EX-99.B</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y92093a1exv99wdwii.htm">EX-99.D.II</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y92093a1exv99wdwiii.htm">EX-99.D.III</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y92093a1exv99wdwvi.htm">EX-99.D.VI</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y92093a1exv99wl.htm">EX-99.l</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y92093a1exv99wnwi.htm">EX-99.n.i</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="y92093a1exv99wnwii.htm">EX-99.n.ii</A></FONT></TD></TR>
</TABLE>

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    <BR>
    i
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<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y92093101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>This is only a summary. This summary may not contain all of
    the information that you should consider before investing in our
    shares. You should review the more detailed information
    contained in this Prospectus and the Statement of Additional
    Information, dated September&#160;19, 2011 (the
    &#147;SAI&#148;).</I>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Gabelli Global Utility&#160;&#038; Income Trust is a
    closed-end, non-diversified management investment company
    organized as a Delaware statutory trust on March&#160;8, 2004.
    Throughout this Prospectus, we refer to The Gabelli Global
    Utility&#160;&#038; Income Trust as the &#147;Fund&#148; or as
    &#147;we.&#148; See &#147;The Fund.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s outstanding common shares, par value $0.001 per
    share, are listed on the NYSE Amex LLC (&#147;NYSE Amex&#148;)
    under the symbol &#147;GLU.&#148; On September&#160;16, 2011,
    the last reported sale price of our common shares was $19.51. As
    of September&#160;16, 2011, the net asset value of the
    Fund&#146;s common shares was $20.03 per share. As of
    June&#160;30, 2011, the Fund had outstanding 3,073,974 common
    shares.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may offer, from time to time, in one or more offerings, our
    common or preferred shares, $0.001&#160;par value per share, our
    notes, or our subscription rights to purchase our common or
    preferred shares. The preferred shares may be either fixed rate
    preferred shares or variable rate preferred shares, which are
    sometimes referred to as &#147;auction rate&#148; preferred
    shares. The securities may be offered at prices and on terms to
    be set forth in one or more supplements to this Prospectus (each
    a &#147;Prospectus Supplement&#148;). The offering price per
    share of our common stock will not be less than the net asset
    value per share of our common stock at the time we make the
    offering, exclusive of any underwriting commissions or
    discounts, provided that transferable rights offerings that meet
    certain conditions may be offered at a price below the then
    current net asset value. See &#147;Rights Offerings.&#148; You
    should read this Prospectus and the applicable Prospectus
    Supplement carefully before you invest in our securities. Our
    securities may be offered directly to one or more purchasers,
    through agents designated from time to time by us, or through
    underwriters or dealers. The Prospectus Supplement relating to
    the offering will identify any agents, underwriters or dealers
    involved in the sale of our shares, and will set forth any
    applicable purchase price, fee, commission or discount
    arrangement between us and our agents or underwriters, or among
    our underwriters, or the basis upon which such amount may be
    calculated. The Prospectus Supplement relating to any sale of
    preferred shares will set forth the liquidation preference and
    information about the dividend period, dividend rate, any call
    protection or non-call period and other matters. The Prospectus
    Supplement relating to any sale of notes will set forth the
    principal amount, interest rate, interest payment dates,
    prepayment protection (if any), and other matters. The
    Prospectus Supplement relating to any offering of subscription
    rights will set forth the number of common or preferred shares
    issuable upon the exercise of each right and the other terms of
    such rights offering.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    While the aggregate number and amount of securities we may issue
    pursuant to this registration statement is limited to
    $100,000,000 of securities, our Board of Trustees (the
    &#147;Board&#148;) may, without any action by the shareholders,
    amend our Agreement and Declaration of Trust from time to time
    to increase or decrease the aggregate number of shares or the
    number of shares of any class or series that we have authority
    to issue. We may not sell any of our securities through agents,
    underwriters or dealers without delivery of a Prospectus
    Supplement describing the method and terms of the particular
    offering.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s investment objective is to seek a consistent
    level of after-tax total return with an emphasis currently on
    tax-advantaged qualified dividend income. No assurance can be
    given that the Fund will achieve its investment objective or
    that tax-advantaged treatment for qualifying dividends will
    continue to be available after 2012. The Fund will attempt to
    achieve its investment objective by investing, under normal
    market conditions, at least 80% of its assets in (i)&#160;equity
    securities (including common stock, preferred stock, convertible
    stock and options on these securities) of domestic and foreign
    companies involved to a substantial
</DIV>
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    <BR>
    1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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    extent (i.e., at least 50% of the assets, gross income or net
    profits of a company is committed to or derived from) in
    providing (a)&#160;products, services or equipment for the
    generation or distribution of electricity, gas or water,
    (b)&#160;infrastructure operations such as airports, toll roads
    and municipal services and (c)&#160;telecommunications services
    such as telephone, telegraph, satellite, cable, microwave,
    radiotelephone, mobile communication and cellular, paging,
    electronic mail, videotext, voice communications, data
    communications and internet (collectively, the &#147;Utilities
    Industry&#148;) and (ii)&#160;equity securities (including
    preferred securities) of companies in other industries, in each
    case in such securities that are expected to periodically pay
    dividends. The Fund&#146;s 80% policy is not fundamental and
    shareholders will be notified if it is changed. In addition,
    under normal market conditions, at least 50% of the Fund&#146;s
    assets will consist of equity securities (including preferred
    securities) of domestic and foreign companies involved to a
    substantial extent in the Utilities Industry. The remaining Fund
    assets will generally be invested in other securities that the
    Investment Adviser views as not being correlated with the
    Fund&#146;s Utilities Industry investments. Such investments may
    include convertible securities, securities of issuers subject to
    reorganization or other risk arbitrage investments, certain
    derivative instruments including equity contract for difference
    swap transactions, debt (including obligations of the U.S.
    Government), and money market instruments. The Fund may invest
    without limitation in securities of foreign issuers and will
    generally be invested in securities of issuers located in at
    least three countries, including the United States. It is
    anticipated that, under normal market conditions, at least 40%
    of the Fund&#146;s assets will be invested in foreign
    securities. Typically, the Fund will not hold any foreign
    securities of emerging market issuers and, if it does, such
    securities will not comprise more than 10% of the Fund&#146;s
    managed assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will invest in securities across all market
    capitalization ranges. No assurance can be given that the Fund
    will achieve its investment objective. See &#147;Investment
    Objectives and Policies.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is intended for investors seeking a consistent level of
    after-tax total return consisting of income (with a current
    emphasis on qualifying dividends) and long-term capital gain. It
    is not intended for those who wish to play short-term swings in
    the stock market.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser&#146;s investment philosophy with respect
    to selecting investments in the Utilities Industry is to
    emphasize quality. The Investment Adviser will seek companies
    that have proven dividend records and sound financial
    structures. In addition, in making stock selections, the
    Fund&#146;s Investment Adviser looks for securities that have a
    superior yield, as well as capital gains potential. The
    Investment Adviser seeks to identify assets that are selling in
    the public market at a discount to their private market value.
    The Investment Adviser defines private market value as the value
    informed purchasers are willing to pay to acquire assets with
    similar characteristics. The Investment Adviser also normally
    evaluates an issuer&#146;s free cash flow and long-term earnings
    trends. Finally, the Investment Adviser looks for a catalyst,
    something indigenous to the company, its industry or country
    that will surface additional value.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The terms of each series of preferred shares may be fixed by the
    Board and may materially limit and/or qualify the rights of
    holders of the Fund&#146;s common shares. If the Fund&#146;s
    Board determines that it may be advantageous to the holders of
    the Fund&#146;s common shares for the Fund to utilize additional
    leverage, the Fund may issue series of fixed rate preferred
    shares (&#147;Fixed Rate Preferred Shares&#148;) or series of
    variable rate preferred shares (&#147;Variable Rate Preferred
    Shares&#148;). Any Fixed Rate Preferred Shares or Variable Rate
    Preferred Shares issued by the Fund will pay, as applicable,
    distributions at a fixed rate or at rates that will be reset
    frequently based on short-term interest rates. Leverage creates
    a greater risk of loss as well as a potential for more gains for
    the common shares than if leverage were not used. See &#147;Risk
    Factors and Special Considerations&#151;Leverage Risk.&#148; The
    Fund may also determine in the future to issue other forms of
    senior securities, such as securities representing debt, subject
    to the limitations of the 1940 Act. The Fund may also engage in
    investment management techniques which will not be considered
    senior securities if the Fund establishes a segregated account
    with cash or other liquid securities equal to the Fund&#146;s
    obligations in respect of such techniques. The Fund may also
    borrow money, to the extent permitted by the 1940 Act.
</DIV>
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    <BR>
    2
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Dividends
    and Distributions</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Preferred Shares&#160;Distributions.</I>&#160;&#160;In
    accordance with the Fund&#146;s Agreement and Declaration of
    Trust and By-laws (together with any amendments or supplements
    thereto, including any Statement of Preferences of the Fund
    establishing a series of preferred shares (the &#147;Statement
    of Preferences&#148; and together with the Agreement and
    Declaration of Trust, the &#147;Governing Documents&#148;), all
    preferred shares of the Fund must have the same seniority with
    respect to distributions. Accordingly, no full distribution will
    be declared or paid on any series of preferred shares of the
    Fund for any dividend period, or part thereof, unless full
    cumulative dividends and distributions due through the most
    recent dividend payment dates for all series of outstanding
    preferred shares of the Fund are declared and paid. If full
    cumulative distributions due have not been declared and made on
    all outstanding preferred shares of the Fund, any distributions
    on such preferred shares will be made as nearly pro rata as
    possible in proportion to the respective amounts of
    distributions accumulated but unmade on each such series of
    preferred shares on the relevant dividend payment date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that for any calendar year the total distributions
    on the Fund&#146;s preferred shares exceed the Fund&#146;s
    ordinary income and net capital gain allocable to such shares,
    the excess distributions will generally be treated as a tax-free
    return of capital (to the extent of the shareholder&#146;s tax
    basis in the shares) or capital gains. Any return of capital
    that is a component of a distribution is not sourced from
    realized or unrealized profits of the Fund and that portion
    should not be considered by investors as yield or total return
    on their investment in the Fund. Preferred shareholders who
    periodically receive the payment of a dividend or other
    distribution which may consist of a return of capital may be
    under the impression that they are receiving net profits when
    they are not. Preferred shareholders should not assume that the
    source of a distribution from the Fund is net profit. The amount
    treated as a tax-free return of capital will reduce a
    shareholder&#146;s adjusted tax basis in the preferred shares,
    thereby increasing the shareholder&#146;s potential taxable gain
    or reducing the potential taxable loss on the sale of the
    shares. The composition of each distribution is estimated based
    on the earnings of the Fund as of the record date for each
    distribution. The actual composition of each of the current
    year&#146;s distributions will be based on the Fund&#146;s
    investment activity through the end of the calendar year.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Fixed Rate Preferred Shares.</I>&#160;&#160;Distributions on
    fixed rate preferred shares, at the applicable annual rate of
    the per share liquidation preference, are cumulative from the
    original issue date and are payable, when, as and if declared by
    the Board of Trustees of the Fund, out of funds legally
    available therefor.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Variable Rate Preferred Shares. </I>The holders of variable
    rate preferred shares are entitled to receive cash
    distributions, stated at annual rates of the applicable per
    share liquidation preference, that vary from dividend period to
    dividend period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Common Shares&#160;Distributions.</I>&#160;&#160;In order to
    allow its common shareholders to realize a predictable, but not
    assured, level of cash flow and some liquidity periodically on
    their investment without having to sell shares, the Fund has
    adopted a managed distribution policy, which may be changed at
    any time by the Board, of paying a minimum annual distribution
    of 6% of the initial public offering price of $20.00 per share
    to common shareholders. In the event the Fund does not generate
    a total return from dividends and interest received and net
    realized capital gains in an amount equal to or in excess of its
    stated distribution in a given year, the Fund may return capital
    as part of such distribution, which may have the effect of
    decreasing the asset coverage per share with respect to the
    Fund&#146;s preferred shares. Any return of capital should not
    be considered by investors as yield or total return on their
    investment in the Fund. Common shareholders who periodically
    receive the payment of a dividend or other distribution
    consisting of a return of capital may be under the impression
    that they are receiving net profits when they are not. Common
    shareholders should not assume that the source of a distribution
    from the Fund is net profit. For the fiscal year ended
    December&#160;31, 2010, the Fund made distributions of $1.20 per
    common share, $0.51 of which constituted a return of capital.
    For the years ending December&#160;31, 2010, December&#160;31,
    2009, and December&#160;31, 2008, a portion of the distributions
    to common shareholders has constituted a return of capital. The
    Fund has made monthly distributions with respect to its common
    shares since September 2004. The composition of each
    distribution is estimated based on the earnings of the Fund as
    of the record date for each distribution. The actual composition
    of each of the current year&#146;s distributions will be based
    on the Fund&#146;s investment activity through the end of the
    calendar year.
</DIV>
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    <BR>
    3
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Payment
    on Notes</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under applicable state law and our Agreement and Declaration of
    Trust, we may borrow money without prior approval of holders of
    common and preferred stock. We may issue debt securities,
    including notes, or other evidence of indebtedness and may
    secure any such notes or borrowings by mortgaging, pledging or
    otherwise subjecting as security our assets to the extent
    permitted by the 1940 Act or rating agency guidelines. Any
    borrowings, including without limitation the notes, will rank
    senior to the preferred shares and the common shares. The
    prospectus supplement will describe the interest payment
    provisions relating to notes. Interest on notes will be payable
    when due as described in the related prospectus supplement. If
    we do not pay interest when due, it will trigger an event of
    default and we will be restricted from declaring dividends and
    making other distributions with respect to our common shares and
    preferred shares.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Use of
    Proceeds</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will use the net proceeds from the offering to purchase
    portfolio securities in accordance with its Investment
    Objectives and Policies. The Investment Adviser anticipates that
    the investment of the proceeds will be made as appropriate
    investment opportunities are identified, which is expected to
    substantially be completed within three months; however, changes
    in market conditions could result in the Fund&#146;s anticipated
    investment period extending to as long as six months. Depending
    on market conditions and operations, a portion of the proceeds
    may be used to pay distributions. See &#147;Use of
    Proceeds.&#148;
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s outstanding common shares are listed on the NYSE
    Amex, under the trading or &#147;ticker&#148; symbol
    &#147;GLU.&#148; See &#147;Description of the Securities.&#148;
    Any series of Fixed Rate Preferred Shares or subscription rights
    issued by the Fund would also likely be listed on the NYSE Amex.
    Any series of Variable Rate Preferred Shares would likely not be
    listed on an exchange.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Risk
    Factors and Special Considerations</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Risk is inherent in all investing. Therefore, before investing
    in the Fund&#146;s preferred shares, you should consider the
    risks carefully.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Industry Concentration Risk.</I>&#160;&#160;Under normal
    market conditions, the Fund invests at least 50% of its assets
    in foreign and domestic companies in the Utilities Industry (as
    described under &#147;Investment Objective and Policies&#148;).
    As a result of this policy of concentrating its investments in a
    particular industry, the net asset value of the Fund will be
    more susceptible to factors affecting those particular types of
    companies, such as government regulation, inflation, cost
    increases in fuel and other operating expenses, technological
    innovations that may render existing products and equipment
    obsolete, and increasing interest rates resulting in high
    interest costs on borrowings needed for product development,
    capital investment and construction programs, including costs
    associated with compliance with environmental and other
    regulations. In addition, the Fund&#146;s concentration policy
    may subject it to greater risk of market fluctuation than a fund
    that had securities representing a broader range of investment
    alternatives. See &#147;Risk Factors and Special
    Considerations&#151;Industry Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Leverage Risk.</I>&#160;&#160;The Fund may use financial
    leverage for investment purposes by issuing preferred shares or
    notes. If the Fund does use leverage, the Fund&#146;s capital
    structure would create special risks not associated with
    unleveraged funds having a similar investment objective and
    policies. These include the possibility of greater loss and the
    likelihood of higher volatility of the net asset value of the
    Fund and the asset coverage for the preferred shares. Such
    volatility may increase the likelihood of the Fund having to
    sell investments in order to meet its obligations to make
    distributions on the preferred shares or principal or interest
    payments on debt securities, or to redeem preferred shares or
    repay debt, when it may be disadvantageous to do so. The use of
    leverage magnifies both the favorable and unfavorable effects of
    price movements in the investments made by the Fund. To the
    extent that the Fund determines to employ leverage in its
    investment operations, the Fund will be subject to substantial
    risk of loss. The Fund cannot assure you that borrowings or the
    issuance of
</DIV>
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    <BR>
    4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    preferred shares will result in a higher yield or return to the
    holders of the common shares. Also, if the Fund utilizes
    leverage, a decline in net asset value could affect the ability
    of the Fund to make common share distributions and such a
    failure to make distributions could result in the Fund ceasing
    to qualify as a regulated investment company under the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The issuance of preferred shares or notes causes the net asset
    value and market value of the common shares to become more
    volatile. If the interest rate on the notes or the dividend rate
    on the preferred shares approaches the net rate of return on the
    Fund&#146;s investment portfolio, the benefit of leverage to the
    holders of the common shares would be reduced. If the interest
    rates on the notes or the dividend rate on the preferred shares
    plus the management fee annual rate of 1.00% (as applicable)
    exceeds the net rate of return on the Fund&#146;s portfolio, the
    leverage will result in a lower rate of return to the holders of
    common shares than if the Fund had not issued preferred shares
    or notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any decline in the net asset value of the Fund&#146;s
    investments would be borne entirely by the holders of common
    shares. Therefore, if the market value of the Fund&#146;s
    portfolio declines, the leverage will result in a greater
    decrease in net asset value to the holders of common shares than
    if the Fund were not leveraged. This greater net asset value
    decrease will also tend to cause a greater decline in the market
    price for the common shares. The Fund might be in danger of
    failing to maintain the required asset coverage of the notes or
    preferred shares or of losing its ratings on the preferred
    shares or notes or, in an extreme case, the Fund&#146;s current
    investment income might not be sufficient to meet the
    distribution requirements on the preferred shares or notes. In
    order to counteract such an event, the Fund might need to
    liquidate investments in order to fund redemption of some or all
    of the preferred shares or notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Fund would pay (and the holders of common
    shares will bear) all costs and expenses relating to the
    issuance and ongoing maintenance of the preferred shares or
    notes, including any additional advisory fees on the incremental
    assets attributable to such preferred shares or notes. Holders
    of preferred shares may have different interests than holders of
    common shares and at times may have disproportionate influence
    over the Fund&#146;s affairs. In the event the Fund fails to
    maintain the specified level of asset coverage of any notes
    outstanding, the holders of the preferred shares will have the
    right to elect a majority of the Fund&#146;s trustees. In
    addition, holders of preferred shares, voting separately as a
    single class, have the right to elect two members of the Board
    of Trustees at all times and in the event dividends become in
    arrears for two full years would have the right (subject to the
    rights of noteholders) to elect a majority of the Trustees until
    the arrearage is completely eliminated. In addition, preferred
    shareholders have class voting rights on certain matters,
    including changes in fundamental investment restrictions and
    conversion of the Fund to open-end status, and accordingly can
    veto any such changes. See &#147;Risk Factors and Special
    Considerations&#151;Special Risks to Holders of Common
    Shares&#151;Leverage Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Special Risks to Holders of Notes.</I>&#160;&#160;An
    investment in our notes is subject to special risks. Our notes
    are not likely to be listed on an exchange or automated
    quotation system. We cannot assure you that any market will
    exist for our notes or if a market does exist, whether it will
    provide holders with liquidity. Broker-dealers that maintain a
    secondary trading market for the notes are not required to
    maintain this market, and the Fund is not required to redeem
    notes if an attempted secondary market sale fails because of a
    lack of buyers. To the extent that our notes trade, they may
    trade at a price either higher or lower than their principal
    amount depending on interest rates, the rating (if any) on such
    notes and other factors. See &#147;Risk Factors and Special
    Considerations&#151;Special Risks to Holders of Notes.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Special Risks to Holders of Fixed Rate Preferred
    Shares.</I>&#160;&#160;Prior to any offering, there will be no
    public market for Fixed Rate Preferred Shares. In the event any
    series of Fixed Rate Preferred Shares are issued, prior
    application will have been made to list such shares on a
    national securities exchange, which will likely be the NYSE
    Amex. However, during an initial period, which is not expected
    to exceed 30&#160;days after the date of its initial issuance,
    such shares may not be listed on any securities exchange. During
    such period, the underwriters may make a market in such shares,
    although they will have no obligation to do so. Consequently, an
    investment in such shares may be illiquid during such period.
    Shares of Fixed Rate Preferred may trade at a premium to or
    discount from liquidation value for various reasons, including
    changes in interest rates.
</DIV>
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    <BR>
    5
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Special Risks for Holders of Variable Rate Preferred
    Shares</I>.
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Auction Risk.</I>&#160;&#160;You may not be able to sell your
    auction Variable Rate Preferred Shares at an auction if the
    auction fails, i.e., if more Variable Rate Preferred Shares are
    offered for sale than there are buyers for those shares. Also,
    if you place an order (a hold order) at an auction to retain
    Variable Rate Preferred Shares only at a specified rate that
    exceeds the rate set at the auction, you will not retain your
    Variable Rate Preferred Shares. Additionally, if you place a
    hold order without specifying a rate below which you would not
    wish to continue to hold your shares and the auction sets a
    below market rate, you will receive a lower rate of return on
    your shares than the market rate. Further, the dividend period
    may be changed, subject to certain conditions and with notice to
    the holders of the Variable Rate Preferred Shares, which could
    also affect the liquidity of your investment. Since 2008, most
    auction-rate preferred share auctions have been unable to hold
    successful auctions and holders of such shares have suffered
    reduced liquidity. There can be no assurance that liquidity will
    improve.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Secondary Market Risk.</I>&#160;&#160;If you try to sell your
    Variable Rate Preferred Shares between auctions, you may not be
    able to sell them for their liquidation preference per share or
    such amount per share plus accumulated dividends. If the Fund
    has designated a special dividend period of more than seven
    days, changes in interest rates could affect the price you would
    receive if you sold your shares in the secondary market.
    Broker-dealers that maintain a secondary trading market for the
    Variable Rate Preferred Shares are not required to maintain this
    market, and the Fund is not required to redeem Variable Rate
    Preferred Shares if either an auction or an attempted secondary
    market sale fails because of a lack of buyers. The Variable Rate
    Preferred Shares will not be registered on a stock exchange. If
    you sell your Variable Rate Preferred Shares to a broker-dealer
    between auctions, you may receive less than the price you paid
    for them, especially when market interest rates have risen since
    the last auction or during a special dividend period.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Special Risk to Holders of Subscription
    Rights.</I>&#160;&#160;There is a risk that changes in market
    conditions may result in the underlying common or preferred
    shares purchaseable upon exercise of the subscription rights
    being less attractive to investors at the conclusion of the
    subscription period. This may reduce or eliminate the value of
    the subscription rights. Investors who receive subscription
    rights may find that there is no market to sell rights they do
    not wish to exercise. If investors exercise only a portion of
    the rights, the number of common or preferred shares issued may
    be reduced, and the common or preferred shares may trade at less
    favorable prices than larger offerings for similar securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Tax Risk.</I>&#160;&#160;The Fund has qualified, and intends
    to remain qualified, for federal income tax purposes as a
    regulated investment company.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Qualification requires, among other things, compliance by the
    Fund with certain distribution requirements. Statutory
    limitations on distributions on the common shares if the Fund
    fails to satisfy the 1940 Act&#146;s asset coverage requirements
    could jeopardize the Fund&#146;s ability to meet such
    distribution requirements. The Fund presently intends, however,
    to purchase or redeem preferred shares to the extent necessary
    in order to maintain compliance with such asset coverage
    requirements. See &#147;Taxation&#148; for a more complete
    discussion of these and other federal income tax considerations.
    We cannot assure you what percentage of the distributions paid
    on the common shares, if any, will consist of tax-advantaged
    qualified dividend income or long-term capital gains or what the
    tax rates on various types of income will be in future years.
    The favorable rates on qualifying dividends and capital gains
    are currently scheduled to increase for income received or gains
    realized in taxable years beginning after December&#160;31,
    2012. See &#147;Risk Factors and Special Considerations&#151;Tax
    Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Foreign Securities Risk.</I>&#160;&#160;Subject to the
    Fund&#146;s other policies including investing at least 50% of
    its assets in the Utilities Industry, the Fund may invest
    without limitation in securities of foreign issuers and will
    generally be invested in securities of issuers located in at
    least three countries, including the United States. Investing in
    securities of foreign companies (or foreign governments), which
    are generally denominated in foreign currencies, may involve
    certain risks and opportunities not typically associated with
    investing in
</DIV>
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    <BR>
    6
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    domestic companies. Foreign companies generally are not subject
    to the same accounting, auditing and financial standards and
    requirements as those applicable to U.S. companies.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Typically, the Fund will not hold any foreign securities of
    emerging market issuers and, if it does, such securities will
    not comprise more than 10% of the Fund&#146;s managed assets.
    Investing in securities of companies in emerging markets may
    entail special risks relating to potential political and
    economic instability and the risks of expropriation,
    nationalization, confiscation or the imposition of restrictions
    on foreign investment, the lack of hedging instruments and
    restrictions on repatriation of capital invested. Emerging
    securities markets are substantially smaller, less developed,
    less liquid and more volatile than the major securities markets.
    The limited size of emerging securities markets and limited
    trading value compared to the volume of trading in U.S.
    securities could cause prices to be erratic for reasons apart
    from factors that affect the quality of the securities. For
    example, limited market size may cause prices to be unduly
    influenced by traders who control large positions. Adverse
    publicity and investors&#146; perceptions, whether or not based
    on fundamental analysis, may decrease the value and liquidity of
    portfolio securities, especially in these markets. Many emerging
    market countries have experienced substantial, and in some
    periods extremely high, rates of inflation for many years.
    Inflation and rapid fluctuations in inflation rates and
    corresponding currency devaluations have had and may continue to
    have negative effects on the economies and securities markets of
    certain emerging market countries. See &#147;Risk Factors and
    Special Considerations&#151;Foreign Securities Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Foreign Currency Risk.</I>&#160;&#160;The Fund expects to
    invest in companies whose securities are denominated in
    currencies other than U.S. dollars or have operations outside of
    the U.S. In such instances, the Fund will be exposed to currency
    risk, including the risk of fluctuations in the exchange rate
    between U.S. dollars (in which the Fund&#146;s shares are
    denominated) and such foreign currencies and the risk of
    currency devaluations. Certain non- U.S. currencies, primarily
    in developing countries, have been devalued in the past and
    might face devaluation in the future. Currency devaluations
    generally have a significant and adverse impact on the devaluing
    country&#146;s economy in the short and intermediate term and on
    the financial condition and results of companies&#146;
    operations in that country. Currency devaluations may also be
    accompanied by significant declines in the values and liquidity
    of equity and debt securities of affected governmental and
    private sector entities generally. To the extent that affected
    companies have obligations denominated in currencies other than
    the devalued currency, those companies may also have difficulty
    in meeting those obligations under such circumstances, which in
    turn could have an adverse effect upon the value of the
    Fund&#146;s investments in such companies. There can be no
    assurance that current or future developments with respect to
    foreign currency devaluations will not impair the Fund&#146;s
    investment flexibility, its ability to achieve its investment
    objective or the value of certain of its foreign currency
    denominated investments. See &#147;Risk Factors and Special
    Considerations&#151;Foreign Currency Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Equity Risk.</I>&#160;&#160;A principal risk of investing in
    the Fund is equity risk, which is the risk that the securities
    held by the Fund will fall in market value due to adverse market
    and economic conditions, perceptions regarding the industries in
    which the issuers of securities held by the Fund participate and
    the particular circumstances and performance of particular
    companies whose securities the Fund holds. An investment in the
    Fund represents an indirect investment in the securities owned
    by the Fund, which are for the most part traded on securities
    exchanges or in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets. The market value of these securities, like other market
    investments, may move up or down, sometimes rapidly and
    unpredictably. The net asset value of the Fund may at any point
    in time be worth less than the amount at the time the
    shareholder invested in the Fund, even after taking into account
    any reinvestment of distributions. See &#147;Risk Factors and
    Special Considerations&#151;Equity Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Dependence on Key Personnel.</I>&#160;&#160;The Investment
    Adviser is dependent upon the expertise of Mr.&#160;Mario J.
    Gabelli in providing investment advisory services with respect
    to the Fund&#146;s investments. If the Investment Adviser were
    to lose the services of Mr.&#160;Gabelli, its ability to service
    the Fund could be adversely affected. There can be no assurance
    that a suitable replacement could be found for Mr.&#160;Gabelli
    in the event of his death, resignation, retirement or inability
    to act on behalf of the Investment Adviser. See &#147;Risk
    Factors and Special Considerations&#151;Dependence on Key
    Personnel.&#148;
</DIV>
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    <BR>
    7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Market Discount Risk.</I>&#160;&#160;The Fund is a
    non-diversified, closed-end management investment company.
    Shares of closed-end funds are bought and sold in the securities
    markets and may trade at either a premium to or discount from
    net asset value. Listed shares of closed-end investment
    companies often trade at discounts from net asset value. This
    characteristic of shares of a closed-end fund is a risk separate
    and distinct from the risk that its net asset value may
    decrease. The Fund cannot predict whether its listed shares will
    trade at, below or above net asset value. See &#147;Risk Factors
    and Special Considerations &#151;&#160;Market Discount
    Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Long-Term Objective; Not a Complete Investment
    Program.</I>&#160;&#160;The Fund is intended for investors
    seeking a consistent level of after-tax total return consisting
    of income (with a current emphasis on qualifying dividends) and
    long-term capital gains. The Fund is not meant to provide a
    vehicle for those who wish to play short-term swings in the
    stock market. An investment in shares of the Fund should not be
    considered a complete investment program. Each shareholder
    should take into account the Fund&#146;s investment objective as
    well as the shareholder&#146;s other investments when
    considering an investment in the Fund. See &#147;Risk Factors
    and Special Considerations&#151;Long-term Objective; Not a
    Complete Investment Program.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Common Shares&#160;Distribution Policy
    Risk.</I>&#160;&#160;The Board has adopted a distribution
    policy, which may be changed at any time, to pay monthly
    distributions on the Fund&#146;s common shares equal to an
    annual rate of 6% of the initial public offering price of $20.00
    per share. To the extent its total distributions for a year
    exceed its net investment company taxable income and net
    realized capital gain for that year, the excess would generally
    constitute a return of capital. This would have the effect of
    decreasing the asset coverage per share with respect to any
    preferred shares, and may adversely affect their liquidity or
    market value. Return of capital distributions are generally
    tax-free up to the amount of a shareholder&#146;s tax basis in
    the shares and thereafter are treated as capital gains and
    should not be considered by investors as an element of yield or
    total return on their investment in the Fund. See
    &#147;Taxation.&#148; In addition, such excess distributions
    will decrease the Fund&#146;s total assets and may increase the
    Fund&#146;s expense ratio. In order to make such distributions,
    the Fund may have to sell a portion of its investment portfolio
    at a time when independent investment judgment may not dictate
    such action. See &#147;Risk Factors and Special Considerations
    &#151;&#160;Common Shares&#160;Distribution Policy Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Management Risk.</I>&#160;&#160;The Fund is subject to
    management risk because it is an actively managed portfolio. The
    Investment Adviser will apply investment techniques and risk
    analyses in making investment decisions for the Fund, but there
    can be no guarantee that these will produce the desired results.
    See &#147;Risk Factors and Special
    Considerations&#151;Management Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Distribution Risk for Equity Income Portfolio
    Securities.</I>&#160;&#160;The Fund will invest a portion of its
    assets in the shares of issuers that pay dividends. Such
    dividends are not guaranteed and in the event an issuer does not
    realize sufficient income in a particular period to both service
    its liabilities and to pay dividends, it may forgo paying
    dividends. See &#147;Risk Factors and Special
    Considerations&#151;Distribution Risk for Equity Income
    Portfolio Securities.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Special Risks Related to Investing in Preferred
    Securities.</I>&#160;&#160;Special risks associated with
    investing in preferred securities include deferral of
    distributions or dividend payments, in some cases the right of
    an issuer never to pay missed dividends, subordination,
    illiquidity, limited voting rights and redemption by the issuer.
    Because the Fund has no limit on its investment in
    non-cumulative preferred securities, the amount of distributions
    the Fund pays may be adversely affected if an issuer of a
    non-cumulative preferred stock held by the Fund determines not
    to pay dividends on such stock. There is no assurance that
    dividends or distributions on preferred stock in which the Fund
    invests will be declared or otherwise made payable. See
    &#147;Risk Factors and Special Considerations&#151;Special Risks
    Related to Preferred Securities.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Income Risk.</I>&#160;&#160;The income shareholders receive
    from the Fund is expected to be based primarily on dividends and
    interest the Fund earns from its investments, which can vary
    widely over the short and long-term. If prevailing market
    interest rates drop, distribution rates of the Fund&#146;s
    holdings in preferred stock and any bond holdings could decline
    and shareholders&#146; income from the Fund could drop as well.
    The Fund&#146;s income also would likely be affected adversely
    when prevailing short-term interest rates increase and the Fund
    is utilizing leverage. See &#147;Risk Factors and Special
    Considerations&#151;Income Risk.&#148;
</DIV>
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    <BR>
    8
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Interest Rate Risk.</I>&#160;&#160;Interest rate risk is the
    risk that fixed-income securities, fixed-rate preferred shares,
    and to a lesser extent common stocks issued by some companies in
    the Utilities Industry will decline in value because of changes
    in market interest rates. When market interest rates rise, the
    market value of such securities generally will fall. The
    Fund&#146;s investment in such securities means that the net
    asset value and market price of its outstanding common stock
    will tend to decline if market interest rates rise. An increase
    in market interest rates will also generally result in a
    decrease in the price of any of the Fund&#146;s outstanding
    preferred shares, although this effect would normally be more
    pronounced for its fixed rate preferred shares than for its
    variable rate preferred shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    During periods of declining interest rates, the issuer of a
    security may exercise an option to prepay principal earlier than
    scheduled, forcing the Fund to reinvest in lower yielding
    securities. This is known as call or prepayment risk. Preferred
    stock and debt securities frequently have call features that
    allow the issuer to redeem the securities prior to their stated
    maturities. An issuer may redeem such a security if the issuer
    can refinance it at a lower cost due to declining interest rates
    or an improvement in the credit standing of the issuer. During
    periods of rising interest rates, the average life of certain
    types of securities may be extended because of slower than
    expected principal payments. This may lock in a below market
    interest rate, increase the security&#146;s duration and reduce
    the value of the security. This is known as extension risk.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Market interest rates for investment grade fixed-income
    securities of the type in which the Fund will invest have
    recently declined significantly below the historical average
    rates for such securities. This decline may have increased the
    risk that these rates will rise in the future (which would cause
    the value of the Fund&#146;s assets invested in fixed income
    securities to decline) and the degree to which asset values may
    decline in such event; however, historical interest rate levels
    are not necessarily predictive of future interest rate levels.
    See &#147;Risk Factors and Special Considerations&#151;Interest
    Rate Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Inflation Risk.</I>&#160;&#160;Inflation risk is the risk
    that the value of assets or income from investments will be
    worth less in the future as inflation decreases the value of
    money. As inflation increases, the real value of the Fund&#146;s
    shares and distributions thereon can decline. In addition,
    during any periods of rising inflation, dividend rates of any
    variable rate preferred shares or debt securities issued by the
    Fund would likely increase, which would tend to further reduce
    returns to common shareholders. See &#147;Risk Factors and
    Special Considerations&#151;Inflation Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Dilution Risk for Convertible Securities.</I>&#160;&#160;In
    the absence of adequate anti-dilution provisions in a
    convertible security, dilution in the value of the Fund&#146;s
    holding may occur in the event the underlying shares are
    subdivided, additional equity securities are issued for below
    market value, a stock dividend is declared, or the issuer enters
    into another type of corporate transaction that has a similar
    effect. See &#147;Risk Factors and Special
    Considerations&#151;Dilution Risk for Convertible
    Securities.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Value Investing Risk.</I>&#160;&#160;The Fund invests in
    dividend-paying common and preferred stocks in the Utilities
    Industry that the Investment Adviser believes are undervalued or
    inexpensive relative to other investments. These types of
    securities may present risks in addition to the general risks
    associated with investing in common and preferred stocks. See
    &#147;Risk Factors and Special Considerations&#151;Value
    Investing Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Non-Diversified Status.</I>&#160;&#160;As a non-diversified
    investment company under the 1940 Act, the Fund is not limited
    in the proportion of its assets that may be invested in
    securities of a single issuer, and accordingly, an investment in
    the Fund may, under certain circumstances, present greater risk
    to an investor than an investment in a diversified company. See
    &#147;Risk Factors and Special
    Considerations&#151;Non-Diversified Status.&#148; See also
    &#147;Taxation.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Illiquid Securities.</I>&#160;&#160;The Fund has no limit on
    the amount of its net assets it may invest in unregistered or
    otherwise illiquid investments. Unregistered securities are
    securities that cannot be sold publicly in the United States
    without registration under the Securities Act of 1933 (the
    &#147;Securities Act&#148;). Unregistered securities generally
    can be resold only in privately negotiated transactions with a
    limited number of purchasers or in a public offering registered
    under the Securities Act. Considerable delay could be
    encountered in either event and, unless otherwise contractually
    provided for, the Fund&#146;s proceeds upon sale may be reduced
    by the costs
</DIV>
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    <BR>
    9
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    of registration or underwriting discounts. The difficulties and
    delays associated with such transactions could result in the
    Fund&#146;s inability to realize a favorable price upon
    disposition of unregistered securities, and at times might make
    disposition of such securities impossible. See &#147;Risk
    Factors and Special Considerations&#151;Illiquid
    Securities.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risk Arbitrage.</I>&#160;&#160;To the extent consistent with
    the Fund&#146;s investment objective and policies, the Fund may
    invest in securities pursuant to &#147;risk arbitrage&#148;
    strategies or in other investment funds managed pursuant to such
    strategies. Risk arbitrage strategies attempt to exploit merger
    activity to capture the spread between current market values of
    securities and their values after successful completion of a
    merger, restructuring or similar corporate transaction. A merger
    or other restructuring or tender or exchange offer anticipated
    by the Fund and in which it holds an arbitrage position may not
    be completed on the terms contemplated or within the time frame
    anticipated, resulting in losses to the Fund. Such losses would
    be magnified to the extent that the Fund uses leverage to
    increase its stake in an arbitrage position. See &#147;Risk
    Factors and Special Considerations&#151;Risk Arbitrage.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Lower Rated Securities.</I>&#160;&#160;The Fund may invest up
    to 10% of its total assets in fixed income securities rated
    below investment grade by recognized statistical rating agencies
    or unrated securities of comparable quality. The prices of these
    lower grade securities are more sensitive to negative
    developments, such as a decline in the issuer&#146;s revenues or
    a general economic downturn, than are the prices of higher grade
    securities. Securities of below investment grade
    quality&#151;those securities rated below Baa by Moody&#146;s or
    below BBB by S&#038;P&#151;are predominantly speculative with
    respect to the issuer&#146;s capacity to pay interest and repay
    principal when due and therefore involve a greater risk of
    default and are commonly referred to as &#147;junk bonds.&#148;
    See &#147;Risk Factors and Special Considerations&#151;Lower
    Rated Securities.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Loans of Portfolio Securities.</I>&#160;&#160;The Fund may
    seek to earn income by lending portfolio securities to
    broker-dealers or other institutional borrowers. As with other
    extensions of credit, there are risks of delay in recovery or
    even loss of rights in the securities loaned if the borrower of
    the securities violates the terms of the loan or fails
    financially. See &#147;Risk Factors and Special Considerations
    &#151;&#160;Loans of Portfolio Securities.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Market Disruption and Geopolitical Risk.</I>&#160;&#160;The
    terrorist attacks on domestic U.S. targets on September&#160;11,
    2001, the wars in Iraq and Afghanistan and other geopolitical
    events have led to, and may in the future lead to, increased
    short-term market volatility and may have long-term effects on
    U.S. and world economies and markets. The nature, scope and
    duration of the war and occupation cannot be predicted with any
    certainty. Similar events in the future or other disruptions of
    financial markets could affect interest rates, securities
    exchanges, auctions, secondary trading, ratings, credit risk,
    inflation, energy prices and other factors relating to the
    common shares. See &#147;Risk Factors and Special
    Considerations&#151;Market Disruption and Geopolitical
    Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Recent Economic Events.</I>&#160;&#160;While the U.S. and
    global markets had experienced extreme volatility and disruption
    for an extended period of time, fiscal year 2010 and the first
    quarter of 2011 witnessed more stabilized economic activity as
    expectations for an economic recovery increased. However, risks
    to a robust resumption of growth persist: a weak consumer
    weighed down by too much debt and increasing joblessness, the
    growing size of the federal budget deficit and national debt,
    and the threat of inflation. A return to unfavorable economic
    conditions could impair the Fund&#146;s ability to execute its
    investment strategies. See &#147;Risk Factors and Special
    Considerations&#151;Recent Economic Developments.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>2012 U.S. Federal Budget.</I>&#160;&#160;The proposed U.S.
    federal budget for fiscal year 2012 calls for the elimination of
    approximately $40&#160;billion in tax incentives widely used by
    oil, gas and coal companies and the imposition of new fees on
    certain energy producers. The elimination of such tax incentives
    and imposition of such fees could adversely affect natural
    resources companies in which the Fund invests and/or the natural
    resources sector generally. See &#147;Risk Factors and Special
    Considerations&#151;2012 U.S. Federal Budget.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Government Intervention in Financial Markets
    Risk.</I>&#160;&#160;The recent instability in the financial
    markets has led the U.S. government and foreign governments to
    take a number of unprecedented actions designed to support
    certain financial institutions and segments of the financial
    markets that have experienced extreme
</DIV>
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    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    volatility, and in some cases a lack of liquidity. U.S. federal
    and state governments and foreign governments, their regulatory
    agencies or self regulatory organizations may take additional
    actions that affect the regulation of the securities in which
    the Fund invests, or the issuers of such securities, in ways
    that are unforeseeable. Issuers of corporate securities might
    seek protection under the bankruptcy laws. Legislation or
    regulation may also change the way in which the Fund itself is
    regulated. Such legislation or regulation could limit or
    preclude the Fund&#146;s ability to achieve its investment
    objectives. The Investment Adviser will monitor developments and
    seek to manage the Fund&#146;s portfolio in a manner consistent
    with achieving the Fund&#146;s investment objectives, but there
    can be no assurance that it will be successful in doing so. See
    &#147;Risk Factors and Special Considerations&#151;Government
    Intervention in Financial Markets Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anti-takeover Provisions.</I>&#160;&#160;The Fund&#146;s
    governing documents include provisions that could limit the
    ability of other entities or persons to acquire control of the
    Fund or convert the Fund to an open-end fund. See
    &#147;Anti-Takeover Provisions of the Fund&#146;s Governing
    Documents.&#148;
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Management
    and Fees</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC serves as the Fund&#146;s Investment Adviser
    and is compensated for its services and its related expenses at
    an annual rate of 1.00% of the Fund&#146;s average weekly total
    assets. This fee will be reduced each year following the fifth
    anniversary of the investment advisory agreement by
    10&#160;basis points until the eighth anniversary, after which
    time the Investment Adviser will be compensated at an annual
    rate of .50% of the Fund&#146;s average weekly total assets. The
    Fund&#146;s total assets for purposes of calculating the level
    of the management fee will typically include assets attributable
    to any outstanding senior securities, such as preferred shares,
    or indebtedness, such as notes. The Investment Adviser had
    previously agreed to waive its management fee on the incremental
    assets attributable to preferred shares, (none of which has been
    issued prior to the date of this prospectus) if the effective
    cost of the preferred shares exceeded the total return of the
    Fund&#146;s common shares. This fee waiver was voluntary and has
    been discontinued by the Investment Adviser. The Investment
    Adviser is responsible for administration of the Fund and
    currently utilizes and pays the fees of a third party
    <FONT style="white-space: nowrap">sub-administrator.</FONT>
    See &#147;Management of the Fund.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    During periods when the Fund has outstanding preferred shares or
    notes, the fees paid to the Investment Adviser for its services
    to the Fund may be higher than if the Fund did not issue such
    securities because such fees will be calculated on the basis of
    the Fund&#146;s average weekly total assets. Consequently, the
    Fund and the Investment Adviser may have differing interests in
    determining whether to leverage the Fund&#146;s assets by
    issuing such securities. The Board will monitor this potential
    conflict.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A discussion regarding the basis for the Board&#146;s approval
    of the continuation of the investment advisory contract of the
    Fund will be available in the Fund&#146;s semi-annual report to
    shareholders dated June&#160;30, 2011.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Repurchase
    of Common Shares</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s Board has authorized the Fund to repurchase its
    common shares in the open market when the common shares are
    trading at a discount of 10% or more from net asset value (or
    such other percentage as the Board may determine from time to
    time). The Fund&#160;Manager has discretion as to whether or not
    he wants to repurchase common shares if they are trading at the
    required discount. Such repurchases are subject to certain
    notice and other requirements under the 1940 Act. See
    &#147;Repurchase of Common Shares.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Anti-Takeover
    Provisions</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain provisions of the Fund&#146;s Governing Documents may be
    regarded as &#147;anti-takeover&#148; provisions. Pursuant to
    these provisions, only one of three classes of Trustees is
    elected each year, and the affirmative vote of the holders of
    75% of the outstanding shares of the Fund are necessary to
    authorize the conversion of the Fund from a closed-end to an
    open-end investment company. The overall effect of these
    provisions is to render more difficult the accomplishment of a
    merger with, or the assumption of control by, a principal
    shareholder. These provisions may have the effect of depriving
    Fund common shareholders of an opportunity
</DIV>
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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    to sell their shares at a premium to the prevailing market
    price. See &#147;Anti-Takeover Provisions of the Fund&#146;s
    Governing Documents.&#148;
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Custodian,
    Transfer Agent, Auction Agent and
    Dividend</FONT></B><FONT style="font-family: 'Times New Roman', Times">
    <B>Disbursing Agent</B>
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    State Street Bank and Trust&#160;Company, located at One
    Heritage Drive, Palmer 2N, North Quincy, Massachusetts 02171,
    serves as the custodian of the Fund&#146;s assets pursuant to a
    custody agreement. Under the custody agreement, the Custodian
    holds the Fund&#146;s assets in compliance with the 1940 Act.
    For its services, the Custodian receives a monthly fee based
    upon the month end value of the total assets of the Fund, plus
    certain charges for securities transactions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Computershare Trust&#160;Company, N.A.
    (&#147;Computershare&#148;), located at
    P.O.&#160;Box&#160;43010, Providence, Rhode&#160;Island 02940,
    serves as the Fund&#146;s dividend disbursing agent, as agent
    under the Fund&#146;s automatic dividend reinvestment and
    voluntary cash purchase plan (the &#147;Plan&#148;) and as
    transfer agent and registrar with respect to the common shares
    and preferred shares of the Fund.
</DIV>
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    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y92093102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser expects that it will initially invest the
    proceeds of the offering in high quality short-term debt
    securities and instruments. The Investment Adviser anticipates
    that the investment of the proceeds will be made in accordance
    with the Fund&#146;s investment objectives and policies as
    appropriate investment opportunities are identified, which is
    expected to substantially be completed within three months;
    however, changes in market conditions could result in the
    Fund&#146;s anticipated investment period extending to as long
    as six months. Depending on market conditions and operations, a
    portion of the cash held by the Fund, including any proceeds
    raised from this offering, may be used to pay distributions in
    accordance with the Fund&#146;s distribution policy.
</DIV>
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    <BR>
    13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table shows the Fund&#146;s expenses, including
    preferred shares offering expenses, as a percentage of net
    assets attributable to common shares.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Shareholder Transaction Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales Load (as a percentage of offering price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.54%(1)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Expenses Borne by the Fund (excluding Preferred
    Shares&#160;Offering Expenses) (as a percentage of offering
    price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.23%(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividend Reinvestment Plan Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None(2)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Preferred Shares&#160;Offering Expenses Borne by the Fund (as a
    percentage of net assets attributable to common shares)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.25%(3)
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of Net<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Assets Attributable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>to Common Shares</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Annual Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Management Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.82
</TD>
<TD nowrap align="left" valign="bottom">
    %(4)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest on Borrowed Funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.46
</TD>
<TD nowrap align="left" valign="bottom">
    %(4)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Annual Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.28
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividends on Preferred Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.07
</TD>
<TD nowrap align="left" valign="bottom">
    %(5)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Annual Expenses and Dividends on Preferred Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.35
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Estimated maximum amount based on offering of $75&#160;million
    in common shares and $25&#160;million in preferred shares. The
    actual amounts in connection with any offering will be set forth
    in the Prospectus Supplement if applicable.</TD>
</TR>


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

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


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

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Assumes issuance of $25&#160;million in liquidation preference
    of fixed rate preferred shares and net assets attributable to
    common shares of $140.5&#160;million (which includes issuance of
    $75&#160;million in common shares). The actual amounts in
    connection with any offering will be set forth in the Prospectus
    Supplement if applicable.</TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    The investment Adviser&#146;s fee is 0.70% annually of the
    Fund&#146;s average weekly net assets, plus assets attributable
    to any outstanding senior securities, with no deduction for the
    liquidation preference of any outstanding preferred shares or
    the principal amount of any outstanding notes. Consequently, if
    the fund has preferred shares or notes outstanding, the
    investment management fees and other expenses as a percentage of
    net assets attributable to common shares will be higher than if
    the Fund does not utilize a leveraged capital structure.
    &#147;Other Expenses&#148; are based on estimated amounts for
    the current year assuming completion of the proposed issuances.</TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Dividends on Preferred Shares represent the distributions that
    would be made assuming $25&#160;million of preferred shares is
    issued with a fixed dividend rate of 6.00%. There can, of
    course, be no guarantee that any preferred shares would be
    issued or, if issued, the terms thereof.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purpose of the table above and the example below is to help
    you understand all fees and expenses that you, as a holder of
    common shares, would bear directly or indirectly.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following example illustrates the expenses (including the
    maximum estimated sales load of $10 and estimated offering
    expenses of $0.93 from the issuance of $75&#160;million in
    common shares) you would pay on a $1,000 investment in common
    shares, assuming a 5% annual portfolio total return.* The actual
    amounts in connection with any offering will be set forth in the
    Prospectus Supplement if applicable.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Expenses incurred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    134
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    275
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    The example should not be considered a representation of future
    expenses. The example is based on total Annual Expenses and
    Dividends on Preferred Shares shown in the table above and
    assumes that the amounts set forth in the table do not change
    and that all distributions are reinvested at net asset value.
    Actual expenses may be greater or less than those assumed.
    Moreover, the Fund&#146;s actual rate of return may be greater
    or less than the hypothetical 5% return shown in the example.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The example includes Dividends of Preferred Shares. If Dividends
    on Preferred Shares were not included in the example
    calculation, the expense would be as follows (based on the same
    assumptions as above).
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Expenses incurred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    162
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

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

<A name='Y92093104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The selected data below sets forth the per share operating
    performance and ratios for the period presented. The financial
    information was derived from and should be read in conjunction
    with the Financial Statements of the Fund and Notes thereto,
    which are incorporated by reference into this Prospectus and the
    SAI. The financial information for the fiscal year ended
    December&#160;31, 2010, 2009, 2008, 2007 and 2006 has been
    audited by PricewaterhouseCoopers LLP, the Fund&#146;s
    independent registered public accounting firm, whose unqualified
    report on such Financial Statements is incorporated by reference
    into the SAI.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Selected data for a common share of beneficial interest
    outstanding throughout each period.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="51%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Operating Performance:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net asset value, beginning of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net realized and unrealized gain/(loss) on investments, swap
    contracts, and foreign currency transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (6.27
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total from investment operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.57
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5.80
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.51
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Distributions to Common Shareholders:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net investment income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.67
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.52
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.55
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.30
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.65
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net realized gain
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.02
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.48
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.23
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.55
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Return of capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.51
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.68
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.17
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total distributions to common shareholders
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.53
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.20
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Capital Share Transactions:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Contribution from Adviser
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total capital share transactions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.00
</TD>
<TD nowrap align="left" valign="bottom">
    (a)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Net Asset Value, End of Period</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20.49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    24.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    NAV total return&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.60
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.92
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (23.30
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.46
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.66
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Market value, end of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Investment total return&#134;&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.24
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.31
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (26.43
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.29
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.83
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Ratios to Average Net Assets and Supplemental Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net assets, end of period (in 000&#146;s)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    62,981
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    60,694
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    56,422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    77,778
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    74,807
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ratio of net investment income to average net assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.46
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.70
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.15
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.82
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.92
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Ratio of operating expenses to average net assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.65
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.61
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.54
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.55
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.66
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Portfolio turnover rate&#134;&#134;&#134;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    &#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on net asset value per share, adjusted for reinvestment of
    distributions at the net asset value per share on the
    ex-dividend dates.</TD>
</TR>


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

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


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

<TR>
    <TD valign="top">
    &#134;&#134;&#134; </TD>
    <TD></TD>
    <TD valign="bottom">
    Effective in 2008, a change in accounting policy was adopted
    with regard to the calculation of the portfolio turnover rate to
    include cash proceeds due to mergers. Had this policy adopted
    retroactively, the portfolio turnover rate for the years ended
    December&#160;31, 2007 and 2006 would have been 35.0% and 22.2%.
    respectively.</TD>
</TR>


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

<TR>
    <TD valign="top">
    (a) </TD>
    <TD></TD>
    <TD valign="bottom">
    Amount represents less than $0.005 per share.</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

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

<A name='Y92093105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is a non-diversified, closed-end management investment
    company registered under the 1940 Act. The Fund was organized as
    a Delaware statutory trust on March&#160;8, 2004. The Fund
    commenced its investment operations on May&#160;28, 2004. The
    Fund&#146;s principal office is located at One Corporate Center,
    Rye, New York
    <FONT style="white-space: nowrap">10580-1422.</FONT>
</DIV>

<A name='Y92093106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s investment objective is to seek a consistent
    level of after-tax total return over the long-term with an
    emphasis currently on qualifying dividends. The Fund will
    attempt to achieve its investment objective by investing, under
    normal market conditions, at least 80% of its assets in
    (i)&#160;equity securities (including common stock, preferred
    stock, convertible stock and options on these securities) of
    domestic and foreign companies involved to a substantial extent
    (i.e., at least 50% of the assets, gross income or net profits
    of a company is committed to or derived from) in providing
    (a)&#160;products, services or equipment for the generation or
    distribution of electricity, gas or water and
    (b)&#160;infrastructure operations such as airports, toll roads
    and municipal services and telecommunications services such as
    telephone, telegraph, satellite, cable, microwave,
    radiotelephone, mobile communication and cellular, paging,
    electronic mail, videotext, voice communications, data
    communications and internet (collectively, the &#147;Utilities
    Industry&#148;) and (ii)&#160;in equity securities (including
    preferred securities) of companies in other industries, in each
    case in such securities that are expected to periodically pay
    dividends. The Fund&#146;s 80% policy is not fundamental and
    shareholders will be notified if it is changed. In addition,
    under normal market conditions, at least 50% of the Fund&#146;s
    assets will consist of equity securities (including preferred
    securities) of domestic and foreign companies involved to a
    substantial extent (i.e., at least 50% of the assets, gross
    income or net profits of a company is committed to or derived
    from) in the Utilities Industry. The remaining Fund assets will
    generally be invested in other securities that the Investment
    Adviser views as not being correlated with the Fund&#146;s
    Utilities Industry investments. Such investments may include
    convertible securities, securities of issuers subject to
    reorganization or other risk arbitrage investments, certain
    derivative instruments, debt (including obligations of the
    U.S.&#160;Government) and money market instruments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No assurance can be given that the Fund&#146;s investment
    objective will be achieved.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In selecting securities for the Fund, the Investment Adviser
    normally will consider the following factors, among others:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Investment Adviser&#146;s own evaluations of the private
    market value (which is defined below), cash flow, earnings per
    share and other fundamental aspects of the underlying assets and
    business of the company;
</TD>
</TR>


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


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


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


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


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


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


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


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


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


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


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


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

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser&#146;s investment philosophy with respect
    to debt and equity securities is to identify assets that are
    selling in the public market at a discount to their private
    market value. The Investment Adviser
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    defines private market value as the value informed purchasers
    are willing to pay to acquire assets with similar
    characteristics. The Investment Adviser also normally evaluates
    an issuer&#146;s free cash flow and long-term earnings trends.
    Finally, the Investment Adviser looks for a catalyst, something
    indigenous to the company, its industry or country that will
    surface additional value.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Utilities Industry Concentration.</I>&#160;&#160;Under normal
    conditions, the Fund will invest at least 50% of its assets in
    foreign and domestic companies involved to a substantial extent
    in the Utilities Industry. See &#147;Risk Factors and Special
    Considerations&#151;Industry Risks.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Tax-Advantaged Qualified Dividends.</I>&#160;&#160;The
    Fund&#146;s investments will emphasize securities that will pay
    what under current law through 2012 are tax-advantaged qualified
    dividends. For the Fund to receive tax-advantaged qualified
    dividends, the Fund must, in addition to other requirements,
    hold the otherwise qualified stock for more than 61&#160;days
    during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period beginning 60&#160;days before the ex-dividend date (or,
    in the case of preferred stock, more than 91&#160;days during
    the <FONT style="white-space: nowrap">181-day</FONT>
    period beginning 90&#160;days before the ex-dividend date). The
    &#147;ex-dividend date&#148; is the date which is established by
    a stock exchange (usually two business days before the record
    date) whereby the owner of a security at the commencement of
    such date is entitled to receive the next issued dividend
    payment for such security, even if the security is sold by such
    owner on the ex-dividend date or thereafter. In addition, for
    dividends to be tax-advantaged qualified dividends, the Fund
    cannot have an option to sell or be under a contractual
    obligation to sell (pursuant to a short sale or otherwise)
    substantially identical stock or securities. Accordingly, the
    Fund&#146;s writing of call options may, depending on the terms
    of the option, adversely impact the Fund&#146;s ability to pay
    tax-advantaged qualified dividends. For an individual
    shareholder to be taxed at the rates applicable to
    tax-advantaged qualified dividends on dividends received from
    the Fund that are attributable to tax-advantaged qualified
    dividends received by the Fund, the shareholder must hold its
    common shares for more than 61&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period beginning 60&#160;days before the ex-dividend date for
    the Fund&#146;s common shares (or, in the case of preferred
    stock, more than 91&#160;days during the
    <FONT style="white-space: nowrap">181-day</FONT>
    period beginning 90&#160;days before the ex-dividend date for
    the Fund&#146;s preferred shares). Consequently, short-term
    investors in the Fund may not realize the benefits of
    tax-advantaged qualified dividends. There can be no assurance as
    to the portion of the Fund&#146;s dividends that will be
    tax-advantaged. The provisions of the Code applicable to
    tax-advantaged qualified dividends are currently effective for
    taxable years beginning on or before December&#160;31, 2012 but
    may be changed at any time, possibly with retroactive effect.
    Thereafter, higher tax rates will apply unless further
    legislative action is taken.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Foreign Securities.</I>&#160;&#160;Subject to the Fund&#146;s
    other policies including investing at least 50% of its assets in
    the Utilities Industry, the Fund may invest without limit in
    securities of foreign issuers, which are generally denominated
    in foreign currencies. The Fund expects to generally be invested
    in securities of issuers located in at least three countries
    including the U.S and possibly including developing countries.
    It is anticipated that, under normal market conditions, at least
    40% of the Fund&#146;s assets will be invested in foreign
    securities. See &#147;Risk Factors and Special
    Considerations&#151;Foreign Securities.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may also purchase sponsored American Depository
    Receipts (&#147;ADRs&#148;) or U.S.&#160;dollar-denominated
    securities of foreign issuers. ADRs are receipts issued by
    United States banks or trust companies in respect of securities
    of foreign issuers held on deposit for use in the United States
    securities markets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Income Securities.</I>&#160;&#160;Although it is the
    Fund&#146;s policy to invest in securities of companies in the
    Utilities Industry to the extent attractive opportunities are
    available, the Fund may also invest in income securities other
    than Utilities Industry securities that are expected to
    periodically accrue or generate income for their holders. Such
    income securities include (i)&#160;fixed income securities such
    as bonds, debentures, notes, stock, short-term discounted
    Treasury Bills or certain securities of the U.S.&#160;government
    sponsored instrumentalities, as well as money market mutual
    funds that invest in those securities, which, in the absence of
    an applicable exemptive order, will not be affiliated with the
    Investment Adviser, and (ii)&#160;common and preferred stocks of
    issuers that have historically paid periodic dividends. Fixed
    income securities obligate the issuer to pay to the holder of
    the security a specified return, which may be either fixed or
    reset periodically in accordance with the terms of
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the security. Fixed income securities generally are senior to an
    issuer&#146;s common stock and their holders generally are
    entitled to receive amounts due before any distributions are
    made to common stockholders. Common stocks, on the other hand,
    generally do not obligate an issuer to make periodic
    distributions to holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The market value of fixed income securities, especially those
    that provide a fixed rate of return, may be expected to rise and
    fall inversely with interest rates and in general is affected by
    the credit rating of the issuer, the issuer&#146;s performance
    and perceptions of the issuer in the market place. The market
    value of callable or redeemable fixed income securities may also
    be affected by the issuer&#146;s call and redemption rights. In
    addition, it is possible that the issuer of fixed income
    securities may not be able to meet its interest or principal
    obligations to holders. Further, holders of non-convertible
    fixed income securities do not participate in any capital
    appreciation of the issuer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may also invest in obligations of government sponsored
    instrumentalities. Unlike
    <FONT style="white-space: nowrap">non-U.S.&#160;government</FONT>
    securities, obligations of certain agencies and
    instrumentalities of the U.S.&#160;government, such as the
    Government National Mortgage Association, are supported by the
    &#147;full faith and credit&#148; of the U.S.&#160;government;
    others, such as those of the Export-Import Bank of the U.S., are
    supported by the right of the issuer to borrow from the
    U.S.&#160;Treasury; others, such as those of the Federal
    National Mortgage Association, are supported by the
    discretionary authority of the U.S.&#160;government to purchase
    the agency&#146;s obligations; and still others, such as those
    of the Student Loan Marketing Association, are supported only by
    the credit of the instrumentality. No assurance can be given
    that the U.S.&#160;government would provide financial support to
    U.S.&#160;government sponsored instrumentalities if it is not
    obligated to do so by law. Although the Fund may invest in all
    types of obligations of agencies and instrumentalities of the
    U.S.&#160;government, the Fund currently intends to invest only
    in obligations that are supported by the &#147;full faith and
    credit&#148; of the U.S.&#160;government.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund also may invest in common stock of issuers that have
    historically paid periodic dividends or otherwise made
    distributions to common stockholders. Unlike fixed income
    securities, dividend payments generally are not guaranteed and
    so may be discontinued by the issuer at its discretion or
    because of the issuer&#146;s inability to satisfy its
    liabilities. Further, an issuer&#146;s history of paying
    dividends does not guarantee that it will continue to pay
    dividends in the future. In addition to dividends, under certain
    circumstances the holders of common stock may benefit from the
    capital appreciation of the issuer.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risk Arbitrage.</I>&#160;&#160;Subject to the Fund&#146;s
    other policies including investing at least 50% of its assets in
    the Utilities Industry, the Fund may invest without limit in
    securities pursuant to &#147;risk arbitrage&#148; strategies or
    in other investment funds managed pursuant to such strategies.
    Risk arbitrage investments are made in securities of companies
    for which a tender or exchange offer has been made or announced
    and in securities of companies for which a merger,
    consolidation, liquidation or reorganization proposal has been
    announced if, in the judgment of the Investment Adviser, there
    is a reasonable prospect of total return significantly greater
    than the brokerage and other transaction expenses involved. Risk
    arbitrage strategies attempt to exploit merger activity to
    capture the spread between current market values of securities
    and their values after successful completion of a merger,
    restructuring or similar corporate transaction. Transactions
    associated with risk arbitrage strategies typically involve the
    purchases or sales of securities in connection with announced
    corporate actions which may include, but are not limited to,
    mergers, consolidations, acquisitions, transfers of assets,
    tender offers, exchange offers, re-capitalizations,
    liquidations, divestitures, spin-offs and similar transactions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, securities which are the subject of such an offer or
    proposal sell at a premium to their historic market price
    immediately prior to the announcement of the offer or may trade
    at a discount or premium to what the stated or appraised value
    of the security would be if the contemplated transaction were
    approved or consummated.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Such investments may be advantageous when the discount
    significantly overstates the risk of the contingencies involved;
    significantly undervalues the securities, assets or cash to be
    received by shareholders as a result of the contemplated
    transaction; or fails adequately to recognize the possibility
    that the offer or
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    proposal may be replaced or superseded by an offer or proposal
    of greater value. The evaluation of such contingencies requires
    unusually broad knowledge and experience on the part of the
    Investment Adviser which must appraise not only the value of the
    issuer and its component businesses as well as the assets or
    securities to be received as a result of the contemplated
    transaction but also the financial resources and business
    motivation behind the offer
    <FONT style="white-space: nowrap">and/or</FONT> the
    dynamics and business climate when the offer or proposal is in
    process. Since such investments are ordinarily short-term in
    nature, they will tend to increase the turnover ratio of the
    Fund, thereby increasing its brokerage and other transaction
    expenses. Risk arbitrage strategies may also involve short
    selling, options hedging and other arbitrage techniques to
    capture price differentials. See &#147;Risk Factors and Special
    Considerations&#151;Risk Arbitrage.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Foreign Currency Exchange Contracts.</I>&#160;&#160;Subject
    to guidelines of the Board, the Fund may enter into foreign
    currency exchange contracts to protect the value of its
    portfolio against uncertainty in the level of future currency
    exchange rates. The Fund may enter into such contracts on a
    spot, i.e., cash, basis at the rate then prevailing in the
    currency exchange market or on a forward basis, by entering into
    a forward contract to purchase or sell currency. A forward
    contract on foreign currency is an obligation to purchase or
    sell a specific currency at a future date, which may be any
    fixed number of days agreed upon by the parties from the date of
    the contract at a price set on the date of the contract. The
    Fund expects to invest in forward currency contracts for hedging
    or currency risk management purposes and not in order to
    speculate on currency exchange rate movements. The Fund will
    only enter into forward currency contracts with parties which it
    believes to be creditworthy.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Restricted and Illiquid Securities.</I>&#160;&#160;Subject to
    the Fund&#146;s other policies including investing at least 50%
    of its assets in the Utilities Industry, the Fund may invest
    without limit in securities for which there is no readily
    available trading market or are otherwise illiquid. Illiquid
    securities may include securities legally restricted as to
    resale, such as commercial paper issued pursuant to
    Section&#160;4(2) of the Securities Act, and securities eligible
    for resale pursuant to Rule&#160;144A thereunder.
    Section&#160;4(2) and Rule&#160;144A securities may, however, be
    treated as liquid by the Investment Adviser pursuant to
    procedures adopted by the Board, which require consideration of
    factors such as trading activity, availability of market
    quotations and number of dealers willing to purchase the
    security. If the Fund invests in Rule&#160;144A securities, the
    level of portfolio illiquidity may be increased to the extent
    that eligible buyers become uninterested in purchasing such
    securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It may be more difficult to sell such securities at an
    attractive price until such time as such securities may be sold
    publicly. Where registration is desired, a considerable period
    may elapse between a decision to sell the securities and the
    time when registration is complete. Thus, the Fund may not be
    able to obtain as favorable a price as that prevailing at the
    time of the decision to sell. The Fund may also acquire
    securities with contractual restrictions on the resale of such
    securities. Such restrictions might prevent their sale at a time
    when such sale would otherwise be desirable.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Leverage.</I>&#160;&#160;As provided in the 1940 Act and
    subject to certain exceptions, the Fund may issue senior
    securities (which may be stock, such as preferred shares, or
    securities representing debt) so long as its total assets
    (including such senior security), less certain ordinary course
    liabilities, exceed 200% of the sum of any preferred shares and
    debt outstanding and 300% of the amount of any debt outstanding.
    Any such senior securities may be convertible in accordance with
    SEC staff guidelines, which may permit the Fund to obtain
    leverage at more attractive rates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The issuance of senior securities would leverage the common
    shares. Although the timing and other terms of the offering of
    senior securities and the terms of the senior securities would
    be determined by the Fund&#146;s Board, the Fund expects to
    primarily invest the proceeds of any senior securities offering
    in dividend paying or income producing equity or debt
    securities. See &#147;Use of Proceeds.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The use of leverage magnifies the impact in changes in net asset
    value. For example, a fund that uses 33% leverage will show a
    1.5% increase or decrease in net asset value for each 1%
    increase or decrease in the value of its total assets other than
    leverage. The concept of leveraging is based on the premise that
    so long as the cost of the leverage on the assets to be obtained
    by the leverage is lower than the return earned by the
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Fund on such leveraged assets, the common shareholders will
    benefit from the incremental return. Should the differential
    between the return produced by the underlying assets and the
    cost of leverage narrow, the incremental return will be reduced.
    Furthermore, if the cost of the leverage on the leveraged assets
    exceeds the return earned by the Fund on such leveraged assets,
    the net asset value of the Fund will be diminished. The use of
    leverage generally increases the volatility of returns to the
    Fund. See &#147;Risk Factors and Special
    Considerations&#151;Leverage Risk.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Lower Rated Securities.</I>&#160;&#160;The Fund may invest up
    to 10% of its total assets in fixed-income securities rated in
    the lower rating categories of recognized statistical rating
    agencies, such as securities rated &#147;CCC&#148; or lower by
    Standard&#160;&#038; Poor&#146;s Rating Services
    (&#147;S&#038;P&#148;) or &#147;Caa&#148; by Moody&#146;s
    Investors Service, Inc. (&#147;Moody&#146;s&#148;), or non-rated
    securities of comparable quality. These debt securities are
    predominantly speculative and involve major risk exposure to
    adverse conditions. Debt securities that are not rated or rated
    lower than &#147;BBB&#148; by S&#038;P or lower than
    &#147;Baa&#148; by Moody&#146;s (or unrated securities of
    comparable quality) are referred to in the financial press as
    &#147;junk bonds.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, such lower rated securities and unrated securities of
    comparable quality offer a higher current yield than is offered
    by higher rated securities, but also (i)&#160;will likely have
    some quality and protective characteristics that, in the
    judgment of the rating organizations, are outweighed by large
    uncertainties or major risk exposures to adverse conditions and
    (ii)&#160;are predominantly speculative with respect to the
    issuer&#146;s capacity to pay interest and repay principal in
    accordance with the terms of the obligation. The market values
    of certain of these securities also tend to be more sensitive to
    individual corporate developments and changes in economic
    conditions than higher quality bonds. In addition, such lower
    rated securities and comparable unrated securities generally
    present a higher degree of credit risk. The risk of loss due to
    default by these issuers is significantly greater because such
    lower rated securities and unrated securities of comparable
    quality generally are unsecured and frequently are subordinated
    to the prior payment of senior indebtedness. In light of these
    risks, the Investment Adviser, in evaluating the
    creditworthiness of an issue, whether rated or unrated, will
    take various factors into consideration, which may include, as
    applicable, the issuer&#146;s operating history, financial
    resources and its sensitivity to economic conditions and trends,
    the market support for the facility financed by the issue, the
    perceived ability and integrity of the issuer&#146;s management
    and regulatory matters.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the market value of securities in lower rated
    categories is more volatile than that of higher quality
    securities, and the markets in which such lower rated or unrated
    securities are traded are more limited than those in which
    higher rated securities are traded. The existence of limited
    markets may make it more difficult for the Fund to obtain
    accurate market quotations for purposes of valuing its portfolio
    and calculating its net asset value. Moreover, the lack of a
    liquid trading market may restrict the availability of
    securities for the Fund to purchase and may also have the effect
    of limiting the ability of the Fund to sell securities at their
    fair value to respond to changes in the economy or the financial
    markets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Lower-rated debt obligations also present risks based on payment
    expectations. If an issuer calls the obligation for redemption
    (often a feature of fixed income securities), the Fund may have
    to replace the security with a lower yielding security,
    resulting in a decreased return for investors. Also, as the
    principal value of bonds moves inversely with movements in
    interest rates, in the event of rising interest rates the value
    of the securities held by the Fund may decline proportionately
    more than a portfolio consisting of higher rated securities.
    Investments in zero coupon bonds may be more speculative and
    subject to greater fluctuations in value due to changes in
    interest rates than bonds that pay interest currently. Interest
    rates are at historical lows and, therefore, it is likely that
    they will rise in the future.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As part of its investments in lower rated securities (i.e.,
    subject to the 10% cap), the Fund may invest without limit in
    securities of issuers in default. The Fund will make an
    investment in securities of issuers in default only when the
    Investment Adviser believes that such issuers will honor their
    obligations or emerge from bankruptcy protection and the value
    of these securities will appreciate. By investing in securities
    of issuers in default, the Fund bears the risk that these
    issuers will not continue to honor their obligations or emerge
    from bankruptcy protection or that the value of the securities
    will not appreciate.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to using recognized rating agencies and other
    sources, the Investment Adviser also performs its own analysis
    of issues in seeking investments that it believes to be
    underrated (and thus higher-yielding) in light of the financial
    condition of the issuer. Its analysis of issuers may include,
    among other things, current and anticipated cash flow and
    borrowing requirements, value of assets in relation to
    historical cost, strength of management, responsiveness to
    business conditions, credit standing and current anticipated
    results of operations. In selecting investments for the Fund,
    the Investment Adviser may also consider general business
    conditions, anticipated changes in interest rates and the
    outlook for specific industries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subsequent to its purchase by the Fund, an issue of securities
    may cease to be rated or its rating may be reduced. In addition,
    it is possible that statistical rating agencies might change
    their ratings of a particular issue to reflect subsequent events
    on a timely basis. Moreover, such ratings do not assess the risk
    of a decline in market value. None of these events will require
    the sale of the securities by the Fund, although the Investment
    Adviser will consider these events in determining whether the
    Fund should continue to hold the securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Fixed-income securities, including lower rated securities and
    comparable unrated securities, frequently have call or buy-back
    features that permit their issuers to call or repurchase the
    securities from their holders, such as the Fund. If an issuer
    exercises these rights during periods of declining interest
    rates, the Fund may have to replace the security with a lower
    yielding security, thus resulting in a decreased return for the
    Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The market for lower rated and comparable unrated securities has
    at various times, particularly during times of economic
    recession, experienced substantial reductions in market value
    and liquidity. Past recessions have adversely affected the
    ability of certain issuers of such securities to repay principal
    and pay interest thereon. The market for those securities could
    react in a similar fashion in the event of any future economic
    recession.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Options.</I>&#160;&#160;The Fund may purchase or sell, i.e.,
    write, options on securities, securities indices and foreign
    currencies which are listed on a national securities exchange or
    in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    (&#147;OTC&#148;) market, as a means of achieving additional
    return or of hedging the value of the Fund&#146;s portfolio. A
    call option is a contract that, in return for a premium, gives
    the holder of the option the right to buy from the writer of the
    call option the security or currency underlying the option at a
    specified exercise price at any time during the term of the
    option. The writer of the call option has the obligation, upon
    exercise of the option, to deliver the underlying security or
    currency upon payment of the exercise price during the option
    period. A put option is the reverse of a call option, giving the
    holder the right, in return for a premium, to sell the
    underlying security to the writer, at a specified price, and
    obligating the writer to purchase the underlying security from
    the holder at that price. The Fund may purchase call or put
    options as long as the aggregate initial margins and premiums,
    measured at the time of such investment, do not exceed 5% of the
    fair market value of the Fund&#146;s total assets. There is no
    limit on the amount of options the Fund may write (sell).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund has written an option, it may terminate its
    obligation by effecting a closing purchase transaction. This is
    accomplished by purchasing an option of the same series as the
    option previously written. However, once the Fund has been
    assigned an exercise notice, the Fund will be unable to effect a
    closing purchase transaction. Similarly, if the Fund is the
    holder of an option it may liquidate its position by effecting a
    closing sale transaction. This is accomplished by selling an
    option of the same series as the option previously purchased.
    There can be no assurance that either a closing purchase or sale
    transaction can be effected when the Fund so desires.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will realize a profit from a closing transaction if the
    price of the transaction is less than the premium received from
    writing the option or is more than the premium paid to purchase
    the option; the Fund will realize a loss from a closing
    transaction if the price of the transaction is more than the
    premium received from writing the option or is less than the
    premium paid to purchase the option. Since call option prices
    generally reflect increases in the price of the underlying
    security, any loss resulting from the repurchase of a call
    option may also be wholly or partially offset by unrealized
    appreciation of the underlying security. Other principal factors
    affecting the market value of a put or a call option include
    supply and demand, interest rates, the current market price and
    price volatility of the underlying security and the time
    remaining until the
</DIV>
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    expiration date. Gains and losses on investments in options
    depend, in part, on the ability of the Investment Adviser to
    predict correctly the effect of these factors. The use of
    options cannot serve as a complete hedge since the price
    movement of securities underlying the options will not
    necessarily follow the price movements of the portfolio
    securities subject to the hedge.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An option position may be closed out only on an exchange which
    provides a secondary market for an option of the same series or
    in a private transaction. Although the Fund will generally
    purchase or write only those options for which there appears to
    be an active secondary market, there is no assurance that a
    liquid secondary market on an exchange will exist for any
    particular option. In such event, it might not be possible to
    effect closing transactions in particular options, so that the
    Fund would have to exercise its options in order to realize any
    profit and would incur brokerage commissions upon the exercise
    of call options and upon the subsequent disposition of
    underlying securities for the exercise of put options.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although the Investment Adviser will attempt to take appropriate
    measures to minimize the risks relating to the Fund&#146;s
    writing of put and call options, there can be no assurance that
    the Fund will succeed in any option-writing program it
    undertakes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Futures Contracts and Options on Futures.</I>&#160;&#160;The
    Fund may purchase and sell financial futures contracts and
    options thereon which are traded on a commodities exchange or
    board of trade for certain hedging, yield enhancement and risk
    management purposes. A financial futures contract is an
    agreement to purchase or sell an agreed amount of securities or
    currencies at a set price for delivery in the future. These
    futures contracts and related options may be on debt securities,
    financial indices, securities indices, U.S.&#160;government
    securities and foreign currencies. The Investment Adviser has
    claimed an exclusion from the definition of the term
    &#147;commodity pool operator&#148; under the Commodity Exchange
    Act and therefore is not subject to registration under the
    Commodity Exchange Act. Accordingly, the Fund&#146;s investments
    in derivative instruments described in this Prospectus and the
    SAI are not limited by or subject to regulation under the
    Commodity Exchange Act or otherwise regulated by the Commodity
    Futures Trading Commission (&#147;CFTC&#148;). Nonetheless, the
    Fund&#146;s aggregate initial margins and premiums with respect
    to futures contracts, measured at the time of such investment,
    will not exceed 5% of the fair market value of the Fund&#146;s
    total assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>When Issued, Delayed Delivery Securities and Forward
    Commitments.</I>&#160;&#160;The Fund may enter into forward
    commitments for the purchase or sale of securities, including on
    a &#147;when issued&#148; or &#147;delayed delivery&#148; basis,
    in excess of customary settlement periods for the type of
    security involved. In some cases, a forward commitment may be
    conditioned upon the occurrence of a subsequent event, such as
    approval and consummation of a merger, corporate reorganization
    or debt restructuring, i.e., a when, as and if issued security.
    When such transactions are negotiated, the price is fixed at the
    time of the commitment, with payment and delivery taking place
    in the future, generally a month or more after the date of the
    commitment. While it will only enter into a forward commitment
    with the intention of actually acquiring the security, the Fund
    may sell the security before the settlement date if it is deemed
    advisable.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities purchased under a forward commitment are subject to
    market fluctuation, and no interest (or dividends) accrues to
    the Fund prior to the settlement date. The Fund will segregate
    with its custodian cash or liquid securities in an aggregate
    amount at least equal to the amount of its outstanding forward
    commitments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Short Sales.</I>&#160;&#160;The Fund may make short sales of
    securities. A short sale is a transaction in which the Fund
    sells a security it does not own in anticipation that the market
    price of that security will decline. The market value of the
    securities sold short of any one issuer will not exceed either
    10% of the Fund&#146;s total assets or 5% of such issuer&#146;s
    voting securities. The Fund also will not make a short sale, if,
    after giving effect to such sale, the market value of all
    securities sold short exceeds 25% of the value of its assets or
    the Fund&#146;s aggregate short sales of a particular class of
    securities exceeds 25% of the outstanding securities of that
    class. The Fund may also make short sales &#147;against the
    box&#148; without respect to such limitations. In this type of
    short sale, at the time of the sale, the Fund owns, or has the
    immediate and unconditional right to acquire at no additional
    cost, the identical security.
</DIV>
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    The Fund expects to make short sales both to obtain capital
    gains from anticipated declines in securities and as a form of
    hedging to offset potential declines in long positions in the
    same or similar securities. The short sale of a security is
    considered a speculative investment technique. Short sales
    &#147;against the box&#148; may be subject to special tax rules,
    one of the effects of which may be to accelerate income to the
    Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When the Fund makes a short sale, it must borrow the security
    sold short and deliver it to the broker-dealer through which it
    made the short sale in order to satisfy its obligation to
    deliver the security upon conclusion of the sale. The Fund may
    have to pay a fee to borrow particular securities and is often
    obligated to pay over any payments received on such borrowed
    securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the price of the security sold short increases between the
    time of the short sale and the time the Fund replaces the
    borrowed security, the Fund will incur a loss; conversely, if
    the price declines, the Fund will realize a capital gain. Any
    gain will be decreased, and any loss will be increased, by the
    transaction costs incurred by the Fund, including the costs
    associated with providing collateral to the broker-dealer
    (usually cash, U.S.&#160;government securities or other highly
    liquid debt securities) and the maintenance of collateral with
    its custodian. Although the Fund&#146;s gain is limited to the
    price at which it sold the security short, its potential loss is
    theoretically unlimited.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Repurchase Agreements.</I>&#160;&#160;Repurchase agreements
    may be seen as loans by the Fund collateralized by underlying
    debt securities. Under the terms of a typical repurchase
    agreement, the Fund would acquire an underlying debt obligation
    for a relatively short period (usually not more than one week)
    subject to an obligation of the seller to repurchase, and the
    Fund to resell, the obligation at an agreed price and time. This
    arrangement results in a fixed rate of return to the Fund that
    is not subject to market fluctuations during the holding period.
    The Fund bears a risk of loss in the event that the other party
    to a repurchase agreement defaults on its obligations and the
    Fund is delayed in or prevented from exercising its rights to
    dispose of the collateral securities, including the risk of a
    possible decline in the value of the underlying securities
    during the period in which it seeks to assert these rights. The
    Investment Adviser, acting under the supervision of the Board of
    the Fund, reviews the creditworthiness of those banks and
    dealers with which the Fund enters into repurchase agreements to
    evaluate these risks and monitors on an ongoing basis the value
    of the securities subject to repurchase agreements to ensure
    that the value is maintained at the required level. The Fund
    will not enter into repurchase agreements with the Investment
    Adviser or any of its affiliates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Swaps.</I>&#160;&#160;The Fund may enter into total rate of
    return, credit default or other types of swaps and related
    derivatives for various purposes, including to gain economic
    exposure to an asset or group of assets that may be difficult or
    impractical to acquire or for hedging and risk management. These
    transactions generally provide for the transfer from one
    counterparty to another of certain risks inherent in the
    ownership of a financial asset such as a common stock or debt
    instrument. Such risks include, among other things, the risk of
    default and insolvency of the obligor of such asset, the risk
    that the credit of the obligor or the underlying collateral will
    decline or the risk that the common stock of the underlying
    issuer will decline in value. The transfer of risk pursuant to a
    derivative of this type may be complete or partial, and may be
    for the life of the related asset or for a shorter period. These
    derivatives may be used as a risk management tool for a pool of
    financial assets, providing the Fund with the opportunity to
    gain or reduce exposure to one or more reference securities or
    other financial assets (each, a &#147;Reference Asset&#148;)
    without actually owning or selling such assets in order, for
    example, to increase or reduce a concentration risk or to
    diversify a portfolio. Conversely, these derivatives may be used
    by the Fund to reduce exposure to an owned asset without
    selling&#160;it.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because the Fund would not own the Reference Assets, the Fund
    may not have any voting rights with respect to the Reference
    Assets, and in such cases all decisions related to the obligors
    or issuers of the Reference Assets, including whether to
    exercise certain remedies, will be controlled by the swap
    counterparties.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total rate of return swaps and similar derivatives are subject
    to many risks, including the possibility that the market will
    move in a manner or direction that would have resulted in gain
    for the Fund had the swap or other derivative not been utilized
    (in which case it would have been had the Fund not engaged in
    the transactions), nearly unlimited exposure to changes in the
    value of the Reference Assets, total loss to the Fund
</DIV>
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    of the entire notional amount of the swap, the risk of imperfect
    correlation between the risk sought to be hedged and the
    derivative transactions utilized, the possible inability of the
    counterparty to fulfill its obligations under the swap and
    potential illiquidity of the instrument utilized, which may make
    it difficult for the Fund to close out or unwind one or more
    transactions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Total rate of return swaps and related derivatives are a
    relatively recent development in the financial markets.
    Consequently, there are certain legal, tax and market
    uncertainties that present risks in entering into such
    arrangements. There is currently little or no case law or
    litigation characterizing total rate of return swaps or related
    derivatives, interpreting their provisions, or characterizing
    their tax treatment. In addition, additional regulations and
    laws may apply to these types of derivatives that have not
    previously been applied. There can be no assurance that future
    decisions construing similar provisions to those in any swap
    agreement or other related documents or additional regulations
    and laws will not have an adverse effect on the Fund that
    utilizes these instruments. The Fund will monitor these risks
    and seek to utilize these instruments in a manner that does not
    lead to undue risk regarding the tax or other structural
    elements of the Fund. The Fund will not invest in these types of
    instruments if the Reference Assets are commodities except for
    bona fide hedging or risk management purposes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Convertible Securities.</I>&#160;&#160;A convertible security
    is a bond, debenture, note, stock or other similar security that
    may be converted into or exchanged for a prescribed amount of
    common stock or other equity security of the same or a different
    issuer within a particular period of time at a specified price
    or formula. Before conversion, convertible securities have
    characteristics similar to nonconvertible debt securities in
    that they ordinarily provide a stream of income with generally
    higher yields than those of common stock of the same or similar
    issuers. Convertible securities are senior in rank to common
    stock in a corporation&#146;s capital structure and, therefore,
    generally entail less risk than the corporation&#146;s common
    stock, although the extent to which such risk is reduced depends
    in large measure upon the degree to which the convertible
    security sells above its value as a fixed income security. See
    &#147;Risk Factors and Special Considerations&#151;Dilution Risk
    for Convertible Securities.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Temporary Defensive Investments.</I>&#160;&#160;Although
    under normal market conditions at least 80% of the Fund&#146;s
    assets will consist of common stock and other debt or equity
    securities of foreign and domestic companies involved in the
    Utilities Industry and securities of companies in other
    industries that are expected to periodically generate or accrue
    income, when a temporary defensive posture is believed by the
    Investment Adviser to be warranted (&#147;temporary defensive
    periods&#148;), the Fund may without limitation hold cash or
    invest its assets in money market instruments and repurchase
    agreements in respect of those instruments. The money market
    instruments in which the Fund may invest are obligations of the
    U.S.&#160;government, its agencies or instrumentalities;
    commercial paper rated
    <FONT style="white-space: nowrap">A-1</FONT> or
    higher by S&#038;P or Prime-1 by Moody&#146;s; and certificates
    of deposit and bankers&#146; acceptances issued by domestic
    branches of U.S.&#160;banks that are members of the FDIC. During
    temporary defensive periods, the Fund may also invest to the
    extent permitted by applicable law in shares of money market
    mutual funds, which, under current law, in the absence of an
    exemptive order will not be affiliated with the Investment
    Adviser. Money market mutual funds are investment companies and
    the investments in those companies by the Fund are in some cases
    subject to certain fundamental investment restrictions and
    applicable law. See &#147;Investment Restrictions.&#148; As a
    shareholder in a mutual fund, the Fund will bear its ratable
    share of its expenses, including management fees, and will
    remain subject to payment of the fees to the Investment Adviser,
    with respect to assets so invested. See &#147;Management of the
    Fund&#151;General.&#148; The Fund may find it more difficult to
    achieve the long-term growth of capital component of its
    investment objective during temporary defensive periods.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Loans of Portfolio Securities.</I>&#160;&#160;To increase
    income, the Fund may lend its portfolio securities to securities
    broker-dealers or financial institutions if the loan is
    collateralized in accordance with applicable regulatory
    requirements.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the borrower fails to maintain the requisite amount of
    collateral, the loan automatically terminates and the Fund could
    use the collateral to replace the securities while holding the
    borrower liable for any excess of replacement cost over the
    value of the collateral. As with any extension of credit, there
    are risks of delay in
</DIV>
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    recovery and in some cases even loss of rights in collateral
    should the borrower of the securities violate the terms of the
    loan or fail financially. There can be no assurance that
    borrowers will not fail financially. On termination of the loan,
    the borrower is required to return the securities to the Fund,
    and any gain or loss in the market price during the loan would
    inure to the Fund. If the other party to the loan petitions for
    bankruptcy or becomes subject to the United States Bankruptcy
    Code, the law regarding the rights of the Fund is unsettled. As
    a result, under extreme circumstances, there may be a
    restriction on the Fund&#146;s ability to sell the collateral
    and the Fund would suffer a loss. See &#147;Investment Objective
    and Policies&#151;Loans of Portfolio Securities&#148; in the SAI.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Portfolio turnover generally involves expense to the Fund,
    including brokerage commissions or dealer
    <FONT style="white-space: nowrap">mark-ups</FONT> and
    other transaction costs on the sale of securities and
    reinvestment in other securities. The portfolio turnover rate is
    computed by dividing the lesser of the amount of the securities
    purchased or securities sold by the average monthly value of
    securities owned during the year (excluding securities whose
    maturities at acquisition were one year or less). Higher
    portfolio turnover may decrease the after-tax return to
    individual investors in the Fund to the extent it results in a
    decrease of the long-term capital gains portion of distributions
    to shareholders. The Fund&#146;s portfolio turnover rates for
    the fiscal years ended December&#160;31, 2009 and
    December&#160;31, 2010 was 9.5% and 7.8%, respectively.
</DIV>
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<A name='Y92093107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investors should consider the following risk factors and special
    considerations associated with investing in the Fund:
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under normal market conditions, the Fund will invest 80% or more
    of its assets in foreign and domestic companies involved in the
    Utilities Industry, and in debt or equity securities of
    companies in other industries that are expected to periodically
    accrue or generate income for their holders. In addition under
    normal market conditions, at least 50% of the Fund&#146;s assets
    will consist of debt or equity of securities of domestic and
    foreign companies involved to a substantial extent (i.e. at
    least 50% of the assets, gross income or net profits of a
    company is committed to or derived from) in the Utilities
    Industry. As a result of this policy of concentrating its
    investments in a particular industry, the net asset value of the
    Fund will be more susceptible to factors affecting those
    particular types of companies, including governmental
    regulation, inflation, cost increases in fuel and other
    operating expenses, technological innovations that may render
    existing products and equipment obsolete, and increasing
    interest rates resulting in high interest costs on borrowings
    needed for product development, infrastructure and capital
    construction programs, including costs associated with
    compliance with environmental and other regulations.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Sector Risk.</I>&#160;&#160;The Fund concentrates its
    investments in the Utilities Industry. As a result, the
    Fund&#146;s investments may be subject to greater risk and
    market fluctuation than a fund that had securities representing
    a broader range of investment alternatives. The prices of equity
    securities issued by certain types of utility companies may
    change more in response to interest rate changes than the equity
    securities of other companies. Generally, when interest rates go
    up, the value of securities issued by these companies goes down.
    Conversely, when interest rates go down, the value of securities
    issued by these companies goes up. There is no guarantee that
    this relationship will hold in the future.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Government Regulation.</I>&#160;&#160;Companies in certain
    sectors of the Utilities Industry (such as power generation and
    distribution) are subject to extensive governmental regulatory
    requirements. Certain of these regulations that are intended to
    limit the concentration of ownership and control of companies in
    these industries may prevent companies in which the Fund invests
    from making certain investments that they would otherwise make.
    Other regulations may cause Utilities Industry companies to
    incur substantial additional costs or lengthy delays in
    connection with the completion of capital investments or the
    introduction of new products or services to market. There are
    substantial differences between the regulatory practices and
    policies in various jurisdictions, and any given regulatory
    agency may make major shifts in policy from time to time. There
    is no assurance that regulatory authorities will, in the future,
    permit companies to implement rate increases or that such
    increases will be adequate to permit the payment of dividends on
    such issuer&#146;s common stocks. Additionally, existing and
    possible future regulatory legislation may make it even more
    difficult for companies in the Utilities Industry to obtain
    adequate relief from rate regulation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Regulatory considerations limit the percentage of the shares of
    a public utility held by a fund or by an adviser and its
    affiliates on behalf of all their clients. Specifically, to
    avoid regulation under the Public Utility Holding Company Act of
    1935, the Fund along with other funds advised by the Investment
    Adviser will not, in the aggregate, own more than 10% of the
    voting securities of a public utility company. Also, various
    types of ownership restrictions are imposed by the Federal
    Communications Commission (&#147;FCC&#148;), on investment in
    media companies and cellular licensees. These rules limit the
    number of broadcast stations both locally and nationally that a
    single entity is permitted to own, operate, or control and
    prohibit ownership of certain competitive communications
    providers in the same location. The FCC also applies limited
    ownership restrictions on cellular licensees serving rural
    areas. Attributable interests that may result from the role of
    the Investment Adviser and its principals in connection with
    other funds, managed accounts and companies may limit the
    Fund&#146;s ability to invest in certain mass media and cellular
    companies. These limitations may unfavorably restrict the
    ability of the Fund to make certain investments.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Deregulation.</I>&#160;&#160;Changing regulation constitutes
    one of the key industry-specific risks for the Fund, especially
    with respect to its investments in traditionally regulated
    public utilities and partially regulated utility or
    telecommunications companies. Domestic and foreign regulators
    may monitor and control such companies&#146; revenues and costs,
    and therefore may limit utility profits and dividends paid to
    investors, which could result in reduced income to the Fund.
    Regulatory authorities also may restrict a company&#146;s access
    to new markets, thereby diminishing the company&#146;s long-term
    prospects. In some jurisdictions certain portions of various
    utilities functions have been deregulated. Deregulation may
    eliminate restrictions on profits and dividends of companies,
    but may also subject these companies to greater risks of loss.
    Thus, deregulation could have a positive or negative impact on
    the Fund. The Investment Adviser believes that certain Utilities
    Industry companies&#146; fundamentals should continue to improve
    as the industry undergoes deregulation. In recent years, changes
    in regulation in the United States increasingly have allowed
    companies in the Utilities Industry to provide services and
    products outside their traditional geographic areas and lines of
    business, creating new areas of competition within these
    industries. However, a number of companies have failed in their
    efforts to take advantage of the deregulated environment and are
    seeking to refocus in their primary business. Nonetheless,
    because of trends toward deregulation and the evolution of
    independent producers as well as new entrants to the field of
    telecommunications, non-regulated providers of utility and
    telecommunications services have become a significant part of
    their respective industries. The emergence of competition and
    deregulation may result in certain companies in the Utilities
    Industry being able to earn more than their traditional
    regulated rates of return, while others may be forced to defend
    their core business from increased competition and may be less
    profitable. Reduced profitability, as well as new uses of funds
    (such as for expansion, operations or stock buybacks) could
    result in cuts in dividend payout rates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Environmental and Other Regulatory
    Matters.</I>&#160;&#160;Companies in the Utilities Industry in
    which the Fund will invest may be subject to a number of host
    country statutory and regulatory standards and required
    approvals relating to energy, labor and environmental laws.
    Certain permits and regulatory approvals may be required to be
    obtained for certain investments by companies in which the Fund
    will invest and failure by such companies to obtain such permits
    and regulatory approvals could adversely affect the Fund&#146;s
    investment. Companies also face considerable costs associated
    with environmental compliance, nuclear waste
    <FONT style="white-space: nowrap">clean-up</FONT> and
    safety regulation. Increasingly, regulators are calling upon
    electric utilities to bear these added costs, and there is a
    risk that these costs will not be fully recovered through an
    increase in revenues.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The adoption by a host country of new laws, policies or
    regulations or changes in the interpretation or application of
    existing laws, policies and regulations that modify the present
    regulatory environment could also have an adverse effect on the
    Fund&#146;s investments. Regulatory risk affects companies in
    the Utilities Industry in part because governments may be party
    to private Utilities Industry investments as lessors, customers,
    regulators or partners. Moreover, for political reasons,
    governments may control the prices at which companies in the
    Utilities Industry can sell their products, which can adversely
    affect the Fund&#146;s investment in such a company.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the laws of certain countries that are host to Utilities
    Industry companies in which the Fund may invest, such companies
    may be required to comply with a number of statutes and
    regulations during their operation pertaining to environmental
    controls or restrictions, and the storage, handling,
    transportation and disposal of hazardous and toxic material,
    waste or other substances. Compliance with such requirements may
    be costly and may materially affect the profitability of such
    companies. Further, failure by such a company to comply with any
    such statutes or regulations could have adverse effects on its
    business results and prospects, which could have negative
    consequences for investors such as the Fund.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Foreign Utility Companies.</I>&#160;&#160;Foreign companies
    in the Utilities Industry are also subject to regulation,
    although such regulation may or may not be comparable to
    regulation in the United States. Foreign companies in the
    Utilities Industry may be more heavily regulated by their
    respective governments than companies in the United States and,
    as in the United States, generally are required to seek
    government approval for rate increases. In addition, many
    foreign utilities use fuels that may cause more pollution than
    those used in the United States, which may require such
    utilities to invest in pollution control equipment to meet any
    proposed pollution restrictions. Foreign regulatory systems vary
    from country to country and may evolve in ways
</DIV>
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    different from regulation in the United States. Additionally,
    because the effectiveness of the judicial systems in
    <FONT style="white-space: nowrap">non-U.S.&#160;countries</FONT>
    varies, the Fund or companies in which it may invest may have
    difficulty in successfully pursuing claims in the courts of such
    countries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Financing.</I>&#160;&#160;At certain times, companies in the
    Utilities Industry encounter difficulties in obtaining financing
    for product development, infrastructure and construction
    programs. Issuers experiencing such difficulties may also
    experience lower profitability, which can result in reduced
    income to the Fund. Historically, companies in the Utilities
    Industry have also encountered such financing difficulties
    during inflationary periods, although we cannot assure you that
    such a relationship will continue and that companies in the
    Utilities Industry will not encounter financing difficulties
    during non-inflationary periods.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Equipment and Supplies.</I>&#160;&#160;Companies in the
    Utilities Industry may face the risk of lengthy delays and
    increased costs associated with the design, development,
    construction, licensing and operation of their facilities or
    sale of their products. Moreover, technological innovations may
    render existing plants, equipment or products obsolete.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Increased costs and a reduction in the availability of fuel
    (such as oil, coal, nuclear or natural gas) also may adversely
    affect the profitability of utility companies. Electric
    utilities may be burdened by unexpected increases in fuel and
    other operating costs. They may also be negatively affected when
    long-term interest rates rise. Long-term borrowings are used to
    finance most utility investments, and rising interest rates lead
    to higher financing costs and reduced earnings. Investments in
    certain kinds of utility companies are also subject to certain
    additional risks.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Electric.</I>&#160;&#160;Certain of the issuers of securities
    held in the Fund&#146;s portfolio may own or operate nuclear
    generating facilities. Governmental authorities may from time to
    time review existing policies and impose additional requirements
    governing the licensing, construction and operation of nuclear
    power plants. Prolonged changes in climatic conditions can also
    have a significant impact on both the revenues of an electric
    and gas utility as well as its expenses.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The construction and operation of nuclear power facilities are
    subject to increased scrutiny by, and evolving regulations of,
    the Nuclear Regulatory Commission and state agencies having
    comparable jurisdiction. Increased scrutiny might result in
    higher operating costs and higher capital expenditures, with the
    risk that the regulators may disallow inclusion of these costs
    in rate authorizations or the risk that a company may not be
    permitted to operate or complete construction of a facility. In
    addition, operators of nuclear power plants may be subject to
    significant costs for disposal of nuclear fuel and for
    decommissioning such plants.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The rating agencies are taking a closer look at the business
    profile of utilities. Ratings for companies are expected to be
    affected to a greater extent in the future by how their asset
    base is utilized. Electric utility companies that focus more on
    the generation of electricity may be assigned less favorable
    ratings as this business is expected to be competitive and the
    least regulated. On the other hand, companies that focus on
    transmission and distribution, which is expected to be the least
    competitive and the more regulated part of the business, may see
    higher ratings given the greater predictability of cash flow.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Several states have enacted enabling deregulation legislation.
    The introduction of competition into the industry as a result of
    deregulation may result in lower revenue, lower credit ratings,
    increased default risk and lower electric utility security
    prices. Such increased competition may also cause long-term
    contracts, which electric utilities previously entered into to
    buy power, to become &#147;stranded assets,&#148; which have no
    economic value. Any loss associated with such contracts must be
    absorbed by ratepayers and investors. In addition, in
    anticipation of increasing competition, some electric utilities
    have acquired electric utilities overseas to diversify, enhance
    earnings and gain experience in operating in a deregulated
    environment. In some instances, such acquisitions have involved
    significant borrowings, which have burdened the acquirer&#146;s
    balance sheet. There is no assurance that current deregulation
    proposals will be adopted. However, deregulation in any form
    could significantly impact the electric utilities industry.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Following deregulation of the energy markets in certain states,
    a number of companies have engaged in energy trading and
    incurred substantial losses. Certain of these energy trading
    businesses have been accused of
</DIV>
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    employing improper accounting practices and have been required
    to make significant restatements of their financial results. In
    addition, several energy companies have been accused of
    attempting to manipulate the price and availability of energy in
    certain states.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Telecommunications.</I>&#160;&#160;The telecommunications
    industry today includes both traditional telephone companies
    with a history of broad market coverage and highly regulated
    businesses and cable companies, which began as small, lightly
    regulated businesses focused on limited markets. Today these two
    historically different businesses are converging in an industry
    which is trending toward larger, competitive, national and
    international markets with an emphasis on deregulation.
    Companies that distribute telephone services and provide access
    to the telephone networks still comprise the greatest portion of
    this segment, but non-regulated activities such as cellular
    telephone services, paging, data processing, equipment
    retailing, computer software and hardware services are becoming
    increasingly significant components as well. The presence of
    unregulated companies in this industry and the entry of
    traditional telephone companies into unregulated or less
    regulated businesses provide significant investment
    opportunities with companies which may increase their earnings
    at faster rates than had been allowed in traditional regulated
    businesses. Still, increasing competition, technological
    innovations and other structural changes could adversely affect
    the profitability of such utilities and the growth rate of their
    dividends. Given mergers, certain marketing tests currently
    underway and proposed legislation and enforcement changes, it is
    likely that both traditional telephone companies and cable
    companies will soon provide a greatly expanded range of utility
    services, including two-way video and informational services to
    residential, corporate and governmental customers.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In February 1996, the Telecommunications Act of 1996 (the
    &#147;Act&#148;) became law. The Act removed regulatory
    restrictions on entry that prevented local and long-distance
    telephone companies and cable television companies from
    competing against one another. The Act also removed most cable
    rate controls and allows broadcasters to own more radio and
    television stations. Litigation concerning the constitutionality
    of certain major provisions of the Act has slowed the
    implementation of such provisions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Gas.</I>&#160;&#160;Gas transmission companies and gas
    distribution companies are also undergoing significant changes.
    In the United States, interstate transmission companies are
    regulated by the Federal Energy Regulatory Commission, which is
    reducing its regulation of the industry. Many companies have
    diversified into oil and gas exploration and development, making
    returns more sensitive to energy prices. In the recent decade,
    gas utility companies have been adversely affected by
    disruptions in the oil industry and have also been affected by
    increased concentration and competition. Prolonged changes in
    climatic conditions can also have a significant impact on both
    the revenues and expenses of a gas utility.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Water.</I>&#160;&#160;In the case of the water utility
    sector, the industry is highly fragmented, and most water supply
    companies find themselves in mature markets, although upgrading
    of fresh water and waste water systems is an expanding business.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There can be no assurance that the positive developments noted
    above, including those relating to privatization and changing
    regulation, will occur or that risk factors other than those
    noted above will not develop in the future.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Leveraged Capital Structures.</I>&#160;&#160;It is expected
    that Utilities Industry companies in which the Fund will invest
    may employ considerable leverage, a significant portion of which
    may be at floating interest rates. As a result, a Utilities
    Industry company may be subject to increased exposure to adverse
    economic factors such as a significant rise in interest rates, a
    severe downturn in the economy or deterioration in the condition
    of such company or its industry.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Risk to Holders of Common Shares</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Dilution Risk.</I>&#160;&#160;If the Fund determines to
    conduct a rights offering to subscribe for common shares,
    holders of common shares may experience dilution or accretion of
    the aggregate net asset value of their common shares. Such
    dilution or accretion will depend upon whether (i)&#160;such
    shareholders participate in the rights offering and
    (ii)&#160;the Fund&#146;s net asset value per common share is
    above or below the subscription price on the expiration date of
    the rights offering.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Leverage Risk.</I>&#160;&#160;The Fund currently does not use
    financial leverage for investment purposes. However, if the Fund
    implemented a leveraged capital structure in the future, such a
    structure would create special risks not associated with
    unleveraged funds that have a similar investment objective and
    policies. These include the possibility of greater loss and the
    likelihood of higher volatility of the net asset value of the
    Fund and the asset coverage for the preferred shares. Such
    volatility may increase the likelihood of the Fund having to
    sell investments in order to meet its obligations to make
    distributions on the preferred shares or principal or interest
    payments on debt securities, or to redeem preferred shares or
    repay debt, when it may be disadvantageous to do so. The use of
    leverage magnifies both the favorable and unfavorable effects of
    price movements in the investments made by the Fund. To the
    extent the Fund is leveraged in its investment operations, the
    Fund will be subject to substantial risk of loss. The Fund
    cannot assure that borrowings or the issuance of preferred
    shares will result in a higher yield or return to the holders of
    the common shares. Also, if the Fund utilizes leverage, a
    decline in net asset value could affect the ability of the Fund
    to make common share distributions and such a failure to make
    distributions could result in the Fund ceasing to qualify as a
    regulated investment company under the Code.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any decline in the net asset value of the Fund&#146;s
    investments would be borne entirely by the holders of common
    shares. Therefore, if the market value of the Fund&#146;s
    portfolio declines, the leverage will result in a greater
    decrease in net asset value to the holders of common shares than
    if the Fund were not leveraged. This greater net asset value
    decrease will also tend to cause a greater decline in the market
    price for the common shares. In such a case, the Fund might be
    in danger of failing to maintain the required asset coverage of
    its borrowings or preferred shares or of losing its ratings on
    its borrowings or preferred shares or, in an extreme case, the
    Fund&#146;s current investment income might not be sufficient to
    meet the interest or dividend requirements on its borrowings or
    preferred shares. In order to counteract such an event, the Fund
    might need to liquidate investments in order to fund a
    redemption of some or all of the preferred shares.
</DIV>

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

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    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Preferred Share and Note Risk.</I>&#160;&#160;The issuance of
    preferred shares or notes causes the net asset value and market
    value of the common shares to become more volatile. If the
    dividend rate on the preferred shares or the interest rate on
    the notes approaches the net rate of return on the Fund&#146;s
    investment portfolio, the benefit of leverage to the holders of
    the common shares would be reduced. If the dividend rate on the
    preferred shares or the interest rate on the notes plus the
    management fee annual rate of 1.00% exceeds the net rate of
    return on the Fund&#146;s portfolio, the leverage will result in
    a lower rate of return to the holders of common shares than if
    the Fund had not issued preferred shares or notes. If the Fund
    has insufficient investment income and gains, all or a portion
    of the distributions to preferred shareholders or interest
    payments to note holders would come from the common
    shareholders&#146; capital. Such distributions and interest
    payments reduce the net assets attributable to common
    shareholders.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Fund would pay (and the holders of common
    shares will bear) all costs and expenses relating to the
    issuance and ongoing maintenance of the preferred shares or
    notes, including the advisory fees on the incremental assets
    attributable to the preferred shares or notes.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of preferred shares may have different interests than
    holders of common shares and may at times have disproportionate
    influence over the Fund&#146;s affairs. Holders of preferred
    shares, voting separately as a single class, would have the
    right to elect two members of the Board of Trustees at all times
    and in the event dividends become two full years in arrears
    would have the right to elect a majority of the Trustees until
    such arrearage is completely eliminated. In addition, preferred
    shareholders have class voting rights on certain matters,
    including changes in fundamental investment restrictions and
    conversion of the fund to open-end status, and accordingly can
    veto any such changes.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Restrictions imposed on the declarations and payment of
    dividends or other distributions to the holders of the
    Fund&#146;s common shares and preferred shares, both by the 1940
    Act and by requirements imposed by rating agencies, might impair
    the Fund&#146;s ability to maintain its qualification as a
    regulated investment company for federal income tax purposes.
    While the Fund intends to redeem its preferred shares or notes
    to the extent necessary to enable the Fund to distribute its
    income as required to
</DIV>
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    31
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<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    maintain its qualification as a regulated investment company
    under the Code, there can be no assurance that such actions can
    be effected in time to meet the Code requirements.
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Portfolio Guidelines of Rating Agencies for Preferred Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    Credit Facility</I>.&#160;&#160;In order to obtain and maintain
    attractive credit quality ratings for preferred shares or
    borrowings, the Fund must comply with investment quality,
    diversification and other guidelines established by the relevant
    rating agencies. These guidelines could affect portfolio
    decisions and may be more stringent than those imposed by the
    1940 Act. In the event that a rating on the Fund&#146;s
    preferred shares or notes is lowered or withdrawn by the
    relevant rating agency, the Fund may also be required to redeem
    all or part of its outstanding preferred shares or notes, and
    the common shares of the Fund will lose the potential benefits
    associated with a leveraged capital structure.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Impact on Common Shares.</I>&#160;&#160;The following table
    is furnished in response to requirements of the SEC. It is
    designed to illustrate the effect of leverage on common share
    total return, assuming investment portfolio total returns
    (comprised of net investment income of the Fund, realized gains
    or losses of the Fund and changes in the value of the securities
    held in the Fund&#146;s portfolio) of -10%, -5%, 0%, 5% and 10%.
    These assumed investment portfolio returns are hypothetical
    figures and are not necessarily indicative of the investment
    portfolio returns experienced or expected to be experienced by
    the Fund. See &#147;Risks.&#148; The table further reflects
    leverage representing 15% of the Fund&#146;s total assets, the
    Fund&#146;s current projected blended annual average leverage
    dividend or interest rate of 6.00%, a management fee at an
    annual rate of 0.70% of the liquidation preference of any
    outstanding preferred shares and estimated annual incremental
    expenses attributable to any outstanding preferred shares of
    0.02% of the Fund&#146;s net assets attributable to common
    shares.
</TD>
</TR>

</TABLE>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Assumed Portfolio Total Return (Net of Expenses)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Share Total Return
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12.97
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7.08
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.20
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.58
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Common share total return is composed of two elements&#151;the
    common share distributions paid by the Fund (the amount of which
    is largely determined by the taxable income of the Fund
    (including realized gains or losses) after paying interest on
    any debt
    <FONT style="white-space: nowrap">and/or</FONT>
    dividends on any preferred shares) and unrealized gains or
    losses on the value of the securities the Fund owns. As required
    by SEC rules, the table assumes that the Fund is more likely to
    suffer capital losses than to enjoy total return. For example,
    to assume a total return of 0% the Fund must assume that the
    income it receives on its investments is entirely offset by
    expenses and losses in the value of those investments.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Risks to Holders of Fixed Rate Preferred Shares</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Illiquidity Prior to Exchange Listing.</I>&#160;&#160;Prior
    to the offering, there will be no public market for any series
    of Fixed Rate Preferred Shares. In the event any series of Fixed
    Rate Preferred Shares are issued, prior application will have
    been made to list such shares on a national securities exchange,
    which will likely be the NYSE Amex. However, during an initial
    period, which is not expected to exceed 30&#160;days after the
    date of its initial issuance, such shares may not be listed on
    any securities exchange. During such period, the underwriters
    may make a market in such shares, though they will have no
    obligation to do so. Consequently, an investment in such shares
    may be illiquid during such period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Market Price Fluctuation.</I>&#160;&#160;Shares of Fixed Rate
    Preferred may trade at a premium to or discount from liquidation
    value for various reasons, including changes in interest rates.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Risks for Holders of Variable Rate Preferred Shares</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Auction Risk.</I>&#160;&#160;In the event any Variable Rate
    Preferred Shares are issued, you may not be able to sell your
    Variable Rate Preferred Shares at an auction if the auction
    fails, i.e., if more Variable Rate Preferred Shares are offered
    for sale than there are buyers for those shares. Also, if you
    place an order (a hold order) at an auction to retain Variable
    Rate Preferred Shares only at a specified rate that exceeds the
    rate set at the auction, you will not retain your Variable Rate
    Preferred Shares. Additionally, if you place a hold order
</DIV>
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    <BR>
    32
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    without specifying a rate below which you would not wish to
    continue to hold your shares and the auction sets a below market
    rate, you will receive a lower rate of return on your shares
    than the market rate. Moreover, the dividend period may be
    changed, subject to certain conditions and with notice to the
    holders of the Variable Rate Preferred Shares, which could also
    affect the liquidity of your investment. Since 2008, most
    auction-rate preferred share auctions have been unable to hold
    successful auctions and holders of such shares have suffered
    reduced liquidity. There can be no assurance that liquidity will
    improve.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Secondary Market Risk.</I>&#160;&#160;In the event any
    Variable Rate Preferred Shares are issued, if you try to sell
    your Variable Rate Preferred Shares between auctions, you may
    not be able to sell them for their liquidation preference per
    share or such amount per share plus accumulated dividends. If
    the Fund has designated a special dividend period of more than
    seven days, changes in interest rates could affect the price you
    would receive if you sold your shares in the secondary market.
    Broker-dealers that maintain a secondary trading market for the
    Variable Rate Preferred Shares are not required to maintain this
    market, and the Fund is not required to redeem Variable Rate
    Preferred Shares if either an auction or an attempted secondary
    market sale fails because of a lack of buyers. The Variable Rate
    Preferred Shares will not be registered on a stock exchange. If
    you sell your Variable Rate Preferred Shares to a broker-dealer
    between auctions, you may receive less than the price you paid
    for them, especially when market interest rates have risen since
    the last auction or during a special dividend period.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Risks to Holders of Notes</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An investment in our notes is subject to special risks. Our
    notes are not likely to be listed on an exchange or automated
    quotation system. We cannot assure you that any market will
    exist for our notes or if a market does exist, whether it will
    provide holders with liquidity. Broker-dealers that maintain a
    secondary trading market for the notes are not required to
    maintain this market, and the Fund is not required to redeem
    notes if an attempted secondary market sale fails because of a
    lack of buyers. To the extent that our notes trade, they may
    trade at a price either higher or lower than their principal
    amount depending on interest rates, the rating (if any) on such
    notes and other factors.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Risk to Holders of Subscription Rights</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is a risk that changes in market conditions may result in
    the underlying common or preferred shares purchaseable upon
    exercise of the subscription rights being less attractive to
    investors at the conclusion of the subscription period. This may
    reduce or eliminate the value of the subscription rights.
    Investors who receive subscription rights may find that there is
    no market to sell rights they do not wish to exercise. If
    investors exercise only a portion of the rights, the number of
    common or preferred shares issued may be reduced, and the common
    or preferred shares may trade at less favorable prices than
    larger offerings for similar securities.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We cannot assure you what percentage of the distributions paid
    on the common shares, if any, will consist of tax-advantaged
    qualified dividend income or long-term capital gains or what the
    tax rates on various types of income will be in future years.
    The favorable rates on qualifying dividends and capital gains
    are currently scheduled to expire for income received or gains
    realized in taxable years beginning after December&#160;31,
    2012. See &#147;Taxation.&#148;
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may invest without limitation in securities of foreign
    issuers and will generally be invested in securities of issuers
    located in at least three countries including the U.S.&#160;It
    is anticipated that, under normal market conditions, at least
    40% of the Fund&#146;s assets will be invested in foreign
    securities. Investments in the securities of foreign issuers
    involve certain considerations and risks not ordinarily
    associated with investments in securities of domestic issuers.
    Foreign companies are not generally subject to the same
    accounting, auditing and financial standards and requirements as
    those applicable to U.S.&#160;companies. Foreign securities
    exchanges,
</DIV>
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    <BR>
    33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    brokers and listed companies may be subject to less government
    supervision and regulation than exists in the United States.
    Dividend and interest income may be subject to withholding and
    other foreign taxes, which may adversely affect the net return
    on such investments. There may be difficulty in obtaining or
    enforcing a court judgment abroad. In addition, it may be
    difficult to effect repatriation of capital invested in certain
    countries. In addition, with respect to certain countries, there
    are risks of expropriation, confiscatory taxation, political or
    social instability or diplomatic developments that could affect
    assets of the Fund held in foreign countries.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There may be less publicly available information about a foreign
    company than a U.S.&#160;company. Foreign securities markets may
    have substantially less volume than U.S.&#160;securities markets
    and some foreign company securities are less liquid than
    securities of otherwise comparable U.S.&#160;companies. A
    portfolio of foreign securities may also be adversely affected
    by fluctuations in the rates of exchange between the currencies
    of different nations and by exchange control regulations.
    Foreign markets also have different clearance and settlement
    procedures that could cause the Fund to encounter difficulties
    in purchasing and selling securities on such markets and may
    result in the Fund missing attractive investment opportunities
    or experiencing loss. In addition, a portfolio that includes
    foreign securities can expect to have a higher expense ratio
    because of the increased transaction costs on
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    markets and the increased costs of maintaining the custody of
    foreign securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investments in foreign securities, especially in emerging market
    countries, will expose the Fund to the direct or indirect
    consequences of political, social or economic changes in the
    countries that issue the securities or in which the issuers are
    located. Certain countries in which the Fund may invest,
    especially emerging market countries, have historically
    experienced, and may continue to experience, high rates of
    inflation, high interest rates, exchange rate fluctuations,
    large amounts of external debt, balance of payments and trade
    difficulties and extreme poverty and unemployment. Many of these
    countries are also characterized by political uncertainty and
    instability. The cost of servicing external debt will generally
    be adversely affected by rising international interest rates
    because many external debt obligations bear interest at rates
    which are adjusted based upon international interest rates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investing in securities of companies in emerging markets may
    entail special risks relating to potential political and
    economic instability and the risks of expropriation,
    nationalization, confiscation or the imposition of restrictions
    on foreign investment, the lack of hedging instruments and
    restrictions on repatriation of capital invested. Emerging
    securities markets are substantially smaller, less developed,
    less liquid and more volatile than the major securities markets.
    The limited size of emerging securities markets and limited
    trading value compared to the volume of trading in
    U.S.&#160;securities could cause prices to be erratic for
    reasons apart from factors that affect the quality of the
    securities. For example, limited market size may cause prices to
    be unduly influenced by traders who control large positions.
    Adverse publicity and investors&#146; perceptions, whether or
    not based on fundamental analysis, may decrease the value and
    liquidity of portfolio securities, especially in these markets.
    Many emerging market countries have experienced substantial, and
    in some periods extremely high, rates of inflation for many
    years. Inflation and rapid fluctuations in inflation rates and
    corresponding currency devaluations have had and may continue to
    have negative effects on the economies and securities markets of
    certain emerging market countries. Typically, the Fund will not
    hold any foreign securities of emerging market issuers and, if
    it does, such securities will not comprise more than 10% of the
    Fund&#146;s managed assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund also may purchase sponsored ADRs or
    U.S.&#160;dollar-denominated securities of foreign issuers. ADRs
    are receipts issued by United States banks or trust companies in
    respect of securities of foreign issuers held on deposit for use
    in the United States securities markets. While ADRs may not
    necessarily be denominated in the same currency as the
    securities into which they may be converted, many of the risks
    associated with foreign securities may also apply to ADRs. In
    addition, the underlying issuers of certain depositary receipts,
    particularly unsponsored or unregistered depositary receipts,
    are under no obligation to distribute shareholder communications
    to the holders of such receipts, or to pass through to them any
    voting rights with respect to the deposited securities.
</DIV>
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    34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund expects to invest in companies whose securities are
    denominated in currencies other than U.S.&#160;dollars or have
    operations outside of the U.S.&#160;In such instances, the Fund
    will be exposed to currency risk, including the risk of
    fluctuations in the exchange rate between U.S.&#160;dollars (in
    which the Fund&#146;s shares are denominated) and such foreign
    currencies, the risk of currency devaluations and the risks of
    non-exchangeability and blockage.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As
    <FONT style="white-space: nowrap">non-U.S.&#160;securities</FONT>
    may be purchased with and payable in currencies of countries
    other than the U.S.&#160;dollar, the value of these assets
    measured in U.S.&#160;dollars may be affected favorably or
    unfavorably by changes in currency rates and exchange control
    regulations. Fluctuations in currency rates may adversely affect
    the ability of the Investment Adviser to acquire such securities
    at advantageous prices and may also adversely affect the
    performance of such assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain
    <FONT style="white-space: nowrap">non-U.S.&#160;currencies,</FONT>
    primarily in developing countries, have been devalued in the
    past and might face devaluation in the future. Currency
    devaluations generally have a significant and adverse impact on
    the devaluing country&#146;s economy in the short and
    intermediate term and on the financial condition and results of
    companies&#146; operations in that country. Currency
    devaluations may also be accompanied by significant declines in
    the values and liquidity of equity and debt securities of
    affected governmental and private sector entities generally. To
    the extent that affected companies have obligations denominated
    in currencies other than the devalued currency, those companies
    may also have difficulty in meeting those obligations under such
    circumstances, which in turn could have an adverse effect upon
    the value of the Fund&#146;s investments in such companies.
    There can be no assurance that current or future developments
    with respect to foreign currency devaluations will not impair
    the Fund&#146;s investment flexibility, its ability to achieve
    its investment objective or the value of certain of its foreign
    currency denominated investments.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A principal risk of investing in the Fund is equity risk, which
    is the risk that the securities held by the Fund will fall in
    market value due to adverse market and economic conditions,
    perceptions regarding the industries in which the issuers of
    securities held by the Fund participate, and the particular
    circumstances and performance of particular companies whose
    securities the Fund holds. An investment in the Fund represents
    an indirect investment in the securities owned by the Fund,
    which are for the most part traded on securities exchanges or in
    the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets. The market value of these securities, like other market
    investments, may move up or down, sometimes rapidly and
    unpredictably. The net asset value of the Fund may at any point
    in time be worth less than the amount at the time the
    shareholder invested in the Fund, even after taking into account
    any reinvestment of distributions.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Dependence
    on Key Personnel</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mario J. Gabelli serves as the Fund&#146;s portfolio manager.
    The Investment Adviser is dependent upon the expertise of
    Mr.&#160;Mario J. Gabelli in providing advisory services with
    respect to the Fund&#146;s investments. If the Investment
    Adviser were to lose the services of Mr.&#160;Gabelli, its
    ability to service the Fund could be adversely affected. There
    can be no assurance that a suitable replacement could be found
    for Mr.&#160;Gabelli in the event of his death, resignation,
    retirement or inability to act on behalf of the Investment
    Adviser.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Whether investors will realize gains or losses upon the sale of
    common shares of the Fund will depend upon the market price of
    the shares at the time of sale, which may be less or more than
    the Fund&#146;s net asset value per share. Since the market
    price of the common shares will be affected by such factors as
    the Fund&#146;s dividend and distribution levels (which are in
    turn affected by expenses), dividend and distribution stability,
    net asset value, market liquidity, the relative demand for and
    supply of the shares in the market, general market and economic
    conditions and other factors beyond the control of the Fund, we
    cannot predict whether the common shares will trade at, below or
    above net asset value or at, below or above the public offering
</DIV>
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    <BR>
    35
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    price. Common shares of closed-end funds often trade at a
    discount to their net asset values and the Fund&#146;s common
    shares may trade at such a discount. This risk may be greater
    for investors expecting to sell their common shares of the Fund
    soon after completion of the public offering. The common shares
    of the Fund are designed primarily for long-term investors, and
    investors in the shares should not view the Fund as a vehicle
    for trading purposes.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Long-term
    Objective; Not a Complete Investment Program</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is intended for investors seeking a consistent level of
    after-tax total return consisting of income (with a current
    emphasis on qualifying dividends) and long-term capital gains.
    The Fund is not meant to provide a vehicle for those who wish to
    play short-term swings in the stock market. An investment in
    shares of the Fund should not be considered a complete
    investment program. Each shareholder should take into account
    the Fund&#146;s investment objective as well as the
    shareholder&#146;s other investments when considering an
    investment in the Fund.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Shares&#160;Distribution Policy Risk</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to its adopted distribution policy, the Fund intends to
    make monthly distributions on its common shares. To the extent
    its total monthly distributions for a year exceed its net
    investment company taxable income and net realized capital gain
    for that year, the excess would generally constitute a return of
    capital. Return of capital distributions are generally tax-free
    up to the amount of a shareholder&#146;s tax basis in the shares
    after which they are treated as capital gains. See
    &#147;Taxation.&#148; In addition, such excess distributions may
    have the effect of decreasing the Fund&#146;s total assets and
    may increase the Fund&#146;s expense ratio as the Fund&#146;s
    fixed expenses may become a larger percentage of the Fund&#146;s
    average net assets. In order to make such distributions, the
    Fund might have to sell a portion of its investment portfolio at
    a time when independent investment judgment may not dictate such
    action.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is subject to management risk because it is an actively
    managed portfolio. The Investment Adviser will apply investment
    techniques and risk analyses in making investment decisions for
    the Fund, but there can be no guarantee that these will produce
    the desired results.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In selecting equity income securities in which the Fund will
    invest, the Investment Adviser will consider the issuer&#146;s
    history of making regular periodic distributions (i.e.,
    dividends) to its equity holders. An issuer&#146;s history of
    paying dividends, however, does not guarantee that the issuer
    will continue to pay dividends in the future. The dividend
    income stream associated with equity income securities generally
    is not guaranteed and will be subordinate to payment obligations
    of the issuer on its debt and other liabilities. Accordingly, in
    the event the issuer does not realize sufficient income in a
    particular period both to service its liabilities and to pay
    dividends on its equity securities, it may forgo paying
    dividends on its equity securities. In addition, because in most
    instances issuers are not obligated to make periodic
    distributions to the holders of their equity securities, such
    distributions or dividends generally may be discontinued at the
    issuer&#146;s discretion.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Special
    Risks Related to Investments in Preferred Securities</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There are special risks associated with the Fund&#146;s
    investing in preferred securities, including:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Deferral.</I>&#160;&#160;Preferred securities may include
    provisions that permit the issuer, at its discretion, to defer
    dividends or distributions for a stated period without any
    adverse consequences to the issuer. If the Fund owns a preferred
    security that is deferring its dividends or distributions, the
    Fund may be required to report income for tax purposes although
    it has not yet received such income.
</TD>
</TR>

</TABLE>
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    <BR>
    36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Non-Cumulative Dividends.</I>&#160;&#160;Some preferred
    securities are non-cumulative, meaning that the dividends do not
    accumulate and need not ever be paid. A portion of the portfolio
    may include investments in non-cumulative preferred securities,
    whereby the issuer does not have an obligation to make up any
    arrearages to its shareholders. Should an issuer of a
    non-cumulative preferred security held by the Fund determine not
    to pay dividends or distributions on such security, the
    Fund&#146;s return from that security may be adversely affected.
    There is no assurance that dividends or distributions on
    non-cumulative preferred securities in which the Fund invests
    will be declared or otherwise made payable.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Subordination.</I>&#160;&#160;Preferred securities are
    subordinated to bonds and other debt instruments in an
    issuer&#146;s capital structure in terms of priority to
    corporate income and liquidation payments, and therefore will be
    subject to greater credit risk than more senior debt security
    instruments.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Liquidity.</I>&#160;&#160;Preferred securities may be
    substantially less liquid than many other securities, such as
    common stocks or U.S.&#160;government securities.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Limited Voting Rights.</I>&#160;&#160;Generally, preferred
    security holders (such as the Fund) have no voting rights with
    respect to the issuing company unless preferred dividends have
    been in arrears for a specified number of periods, at which time
    the preferred security holders may be entitled to elect a number
    of trustees to the issuer&#146;s board. Generally, once all the
    arrearages have been paid, the preferred security holders no
    longer have voting rights.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Special Redemption&#160;Rights.</I>&#160;&#160;In certain
    varying circumstances, an issuer of preferred securities may
    redeem the securities prior to a specified date. For instance,
    for certain types of preferred securities, a redemption may be
    triggered by a change in federal income tax or securities laws.
    A redemption by the issuer may negatively impact the return of
    the security held by the Fund.
</TD>
</TR>

</TABLE>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The income investors in the Fund receive is based primarily on
    dividends and interest the Fund earns from its investments,
    which can vary widely over the short and long-term. If
    prevailing market interest rates decrease, distribution rates of
    the Fund&#146;s preferred shares and any bond holdings could
    drop as well. The Fund&#146;s income also would likely be
    affected adversely when prevailing short-term interest rates
    increase while the Fund is utilizing leverage.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Inflation risk is the risk that the value of assets or income
    from investments will be worth less in the future as inflation
    decreases the value of money. As inflation increases, the real
    value of the Fund&#146;s shares and distributions thereon can
    decline. In addition, during any periods of rising inflation,
    dividend or interest rates of any variable rate preferred shares
    or debt securities issued by the Fund would likely increase,
    which would tend to further reduce returns to common
    shareholders.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the absence of adequate anti-dilution provisions in a
    convertible security, dilution in the value of the Fund&#146;s
    holding may occur in the event the underlying stock is
    subdivided, additional equity securities are issued for below
    market value, a stock dividend is declared or the issuer enters
    into another type of corporate transaction that has a similar
    effect.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund invests in dividend-paying common and preferred stocks
    in the Utilities Industry that the Investment Adviser believes
    are undervalued or inexpensive relative to other investments.
    These types of securities may present risks in addition to the
    general risks associated with investing in common and preferred
    stocks. These securities generally are selected on the basis of
    an issuer&#146;s fundamentals relative to current market price.
    Such securities are subject to the risk of mis-estimation of
    certain fundamental factors. In
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    addition, during certain time periods market dynamics may
    strongly favor &#147;growth&#148; stocks of issuers that do not
    display strong fundamentals relative to market price based upon
    positive price momentum and other factors. Disciplined adherence
    to a &#147;value&#148; investment mandate during such periods
    can result in significant underperformance relative to overall
    market indices and other managed investment vehicles that pursue
    growth style investments
    <FONT style="white-space: nowrap">and/or</FONT>
    flexible equity style mandates.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Non-Diversified
    Status</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is classified as a &#147;non-diversified&#148;
    investment company under the 1940 Act, which means the Fund is
    not limited by the 1940 Act in the proportion of its assets that
    may be invested in the securities of a single issuer. As a
    non-diversified investment company, the Fund may invest in the
    securities of individual issuers to a greater degree than a
    diversified investment company. As a result, the Fund may be
    more vulnerable to events affecting a single issuer and
    therefore, subject to greater volatility than a fund that is
    more broadly diversified. Accordingly, an investment in the Fund
    may present greater risk to an investor than an investment in a
    diversified company.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has no limit on the amount of its net assets it may
    invest in unregistered or otherwise illiquid investments.
    Unregistered securities are securities that cannot be sold
    publicly in the United States without registration under the
    Securities Act. Unregistered securities generally can be resold
    only in privately negotiated transactions with a limited number
    of purchasers or in a public offering registered under the
    Securities Act. Considerable delay could be encountered in
    either event and, unless otherwise contractually provided for,
    the Fund&#146;s proceeds upon sale may be reduced by the costs
    of registration or underwriting discounts. The difficulties and
    delays associated with such transactions could result in the
    Fund&#146;s inability to realize a favorable price upon
    disposition of unregistered securities, and at times might make
    disposition of such securities impossible.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may invest in securities pursuant to &#147;risk
    arbitrage&#148; strategies or in other investment funds managed
    pursuant to such strategies. Risk arbitrage strategies attempt
    to exploit merger activity to capture the spread between current
    market values of securities and their values after successful
    completion of a merger, restructuring or similar corporate
    transaction. A merger or other restructuring or tender or
    exchange offer anticipated by the Fund and in which it holds an
    arbitrage position may not be completed on the terms
    contemplated or within the time frame anticipated, resulting in
    losses to the Fund. Such losses would be magnified to the extent
    that the Fund uses leverage to increase its stake in an
    arbitrage position.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may invest up to 10% of its total assets in
    nonconvertible fixed-income securities rated in the lower rating
    categories of recognized statistical rating agencies or unrated
    securities of comparable quality, and an unlimited percentage of
    it assets in convertible bonds of such quality. These high yield
    securities, also sometimes referred to as &#147;junk
    bonds,&#148; generally pay a premium above the yields of
    U.S.&#160;government securities or debt securities of investment
    grade issuers because they are subject to greater risks than
    these securities. These risks, which reflect their speculative
    character, include the following:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

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


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


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


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


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


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


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


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


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

</TABLE>
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    <BR>
    38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the prices of these lower grade securities are more
    sensitive to negative developments, such as a decline in the
    issuer&#146;s revenues or a general economic downturn, than are
    the prices of higher grade securities. Lower grade securities
    tend to be less liquid than investment grade securities. The
    market value of lower grade securities may be more volatile than
    the market value of investment grade securities and generally
    tends to reflect the market&#146;s perception of the
    creditworthiness of the issuer and short-term market
    developments to a greater extent than investment grade
    securities, which primarily reflect fluctuations in general
    levels of interest rates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ratings are relative and subjective and not absolute standards
    of quality. Securities ratings are based largely on the
    issuer&#146;s historical financial condition and the rating
    agencies&#146; analysis at the time of rating. Consequently, the
    rating assigned to any particular security is not necessarily a
    reflection of the issuer&#146;s current financial condition.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a part of its investments in lower grade securities, the Fund
    may invest in securities of issuers in default. The Fund will
    invest in securities of issuers in default only when the
    Investment Adviser believes that such issuers will honor their
    obligations, emerge from bankruptcy protection and the value of
    these securities will appreciate. By investing in the securities
    of issuers in default, the Fund bears the risk that these
    issuers will not continue to honor their obligations or emerge
    from bankruptcy protection or that the value of these securities
    will not otherwise appreciate.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a further description of lower grade securities and the
    risks associated therewith, see &#147;Investment Objectives and
    Policies&#151;Certain Investment Practices&#151;Lower Rated
    Securities.&#148; For a description of the ratings categories of
    certain recognized statistical ratings agencies, see
    Appendix&#160;A to this prospectus.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Loans of
    Portfolio Securities</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Consistent with applicable regulatory requirements and the
    Fund&#146;s investment restrictions, the Fund may lend its
    portfolio securities to securities broker-dealers or financial
    institutions, provided that such loans are callable at any time
    by the Fund (subject to notice provisions described in the SAI),
    and are at all times secured by cash or cash equivalents, which
    are maintained in a segregated account pursuant to applicable
    regulations and that are at least equal to the market value,
    determined daily, of the loaned securities. The advantage of
    such loans is that the Fund continues to receive the income on
    the loaned securities while at the same time earns interest on
    the cash amounts deposited as collateral, which will be invested
    in short-term obligations. The Fund will not lend its portfolio
    securities if such loans are not permitted by the laws or
    regulations of any state in which its shares are qualified for
    sale. The Fund&#146;s loans of portfolio securities will be
    collateralized in accordance with applicable regulatory
    requirements. As with other extensions of credit, there are
    risks of delay in recovery or even loss of rights in the
    securities loaned if the borrower of the securities violates the
    terms of the loan or fails financially.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a further description of such loans of portfolio securities,
    see &#147;Investment Objective and Policies&#151;Additional
    Investment Policies&#151;Loans of Portfolio Securities&#148; in
    the SAI.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The terrorist attacks on domestic U.S.&#160;targets on
    September&#160;11, 2001, the wars in Iraq and Afghanistan and
    other geopolitical events have led to, and may in the future
    lead to, increased short-term market volatility and may have
    long-term effects on U.S.&#160;and world economies and markets.
    The nature, scope and duration of the war and occupation cannot
    be predicted with any certainty. Similar events in the future or
    other disruptions of financial markets could affect interest
    rates, securities exchanges, auctions, secondary trading,
    ratings, credit risk, inflation, energy prices and other factors
    relating to the common shares.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Economic Events</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    While the U.S.&#160;and global markets had experienced extreme
    volatility and disruption for an extended period of time, fiscal
    year 2010 and the first quarter of 2011 witnessed more
    stabilized economic activity as
</DIV>
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    <BR>
    39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    expectations for an economic recovery increased. However, risks
    to a robust resumption of growth persist: a weak consumer
    weighed down by too much debt and increasing joblessness, the
    growing size of the federal budget deficit and national debt,
    and the threat of inflation. A return to unfavorable economic
    conditions could impair the Fund&#146;s ability to execute its
    investment strategies.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">2012 U.S.
    Federal Budget</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The proposed U.S.&#160;federal budget for fiscal year 2012 calls
    for the elimination of approximately $40&#160;billion in tax
    incentives widely used by oil, gas and coal companies and the
    imposition of new fees on certain energy producers. The
    elimination of such tax incentives and imposition of such fees
    could adversely affect Natural Resources Companies in which the
    Fund invests
    <FONT style="white-space: nowrap">and/or</FONT> the
    natural resources sector generally.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The recent instability in the financial markets has led the
    U.S.&#160;government and foreign governments to take a number of
    unprecedented actions designed to support certain financial
    institutions and segments of the financial markets that have
    experienced extreme volatility, and in some cases a lack of
    liquidity. U.S.&#160;federal and state governments and foreign
    governments, their regulatory agencies or self regulatory
    organizations may take additional actions that affect the
    regulation of the securities in which the Fund invests, or the
    issuers of such securities, in ways that are unforeseeable.
    Issuers of corporate securities might seek protection under the
    bankruptcy laws. Legislation or regulation may also change the
    way in which the Fund itself is regulated. Such legislation or
    regulation could limit or preclude the Fund&#146;s ability to
    achieve its investment objectives. The Investment Adviser will
    monitor developments and seek to manage the Fund&#146;s
    portfolio in a manner consistent with achieving the Fund&#146;s
    investment objectives, but there can be no assurance that it
    will be successful in doing so. See &#147;Risk Factors and
    Special Considerations&#151;Government Intervention in Financial
    Markets Risk.&#148;
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Anti-Takeover
    Provisions of the Fund&#146;s Governing Documents</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s Governing Documents include provisions that
    could limit the ability of other entities or persons to acquire
    control of the Fund or convert the Fund to an open-end fund. See
    &#147;Anti-Takeover Provisions of the Fund&#146;s Governing
    Documents.&#148;
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Status as
    a Regulated Investment Company</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has qualified, and intends to remain qualified, for
    federal income tax purposes as a regulated investment company
    under Subchapter M of the Code. Qualification requires, among
    other things, compliance by the Fund with certain distribution
    requirements. Statutory limitations on distributions on the
    common shares if the Fund fails to satisfy the 1940 Act&#146;s
    asset coverage requirements could jeopardize the Fund&#146;s
    ability to meet such distribution requirements. The Fund
    presently intends, however, to purchase or redeem preferred
    shares to the extent necessary in order to maintain compliance
    with such asset coverage requirements. See &#147;Taxation&#148;
    for a more complete discussion of these and other federal income
    tax considerations.
</DIV>

<A name='Y92093108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">HOW THE
    FUND&#160;MANAGES RISK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has adopted certain investment limitations designed to
    limit investment risk and maintain portfolio diversification.
    These limitations are fundamental and may not be changed without
    the approval of the holders of a majority, as defined in the
    1940 Act, of the outstanding common shares and preferred shares
    voting together as a single class. See &#147;Investment
    Restrictions&#148; in the SAI for a complete list of the
    fundamental investment policies of the Fund. The Fund may become
    subject to rating agency guidelines that
</DIV>
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    <BR>
    40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    are more limiting than its current investment restrictions in
    order to obtain and maintain a desired rating on its preferred
    shares.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may enter into interest rate swap or cap transactions
    to manage its borrowing costs, as well as to increase income.
    The use of such swaps is a highly specialized activity that
    involves investment techniques and risks different from those
    associated with ordinary portfolio security transactions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may enter into interest rate swap or cap transactions
    in relation to all or a portion of its Variable Rate Preferred
    Shares in order to manage the impact on its portfolio of changes
    in the dividend rate of such shares. Through these transactions,
    the Fund may, for example, obtain the equivalent of a fixed rate
    for such Variable Rate Preferred Shares that is lower than the
    Fund would have to pay if it issued Fixed Rate Preferred Shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In an interest rate swap, the Fund would agree to pay to the
    other party to the interest rate swap (which is known as the
    &#147;counterparty&#148;) periodically a fixed rate payment in
    exchange for the counterparty agreeing to pay to the Fund
    periodically a variable rate payment that is intended to
    approximate the Fund&#146;s variable rate payment obligation on
    its Variable Rate Preferred Shares. In an interest rate cap, the
    Fund would pay a premium to the counterparty to the interest
    rate cap and, to the extent that a specified variable rate index
    exceeds a predetermined fixed rate, would receive from the
    counterparty payments of the difference based on the notional
    amount of such cap. Interest rate swap and cap transactions
    introduce additional risk because the Fund would remain
    obligated to pay preferred share dividends or distributions when
    due in accordance with the Statement of Preferences of the
    relevant series of the Variable Rate Preferred Shares even if
    the counterparty defaulted. Depending on the general state of
    short-term interest rates and the returns on the Fund&#146;s
    portfolio securities at that point in time, such a default could
    negatively affect the Fund&#146;s ability to make dividend or
    distribution payments on the Variable Rate Preferred Shares. In
    addition, at the time an interest rate swap or cap transaction
    reaches its scheduled termination date, there is a risk that the
    Fund will not be able to obtain a replacement transaction or
    that the terms of the replacement will not be as favorable as on
    the expiring transaction. If this occurs, it could have a
    negative impact on the Fund&#146;s ability to make dividend or
    distribution payments on the Variable Rate Preferred Shares. To
    the extent there is a decline in interest rates, the value of
    the interest rate swap or cap could decline, resulting in a
    decline in the asset coverage for the Variable Rate Preferred
    Shares. A sudden and dramatic decline in interest rates may
    result in a significant decline in the asset coverage. Under the
    Statement of Preferences for each series of the preferred
    shares, if the Fund fails to maintain the required asset
    coverage on the outstanding preferred shares or fails to comply
    with other covenants, the Fund may be required to redeem some or
    all of these shares. The Fund generally may redeem any series of
    Variable Rate Preferred Shares, in whole or in part, at its
    option at any time (usually on a dividend or distribution
    payment date), other than during a non-call period. Such
    redemption would likely result in the Fund seeking to terminate
    early all or a portion of any swap or cap transactions. Early
    termination of a swap could result in a termination payment by
    the Fund to the counterparty, while early termination of a cap
    could result in a termination payment to the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has and may continue to enter into equity contract for
    difference swap transactions, for the purpose of increasing the
    income of the Fund. In an equity contract for difference swap, a
    set of future cash flows is exchanged between two
    counterparties. One of these cash flow streams will typically be
    based on a reference interest rate combined with the performance
    of a notional value of shares of a stock. The other will be
    based on the performance of the shares of a stock. Depending on
    the general state of short-term interest rates and the returns
    on the Fund&#146;s portfolio securities at the time a swap
    transaction reaches its scheduled termination date, there is a
    risk that the Fund will not be able to obtain a replacement
    transaction or that the terms of the replacement will not be as
    favorable as on the expiring transaction.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will usually enter into swaps or caps on a net basis;
    that is, the two payment streams will be netted out in a cash
    settlement on the payment date or dates specified in the
    instrument, with the Fund receiving or paying, as the case may
    be, only the net amount of the two payments. The Fund intends to
</DIV>
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    segregate cash or liquid securities having a value at least
    equal to the value of the Fund&#146;s net payment obligations
    under any swap transaction, marked to market daily. The Fund
    will monitor any such swap with a view to ensuring that the Fund
    remains in compliance with all applicable regulatory investment
    policy and tax requirements.
</DIV>

<A name='Y92093109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT
    OF THE FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s Board (who, with its officers, are described in
    the SAI) has overall responsibility for the management of the
    Fund. The Board decides upon matters of general policy and
    reviews the actions of the Investment Adviser, Gabelli Funds,
    LLC, located at One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    and the
    <FONT style="white-space: nowrap">Sub-Administrator</FONT>
    (as defined below). Pursuant to an investment advisory agreement
    with the Fund, the Investment Adviser, under the supervision of
    the Fund&#146;s Board, provides a continuous investment program
    for the Fund&#146;s portfolio; provides investment research and
    makes and executes recommendations for the purchase and sale of
    securities; and provides all facilities and personnel, including
    officers required for its administrative management and pays the
    compensation of all officers and Trustees of the Fund who are
    its affiliates. As compensation for its services and the related
    expenses borne by the Investment Adviser, the Fund pays the
    Investment Adviser a fee, computed daily and payable monthly,
    equal, on an annual basis, to 1.00% of the Fund&#146;s average
    weekly total assets. This fee will be reduced each year
    following the fifth anniversary of the investment advisory
    agreement by 10&#160;basis points until the eighth anniversary,
    after which time the Investment Adviser will be compensated at
    an annual rate of .50% of the Fund&#146;s average weekly total
    assets. The Fund&#146;s total assets for purposes of calculating
    the level of the management fee will typically include assets
    attributable to any outstanding senior securities, such as
    preferred shares or notes. The Investment Adviser had previously
    agreed to waive its management fee on the incremental assets
    attributable to preferred shares, (none of which has been issued
    prior to the date of this prospectus) if the effective cost of
    the preferred shares exceeded the total return of the
    Fund&#146;s common shares. This fee waiver was voluntary and has
    been discontinued by the Investment Adviser.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC serves as the Fund&#146;s Investment Adviser
    pursuant to the Investment Advisory Agreement with the Fund. The
    Investment Adviser is a New York limited liability company with
    principal offices located at One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
    and is registered under the Investment Advisers Act of 1940, as
    amended. The Investment Adviser was organized in 1999 and is the
    successor to Gabelli Funds, Inc., which was organized in 1980.
    As of June&#160;30, 2011, the Investment Adviser acts as a
    registered investment adviser to 26 management investment
    companies with aggregate net assets of $20.8&#160;billion. The
    Investment Adviser, together with the other affiliated
    investment advisers noted below, had assets under management
    totaling approximately $36.1&#160;billion as of June&#160;30,
    2011. GAMCO Asset Management Inc. (&#147;GAMCO&#148;), an
    affiliate of the Investment Adviser, acts as investment adviser
    for individuals, pension trusts, profit sharing trusts and
    endowments, and as a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to management investment companies having aggregate assets of
    $14.7&#160;billion under management as of June&#160;30, 2011.
    Gabelli Securities, Inc., an affiliate of the Investment
    Adviser, acts as investment adviser for investment partnerships
    and entities having aggregate assets of approximately
    $609&#160;million under management as of June&#160;30, 2011.
    Teton Advisors, Inc., an affiliate of the Investment Adviser,
    acts as investment manager to The GAMCO Westwood Funds and
    separately managed accounts having aggregate assets of
    approximately $1&#160;billion under management as of
    June&#160;30, 2011.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser is a wholly-owned subsidiary of GAMCO
    Investors, Inc., a New York corporation, whose Class&#160;A
    Common Stock is traded on the NYSE under the symbol
    &#147;GBL.&#148; Mr.&#160;Mario J. Gabelli is a
    &#147;controlling person&#148; of the Investment Adviser on the
    basis of his indirect ownership of a majority of the stock of
    GGCP, Inc., which owns a majority of the capital stock of GAMCO
    Investors, Inc.
</DIV>
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    <BR>
    42
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Payment
    of Expenses</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser is obligated to pay expenses associated
    with providing the services contemplated by the Investment
    Advisory Agreement including compensation of and office space
    for its officers and employees connected with investment and
    economic research, trading and investment management and
    administration of the Fund (but excluding costs associated with
    the calculation of the net asset value and allocated costs of
    the chief compliance officer function and officers of the Fund
    that are employed by the Fund and are not employed by the
    Investment Adviser although such officers may receive
    incentive-based variable compensation from affiliates of the
    Investment Adviser), as well as the fees of all Trustees of the
    Fund who are officers or employees of the Investment Adviser or
    its affiliates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition to the fees of the Investment Adviser, the Fund is
    responsible for the payment of all its other expenses incurred
    in the operation of the Fund, which include, among other thing,
    expenses for legal and the Independent Registered Public
    Accounting Firm&#146;s services, stock exchange listing fees,
    costs of printing proxies, share certificates and shareholder
    reports, charges to the Fund&#146;s custodian, charges of the
    transfer agent and distribution disbursing agent, SEC fees and
    expenses of Trustees who are not officers or employees of the
    Investment Adviser or its affiliates, accounting and printing
    costs, the Fund&#146;s pro rata portion of membership fees in
    trade organizations, the Fund&#146;s pro rata portion of the
    Chief Compliance Officer&#146;s compensation, fidelity bond
    coverage for the Fund&#146;s officers and employees, Trustees
    and officers liability policy, interest, brokerage costs, taxes,
    expenses of qualifying the Fund for sale in various states,
    expenses of personnel performing shareholder servicing
    functions, litigation and other extraordinary or non-recurring
    expenses and other expenses properly payable by the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser is responsible for administration of the
    Fund and currently utilizes and pays the fees of a third party
    <FONT style="white-space: nowrap">sub-administrator.</FONT>
    See &#147;Management of the Fund&#151;General.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A discussion regarding the basis for the Board&#146;s approval
    of the continuation of the investment advisory contract of the
    Fund will be available in the Fund&#146;s semi-annual report to
    shareholders dated June&#160;30, 2011.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Selection
    of Securities Brokers</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Advisory Agreement contains provisions relating to the
    selection of securities brokers to effect the portfolio
    transactions of the Fund. Under those provisions, the Investment
    Adviser may (i)&#160;direct Fund portfolio brokerage to
    Gabelli&#160;&#038; Company, Inc. or other broker-dealer
    affiliates of the Investment Adviser and (ii)&#160;pay
    commissions to brokers other than Gabelli&#160;&#038; Company,
    Inc. that are higher than might be charged by another qualified
    broker to obtain brokerage
    <FONT style="white-space: nowrap">and/or</FONT>
    research services considered by the Investment Adviser to be
    useful or desirable for its investment management of the Fund
    <FONT style="white-space: nowrap">and/or</FONT> its
    other investment advisory accounts or those of any investment
    adviser affiliated with it. The SAI contains further information
    about the Advisory Agreement, including a more complete
    description of the investment advisory and expense arrangements,
    exculpatory and brokerage provisions, as well as information on
    the brokerage practices of the Fund.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;Mario J. Gabelli, CFA, is currently and has been
    responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the Fund since its inception. Mr.&#160;Gabelli has
    served as Chairman and Chief Executive Officer of GAMCO
    Investors, Inc. and its predecessors since 1976.
    Mr.&#160;Gabelli is the Chief Investment Officer&#151;Value
    Products for the Investment Adviser and GAMCO Asset Management
    Inc. Mr.&#160;Gabelli serves as portfolio manager for several
    funds in the Gabelli fund family and is a director of several
    funds in the Gabelli fund family. Mr.&#160;Gabelli is also the
    Chief Executive Officer and a director of GGCP, Inc., a private
    company owning the majority of the shares of GAMCO Investors,
    Inc.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The SAI provides additional information about the Portfolio
    Manager&#146;s compensation, other accounts managed by the
    Portfolio Manager and the Portfolio Manager&#146;s ownership of
    securities in the Fund.
</DIV>
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    <BR>
    43
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Non-Resident
    Trustees</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mario d&#146;Urso, a Trustee of the Fund, resides outside the
    U.S.&#160;and all or a significant portion of his assets are
    located outside the U.S.&#160;This Trustee does not have an
    authorized agent in the U.S.&#160;to receive service of process.
    As a result, it may not be possible for investors to effect
    service of process within the U.S.&#160;or to enforce against
    this non-resident Trustee in U.S.&#160;courts judgments
    predicated upon civil liability provisions of
    U.S.&#160;securities laws. It may also not be possible to
    enforce against this non-resident Trustee in foreign courts
    judgments of U.S.&#160;courts or liabilities in original actions
    predicated upon civil liability provisions of the U.S.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Sub-Administrator</FONT></FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser has entered into a
    <FONT style="white-space: nowrap">sub-administration</FONT>
    agreement with BNY Mellon Investment Services (U.S.) Inc. (the
    <FONT style="white-space: nowrap">&#147;Sub-Administrator&#148;)</FONT>
    pursuant to which the
    <FONT style="white-space: nowrap">Sub-Administrator</FONT>
    provides certain administrative services necessary for the
    Fund&#146;s operations that do not include the investment and
    portfolio management services provided by the Investment
    Adviser. For these services and the related expenses borne by
    the
    <FONT style="white-space: nowrap">Sub-Administrator,</FONT>
    the Investment Adviser pays a prorated monthly fee at the annual
    rate of 0.0275% of the first $10&#160;billion of the aggregate
    average net assets of the Fund and all other funds advised by
    the Investment Adviser and Gabelli Advisers, Inc. and
    administered by the
    <FONT style="white-space: nowrap">Sub-Administrator,</FONT>
    0.0125% of the aggregate average net assets exceeding
    $10&#160;billion and 0.01% of the aggregate average net assets
    in excess of $15&#160;billion. The
    <FONT style="white-space: nowrap">Sub-Administrator</FONT>
    has its principal office at 760 Moore Road, King of Prussia,
    Pennsylvania&#160;19406.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On April&#160;24, 2008, the Investment Adviser entered into a
    settlement with the SEC to resolve an inquiry regarding prior
    frequent trading in shares of the GAMCO Global Growth Fund (the
    &#147;Global Growth Fund&#148;) by one investor who was banned
    from the Global Growth Fund in August 2002. Under the terms of
    the settlement, the Investment Adviser, without admitting or
    denying the SEC&#146;s findings and allegations, paid
    $16&#160;million (which included a $5&#160;million civil
    monetary penalty). On the same day, the SEC filed a civil action
    in the U.S.&#160;District Court for the Southern District of New
    York against the Executive Vice President and Chief Operating
    Officer of the Adviser, alleging violations of certain federal
    securities laws arising from the same matter. The officer, who
    also is an officer of the Global Growth Fund and other funds in
    the Gabelli/GAMCO complex, including this Fund, denies the
    allegations and is continuing in his positions with the
    Investment Adviser and the funds. The settlement by the
    Investment Adviser did not have, and the resolution of the
    action against the officer is not expected to have, a material
    adverse impact on the Investment Adviser or its ability to
    fulfill its obligations under the Investment Advisory Agreement.
</DIV>

<A name='Y92093110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Principal transactions are not entered into with affiliates of
    the Fund. However, Gabelli&#160;&#038; Company, Inc., an
    affiliate of the Investment Adviser, may execute portfolio
    transactions on stock exchanges and in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets on an agency basis and receive a stated commission
    therefore. For a more detailed discussion of the Fund&#146;s
    brokerage allocation practices, see &#147;Portfolio
    Transactions&#148; in the SAI.
</DIV>

<A name='Y92093111'>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board has adopted a dividend policy, which may be changed at
    any time, to pay monthly distributions on its common shares
    equal to an annual rate of 6% of the initial public offering
    price of $20.00 per share. The Board has also determined to pay
    distributions on an annual basis equal to any realized income in
    excess of the monthly distributions as may be necessary to
    distribute substantially all of the Fund&#146;s taxable income
    for that year. The Fund&#146;s distribution policy permits
    holders of common shares to realize a predictable, but not
    assured, level of cash flow and some liquidity periodically with
    respect to their common shares without having to sell shares. To
    avoid paying income tax at the corporate level, the Fund expects
    to distribute
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    substantially all of its net investment company taxable income
    and net capital gain, although the Fund may retain for
    reinvestment, and pay the resulting federal income taxes on its
    net capital gain, if any, each year. To the extent the
    Fund&#146;s total monthly distributions for a year distributions
    to common shareholders and the amount of distributions on any
    preferred shares issued by the Fund exceed its net investment
    company taxable income (interest, dividends and net short-term
    capital gains in excess of expenses) and net realized long-term
    capital gain for that year, the excess would generally
    constitute a tax-free return of capital up to the amount of a
    shareholder&#146;s tax basis in the common or preferred shares.
    Any distributions to the holders of common or preferred shares
    (if any) which (based upon the Fund&#146;s full year
    performance) constitute a tax-free return of capital will reduce
    a shareholder&#146;s tax basis in the common or preferred
    shares, thereby increasing such shareholder&#146;s potential
    taxable gain or reducing his or her potential taxable loss on
    the sale of the common or preferred shares. Any amounts
    distributed to a shareholder in excess of the basis in the
    common or preferred shares will generally be taxable to the
    shareholder as capital gain. Distributions that constitute a
    return of capital should not be considered as dividend yield or
    the total return from an investment in the Fund. Common and
    preferred shareholders (if any) who periodically receive the
    payment of a dividend or other distribution consisting of a
    return of capital may be under the impression that they are
    receiving net profits when they are not. Common and preferred
    shareholders (if any) should not assume that the source of a
    distribution from the Fund is net profit. See
    &#147;Taxation.&#148; Quarterly distribution notices provided by
    the Fund to its shareholders will describe the portion of the
    monthly distributions which, in the Fund&#146;s current good
    faith judgment, constitutes capital gain, investment company
    taxable income or a return of capital. A portion of the
    Fund&#146;s common share distributions for the years ending
    December&#160;31, 2010, December&#160;31, 2009,
    December&#160;31, 2008, and December&#160;31, 2004 have included
    a return of capital. For the fiscal year ended December&#160;31,
    2010, the Fund made distributions of $1.20 per common share,
    $0.51 of which constituted a return of capital. The final
    determination of the source of such distributions for federal
    income tax purposes will be made shortly after year end based on
    the Fund&#146;s actual net investment company taxable income and
    net capital gain for the year and will be communicated to
    shareholders promptly.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event the Fund distributes amounts in excess of its
    investment company taxable income and net capital gain, such
    distributions will decrease the Fund&#146;s total assets and,
    therefore, have the likely effect of increasing the Fund&#146;s
    expense ratio as the Fund&#146;s fixed expenses will become a
    larger percentage of the Fund&#146;s average net assets. In
    addition, in order to make such distributions, the Fund may have
    to sell a portion of its investment portfolio at a time when
    independent investment judgment may not dictate such action.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund, along with other closed-end registered investment
    companies advised by the Investment Adviser, has obtained an
    exemption from Section&#160;19(b) of the 1940 Act and
    <FONT style="white-space: nowrap">Rule&#160;19b-1</FONT>
    thereunder permitting it to make periodic distributions of
    long-term capital gains provided that any distribution policy of
    the Fund with respect to its common shares calls for periodic
    distributions in an amount equal to a fixed percentage of the
    Fund&#146;s average net asset value over a specified period of
    time or market price per common share at or about the time of
    distribution or payment of a fixed dollar amount. The exemption
    also permits the Fund to make distributions with respect to its
    preferred shares in accordance with such share&#146;s terms. See
    &#147;Automatic Dividend Reinvestment and Voluntary Cash
    Purchase Plan.&#148;
</DIV>

<A name='Y92093112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">AUTOMATIC
    DIVIDEND REINVESTMENT<BR>
    AND VOLUNTARY CASH PURCHASE PLAN</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Fund&#146;s automatic dividend reinvestment and
    voluntary cash purchase plan (the &#147;Plan&#148;), a
    shareholder whose common shares are registered in his or her own
    name will have all distributions reinvested automatically by
    Computershare, which is agent under the Plan, unless the
    shareholder elects to receive cash. Distributions with respect
    to shares registered in the name of a broker-dealer or other
    nominee (that is, in &#147;street name&#148;) will be reinvested
    by the broker or nominee in additional shares under the Plan,
    unless the service is not provided by the broker or nominee or
    the shareholder elects to receive distributions in cash. Where
    distributions consist of a return of capital, reinvestment in
    shares of the Fund will constitute a reinvestment of the
    shareholder&#146;s capital and not a reinvestment of any Fund
    profits received by the shareholder. Investors who own common
    shares registered in street name should consult their
    broker-dealers
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    for details regarding reinvestment. All distributions to
    investors who do not participate in the Plan will be paid by
    check mailed directly to the record holder by Computershare as
    dividend disbursing agent.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Enrollment
    in the Plan</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is the policy of the Fund to automatically reinvest dividends
    payable to common shareholders. As a &#147;registered&#148;
    shareholder, you automatically become a participant in the
    Fund&#146;s Plan. The Plan authorizes the Fund to credit common
    shares to participants upon an income dividend or a capital
    gains distribution regardless of whether the shares are trading
    at a discount or a premium to net asset value. All distributions
    to shareholders whose shares are registered in their own names
    will be automatically reinvested pursuant to the Plan in
    additional shares of the Fund. Plan participants may send their
    stock certificates to Computershare to be held in their dividend
    reinvestment account. Registered shareholders wishing to receive
    their distributions in cash must submit this request in writing
    to:
</DIV>

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

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

    <FONT style="font-family: 'Times New Roman', Times">The Gabelli
    Global Utility&#160;&#038; Income Trust<BR>
    <FONT style="white-space: nowrap">c/o&#160;Computershare</FONT><BR>
    P.O.&#160;Box&#160;43010<BR>
    Providence, RI
    <FONT style="white-space: nowrap">02940-3010</FONT>
    </FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholders requesting this cash election must include the
    shareholder&#146;s name and address as they appear on the share
    certificate. Shareholders with additional questions regarding
    the Plan, or requesting a copy of the terms of the Plan may
    contact Computershare at
    <FONT style="white-space: nowrap">(800)&#160;336-6983.</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If your shares are held in the name of a broker, bank, or
    nominee, you should contact such institution. If such
    institution is not participating in the Plan, your account will
    be credited with a cash dividend. In order to participate in the
    Plan through such institution, it may be necessary for you to
    have your shares taken out of &#147;street name&#148; and
    re-registered in your own name. Once registered in your own
    name, your dividends will be automatically reinvested. Certain
    brokers participate in the Plan. Shareholders holding shares in
    &#147;street name&#148; at participating institutions will have
    distributions automatically reinvested. Shareholders wishing a
    cash dividend at such institution must contact their broker to
    make this change.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The number of common shares distributed to participants in the
    Plan in lieu of cash dividends is determined in the following
    manner. Under the Plan, whenever the market price of the
    Fund&#146;s common shares is equal to or exceeds net asset value
    at the time shares are valued for purposes of determining the
    number of shares equivalent to the cash dividends or capital
    gains distribution, participants are issued common shares valued
    at the greater of (i)&#160;the net asset value as most recently
    determined or (ii)&#160;95% of the then current market price of
    the Fund&#146;s common shares. The valuation date is the
    dividend or distribution payment date or, if that date is not a
    NYSE Amex trading day, the next trading day. If the net asset
    value of the common shares at the time of valuation exceeds the
    market price of the common shares, participants will receive
    shares from the Fund valued at market price. If the Fund should
    declare a dividend or capital gains distribution payable only in
    cash, Computershare will buy common shares in the open market,
    or on the NYSE Amex or elsewhere, for the participants&#146;
    accounts, except that Computershare will endeavor to terminate
    purchases in the open market and cause the Fund to issue shares
    at net asset value if, following the commencement of such
    purchases, the market value of the common shares exceeds the
    then current net asset value.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The automatic reinvestment of dividends and capital gains
    distributions will not relieve participants of any income tax
    which may be payable on such distributions. A participant in the
    Plan will be treated for federal income tax purposes as having
    received, on a dividend payment date, a dividend or distribution
    in an amount equal to the cash the participant could have
    received instead of shares.
</DIV>
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    <BR>
    46
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Voluntary
    Cash Purchase Plan</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Voluntary Cash Purchase Plan is yet another vehicle for our
    shareholders to increase their investment in the Fund. In order
    to participate in the Voluntary Cash Purchase Plan, shareholders
    must have their shares registered in their own name.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Participants in the Voluntary Cash Purchase Plan have the option
    of making additional cash payments to Computershare for
    investments in the Fund&#146;s common shares at the then current
    market price. Shareholders may send an amount from $250 to
    $10,000. Computershare will use these funds to purchase shares
    in the open market on or about the 1st&#160;and 15th&#160;of
    each month. Computershare will charge each shareholder who
    participates $0.75, plus a pro rata share of the brokerage
    commissions. Brokerage charges for such purchases are expected
    to be less than the usual brokerage charge for such
    transactions. It is suggested that any voluntary cash payments
    be sent to Computershare, P.O.&#160;Box&#160;43010, Providence,
    RI
    <FONT style="white-space: nowrap">02940-3010</FONT>
    such that Computershare receives such payments approximately
    10&#160;days before the 1st&#160;and 15th&#160;of the month.
    Funds not received at least five days before the investment date
    shall be held for investment until the next purchase date. A
    payment may be withdrawn without charge if notice is received by
    Computershare at least 48&#160;hours before such payment is to
    be invested.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Shareholders wishing to liquidate shares held at
    Computershare </I>must do so in writing or by telephone. Please
    submit your request to the above mentioned address or telephone
    number. Include in your request your name, address and account
    number. The cost to liquidate shares is $2.50 per transaction as
    well as the brokerage commission incurred. Brokerage charges are
    expected to be less than the usual brokerage charge for such
    transactions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For more information regarding the Automatic Dividend
    Reinvestment Plan and Voluntary Cash Purchase Plan, brochures
    are available by calling
    <FONT style="white-space: nowrap">(914)&#160;921-5070</FONT>
    or by writing directly to the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund reserves the right to amend or terminate the Plans as
    applied to any voluntary cash payments made and any dividend or
    distribution paid subsequent to written notice of the change
    sent to the members of the Plan at least 90&#160;days before the
    record date for such dividend or distribution. The Plan also may
    be amended or terminated by Computershare on at least
    90&#160;days&#146; written notice to participants in the Plan.
</DIV>

<A name='Y92093113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The following is a brief description of the terms of the
    common and preferred shares, notes, and subscription rights.
    This description does not purport to be complete and is
    qualified by reference to the Fund&#146;s Agreement and
    Declaration of Trust and its By-Laws. For complete terms of the
    common and preferred shares, please refer to the actual terms of
    such series, which are set forth in the Governing Documents. For
    complete terms of the notes, please refer to the actual terms of
    such notes, which will be set forth in an Indenture relating to
    such notes (the &#147;Indenture.&#148;) For complete terms of
    the subscription rights, please refer to the actual terms of
    such subscription rights which will be set forth in the
    subscription rights agreement relating to such subscription
    rights (the &#147;Subscription Rights Agreement&#148;).</I>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is an unincorporated statutory trust organized under
    the laws of Delaware pursuant to a Certificate of Trust dated as
    of March&#160;8, 2004. The Fund is authorized to issue an
    unlimited number of common shares of beneficial interest, par
    value $.001 per share. Each common share has one vote and, when
    issued and paid for in accordance with the terms of this
    offering, will be fully paid and non-assessable. Though the Fund
    expects to pay distributions monthly on the common shares, it is
    not obligated to do so. All common shares are equal as to
    distributions, assets and voting privileges and have no
    conversion, preemptive or other subscription rights. The Fund
    will send annual and semi-annual reports, including financial
    statements, to all holders of its shares. In the event of
    liquidation, each of the Fund&#146;s common shares is entitled
    to its proportion of the Fund&#146;s assets after payment of
    debts and expenses and the amounts payable to holders of the
    Fund&#146;s preferred shares ranking senior to the Fund&#146;s
    common shares as described below.
</DIV>
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    <BR>
    47
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any additional offerings of shares will require approval by the
    Fund&#146;s Board. Any additional offering of common shares will
    be subject to the requirements of the 1940 Act, which provides
    that common shares may not be issued at a price below the then
    current net asset value, exclusive of sales load, except in
    connection with an offering to existing holders of common shares
    or with the consent of a majority of the Fund&#146;s outstanding
    voting securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s outstanding common shares are listed and traded
    on the NYSE Amex under the symbol &#147;GLU.&#148; The average
    weekly trading volume of the common shares on the NYSE Amex
    during the period from January&#160;1, 2010 through
    December&#160;31, 2010 was 39,627&#160;shares. The average
    weekly trading volume of common shares on the NYSE Amex during
    the period January&#160;1, 2011 through June&#160;30, 2011 was
    29,471&#160;shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unlike open-end funds, closed-end funds like the Fund do not
    continuously offer shares and do not provide daily redemptions.
    Rather, if a shareholder determines to buy additional common
    shares or sell shares already held, the shareholder may do so by
    trading through a broker on the NYSE Amex or otherwise.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares of closed-end investment companies often trade on an
    exchange at prices lower than net asset value. Because the
    market value of the common shares may be influenced by such
    factors as dividend and distribution levels (which are in turn
    affected by expenses), dividend and distribution stability, net
    asset value, market liquidity, relative demand for and supply of
    such shares in the market, unrealized gains, general market and
    economic conditions and other factors beyond the control of the
    Fund, the Fund cannot assure you that common shares will trade
    at a price equal to or higher than net asset value in the
    future. The common shares are designed primarily for long-term
    investors and you should not purchase the common shares if you
    intend to sell them soon after purchase.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s common shareholders vote as a single class to
    elect the Fund&#146;s Board and on additional matters with
    respect to which the 1940 Act, the Governing Documents or
    resolutions adopted by the Trustees provide for a vote of the
    Fund&#146;s common shareholders. See &#147;Anti-Takeover
    Provisions of the Fund&#146;s Governing Documents.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is a closed-end, non-diversified, management investment
    company and as such its shareholders do not, and will not, have
    the right to require the Fund to repurchase their shares. The
    Fund, however, may repurchase its common shares from time to
    time as and when it deems such a repurchase advisable, subject
    to maintaining required asset coverage for each series of
    outstanding preferred shares. The Board has authorized such
    repurchases to be made when the Fund&#146;s common shares are
    trading at a discount from net asset value of 10% or more (or
    such other percentage as the Board of the Fund may determine
    from time to time). Pursuant to the 1940 Act, the Fund may
    repurchase its common shares on a securities exchange (provided
    that the Fund has informed its shareholders within the preceding
    six months of its intention to repurchase such shares) or
    pursuant to tenders and may also repurchase shares privately if
    the Fund meets certain conditions regarding, among other things,
    distribution of net income for the preceding fiscal year, status
    of the seller, price paid, brokerage commissions, prior notice
    to shareholders of an intention to purchase shares and
    purchasing in a manner and on a basis that does not discriminate
    unfairly against the other shareholders through their interest
    in the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When the Fund repurchases its common shares for a price below
    net asset value, the net asset value of the common shares that
    remain outstanding will be enhanced, but this does not
    necessarily mean that the market price of the outstanding common
    shares will be affected, either positively or negatively. The
    repurchase of common shares will reduce the total assets of the
    Fund available for investment and may increase the Fund&#146;s
    expense ratio. Through December&#160;31, 2010, the Fund has not
    repurchased its common shares under this authorization.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Book-Entry.</I>&#160;&#160;The common shares will initially
    be held in the name of Cede&#160;&#038; Co. as nominee for the
    Depository Trust&#160;Company (&#147;DTC&#148;). The Fund will
    treat Cede&#160;&#038; Co. as the holder of record of the common
    shares for all purposes. In accordance with the procedures of
    DTC, however, purchasers of common shares
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    will be deemed the beneficial owners of shares purchased for
    purposes of distributions, voting and liquidation rights.
    Purchasers of common shares may obtain registered certificates
    by contacting the Transfer Agent.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Agreement and Declaration of Trust provides that the
    Fund&#146;s Board may authorize and issue senior securities with
    rights as determined by the Board, by action of the Board
    without the approval of the holders of the common shares.
    Holders of common shares have no preemptive right to purchase
    any senior securities that might be issued.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Currently an unlimited number of the Fund&#146;s shares have
    been classified by the Board as preferred shares, par value
    $0.001 per share. The terms of such preferred shares may be
    fixed by the Board and would materially limit
    <FONT style="white-space: nowrap">and/or</FONT>
    qualify the rights of holders of the Fund&#146;s common shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund issues preferred shares, it will pay dividends to
    the holders of the preferred shares at either a fixed rate or a
    rate that will be reset frequently based on short-term interest
    rates, as described in a Prospectus Supplement accompanying each
    preferred share offering.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Redemption, Purchase and Sale of Preferred Shares&#160;By the
    Trust.</I>&#160;&#160;The terms of any preferred shares are
    expected to provide that (i)&#160;they are redeemable by the
    Fund at any time in whole or in part at the original purchase
    price per share plus accumulated dividends per share,
    (ii)&#160;the Fund may tender for or purchase preferred shares
    and (iii)&#160;the Fund may subsequently resell any shares so
    tendered for or purchased. Any redemption or purchase of
    preferred shares by the Fund will reduce the leverage applicable
    to the common shares, while any resale of preferred shares by
    the Fund will increase that leverage.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Rating Agency Guidelines.</I>&#160;&#160;Upon issuance, it is
    expected that the preferred shares will be rated &#147;Aaa&#148;
    by Moody&#146;s
    <FONT style="white-space: nowrap">and/or</FONT>
    &#147;AAA&#148; by S&#038;P. The Fund is required under
    Moody&#146;s and S&#038;P guidelines to maintain assets having
    in the aggregate a discounted value at least equal to the Basic
    Maintenance Amount (as defined below) for its outstanding
    preferred shares with respect to the separate guidelines
    Moody&#146;s and S&#038;P has each established for determining
    discounted value. To the extent any particular portfolio holding
    does not satisfy the applicable rating agency&#146;s guidelines,
    all or a portion of such holding&#146;s value will not be
    included in the calculation of discounted value (as defined by
    such rating agency). The Moody&#146;s and S&#038;P guidelines
    also impose certain diversification requirements and industry
    concentration limitations on the Fund&#146;s overall portfolio,
    and apply specified discounts to securities held by the Fund
    (except certain money market securities). The &#147;Basic
    Maintenance Amount&#148; is equal to (i)&#160;the sum of
    (a)&#160;the aggregate liquidation preference of any preferred
    shares then outstanding plus (to the extent not included in the
    liquidation preference of such preferred shares) an amount equal
    to the aggregate accumulated but unpaid distributions (whether
    or not earned or declared) in respect of such preferred shares,
    (b)&#160;the total principal of any debt (plus accrued and
    projected interest), (c)&#160;certain Fund expenses and
    (d)&#160;certain other current liabilities (excluding any unmade
    distributions on the Fund&#146;s common shares) less
    (ii)&#160;the Fund&#146;s (a)&#160;cash and (b)&#160;assets
    consisting of indebtedness which (y)&#160;mature prior to or on
    the date of redemption or repurchase of the preferred shares and
    are U.S.&#160;government securities or evidences of indebtedness
    rated at least &#147;Aaa,&#148;
    <FONT style="white-space: nowrap">&#147;P-1&#148;,</FONT>
    &#147;VMIG-1&#148; or &#147;MIG-1&#148; by Moody&#146;s or
    &#147;AAA&#148;, &#147;SP-1+&#148; or
    <FONT style="white-space: nowrap">&#147;A-1+&#148;</FONT>
    by S&#038;P, and (z)&#160;is held by the Fund for distributions,
    the redemption or repurchase of preferred shares or the
    Fund&#146;s liabilities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund does not cure in a timely manner a failure to
    maintain a discounted value of its portfolio equal to the Basic
    Maintenance Amount in accordance with the requirements of the
    applicable rating agency or agencies then rating the preferred
    shares at the request of the Fund, the Fund may, and in certain
    circumstances will be required to, mandatorily redeem preferred
    shares, as described below under &#147;Redemption.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may, but is not required to, adopt any modifications to
    the rating agency guidelines that may hereafter be established
    by Moody&#146;s and S&#038;P. Failure to adopt any such
    modifications, however, may result in a change in the relevant
    rating agency&#146;s ratings or a withdrawal of such ratings
    altogether. In addition, any rating agency providing a rating
    for the preferred shares at the request of the Fund may, at any
    time, change
</DIV>
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    <BR>
    49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or withdraw any such rating. The Board, without further action
    by the shareholders, may amend, alter, add to or repeal certain
    of the definitions and related provisions that have been adopted
    by the Fund pursuant to the rating agency guidelines if the
    Board determines that such modification is necessary to prevent
    a reduction in rating of the preferred shares by Moody&#146;s
    and S&#038;P, as the case may be, is in the best interests of
    the holders of common shares and is not adverse to the holders
    of preferred shares in view of advice to the Fund by
    Moody&#146;s and S&#038;P (or such other rating agency then
    rating the preferred shares at the request of the Fund) that
    such modification would not adversely affect, as the case may
    be, its then current rating of the preferred shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board may amend the Statement of Preferences definition of
    &#147;Maximum Rate&#148; (the &#147;maximum rate&#148; as
    defined below under &#147;&#151;Maximum Rate&#148;) to increase
    the percentage amount by which the applicable reference rate is
    multiplied or to increase the applicable spread to which the
    reference rate is added to determine the maximum rate without
    the vote or consent of the holders of the preferred shares or
    any other shareholder of the Fund, but only after consultation
    with the broker-dealers and with confirmation from each
    applicable rating agency that the Fund could meet applicable
    rating agency asset coverage tests immediately following any
    such increase.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As described by Moody&#146;s and S&#038;P, the ratings assigned
    to each series of preferred shares are assessments of the
    capacity and willingness of the Fund to pay the obligations of
    each such series. The ratings on these series of preferred
    shares are not recommendations to purchase, hold or sell shares
    of any series, inasmuch as the ratings do not comment as to
    market price or suitability for a particular investor. The
    rating agency guidelines also do not address the likelihood that
    an owner of preferred shares will be able to sell such shares on
    an exchange, in an auction or otherwise. The ratings are based
    on current information furnished to Moody&#146;s and S&#038;P by
    the Fund and the Investment Adviser and information obtained
    from other sources. The ratings may be changed, suspended or
    withdrawn as a result of changes in, or the unavailability of,
    such information.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The rating agency guidelines apply to each series of preferred
    shares only so long as such rating agency is rating such series
    at the request of the Fund. The Fund pays fees to Moody&#146;s
    and S&#038;P for rating the preferred shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Asset Maintenance Requirements.</I>&#160;&#160;In addition to
    the requirements summarized under &#147;&#151;Rating Agency
    Guidelines&#148; above, the Fund must also satisfy asset
    maintenance requirements under the 1940 Act with respect to its
    preferred shares. Under the 1940 Act, debt or additional
    preferred shares may be issued only if immediately after such
    issuance the value of the Fund&#146;s total assets (less
    ordinary course liabilities) is at least 300% of the amount of
    any debt outstanding and at least 200% of the amount of any
    preferred shares and debt outstanding.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will be required under the Statement of Preferences of
    each series of preferred shares to determine whether it has, as
    of the last business day of each March, June, September and
    December of each year, an &#147;asset coverage&#148; (as defined
    in the 1940 Act) of at least 200% (or such higher or lower
    percentage as may be required at the time under the 1940 Act)
    with respect to all outstanding senior securities of the Fund
    that are debt or stock, including any outstanding preferred
    shares. If the Fund fails to maintain the asset coverage
    required under the 1940 Act on such dates and such failure is
    not cured within 60 calendar days, the Fund may, and in certain
    circumstances will be required to, mandatorily redeem shares of
    preferred sufficient to satisfy such asset coverage. See
    &#147;Redemption&#148; below.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Distributions.</I>&#160;&#160;In connection with the offering
    of one or more series of preferred shares, an accompanying
    Prospectus Supplement will specify whether dividends on such
    preferred shares will be based on a fixed or variable rate. If
    such Prospectus Supplement specifies that dividends will be paid
    at a fixed rate, holders of such Fixed Rate Preferred Shares
    will be entitled to receive, out of funds legally available
    therefore, cumulative cash distributions, at an annual rate set
    forth in the applicable Prospectus Supplement, payable with such
    frequency as set forth in the applicable Prospectus Supplement.
    Such distributions will accumulate from the date on which such
    shares are issued.
</DIV>
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    <BR>
    50
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the alternative, the Prospectus Supplement may state that the
    holders of one or more series of Variable Rate Preferred Shares
    are entitled to receive cash distributions at annual rates
    stated as a percentage of liquidation preference, that will vary
    from dividend period to dividend period. The liquidation
    preference per share and the dividend rate for the initial
    dividend period for any such series of preferred shares will be
    the rate set forth in the Prospectus Supplement for such series.
    For subsequent dividend periods, each such series of preferred
    shares will pay distributions based on a rate set at an auction,
    normally held weekly, but not in excess of a maximum rate.
    Dividend periods generally will be seven days, and the dividend
    periods generally will begin on the first business day after an
    auction. In most instances, distributions are also paid weekly,
    on the business day following the end of the dividend period.
    The Fund, subject to some limitations, may change the length of
    the dividend periods, designating them as &#147;special dividend
    periods,&#148; as described below under &#147;&#151;Designation
    of Special Dividend Periods.&#148;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Distribution Payments.</I>&#160;&#160;Except as described
    below, the dividend payment date for a series of Variable Rate
    Preferred Shares will be the first business day after the
    dividend period ends. The dividend payment dates for special
    dividend periods of more (or less) than seven days will be set
    out in the notice designating a special dividend period. See
    &#147;&#151;Designation of Special Dividend Periods&#148; for a
    discussion of payment dates for a special dividend period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a dividend payment date for a series of Variable Rate
    Preferred Shares is not a business day because the NYSE Amex is
    closed for business for more than three consecutive business
    days due to an act of God, natural disaster, act of war, civil
    or military disturbance, act of terrorism, sabotage, riots or a
    loss or malfunction of utilities or communications services, or
    the dividend payable on such date can not be paid for any such
    reason, then:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the dividend payment date for the affected dividend period will
    be the next business day on which the Fund and its paying agent,
    if any, are able to cause the distributions to be paid using
    their reasonable best efforts;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the affected dividend period will end on the day it would have
    ended had such event not occurred and the dividend payment date
    had remained the scheduled date;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the next dividend period will begin and end on the dates on
    which it would have begun and ended had such event not occurred
    and the dividend payment date remained the scheduled date.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Determination of Dividend Rates.</I>&#160;&#160;The Fund
    computes the distributions per share for a series of Variable
    Rate Preferred Shares by multiplying the applicable rate
    determined at the auction by a fraction, the numerator of which
    normally is the number of days in such dividend period and the
    denominator of which is 360. This applicable rate is then
    multiplied by the liquidation preference per share of such
    series to arrive at the distribution per share.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Maximum Rate.</I>&#160;&#160;The dividend rate for a series
    of Variable Rate Preferred Shares that results from an auction
    for such shares will not be greater than the applicable
    &#147;maximum rate.&#148; The maximum rate for any standard
    dividend period will be the greater of the applicable percentage
    of the reference rate or the reference rate plus the applicable
    spread. The reference rate will be the applicable LIBOR Rate (as
    defined below) for a dividend period of fewer than 365&#160;days
    or the Treasury Index Rate (as defined below) for a dividend
    period of 365&#160;days or more. The applicable percentage and
    the applicable spread will be determined based on the lower of
    the credit ratings assigned to such series of preferred shares
    by Moody&#146;s and S&#038;P on the auction date for such period
    (as set forth in the table below). If Moody&#146;s
    <FONT style="white-space: nowrap">and/or</FONT>
    S&#038;P do not make such rating available, the rate will be
    determined by reference to equivalent ratings issued by a
    substitute rating agency. In the case of a special dividend
    period, (1)&#160;the Fund will communicate the maximum
    applicable rate in a notice of special rate period for such
    dividend payment period, (2)&#160;the applicable percentage and
    applicable spread will be determined on the date two business
    days before the first day of such special dividend period and
    (3)&#160;the reference rate will be the applicable LIBOR Rate
    for a dividend period of fewer than 365&#160;days or the
    Treasury Index Rate for a dividend period of 365&#160;days or
    more.
</DIV>
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    <BR>
    51
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The &#147;LIBOR Rate,&#148; as described in greater detail in
    the Statement of Preferences, is the applicable London
    Inter-Bank Offered Rate for deposits in U.S.&#160;dollars for
    the period most closely approximating the applicable dividend
    period for the preferred shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The &#147;Treasury Index Rate,&#148; as described in greater
    detail in the Statement of Preferences, is the average yield to
    maturity for certain U.S.&#160;Treasury securities having
    substantially the same length to maturity as the applicable
    dividend period for the preferred shares.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Credit Ratings</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Applicable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Applicable<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Moody&#146;s</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>S&#038;P</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percentage</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Spread</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Aaa
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    AAA
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    150%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Aa3 to Aa1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    AA&#150;to AA+
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    250%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    A3 to A1
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A&#150;to A+
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    350%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Baa1 or lower
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    BBB+ or lower
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    550%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Assuming the Fund maintains an &#147;AAA&#148;
    <FONT style="white-space: nowrap">and/or</FONT>
    &#147;Aaa&#148; rating on the preferred shares, the practical
    effect of the different methods used to determine the maximum
    rate is shown in the table below:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="10%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="10%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Method Used to<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Maximum Applicable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Maximum Applicable<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Determine the<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Rate Using the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Rate Using the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Maximum Applicable<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Reference Rate</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Applicable Percentage</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Applicable Spread</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Rate</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    1%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    1.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Spread
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.00%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Spread
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    3%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    4.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Either
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    4%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.00%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    5.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Percentage
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    5%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    6.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Percentage
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    6%
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    9.00%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    7.50%
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Percentage
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    There is no minimum dividend rate in respect of any dividend
    period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Effect of Failure to Pay Distributions in a Timely
    Manner.</I>&#160;&#160;If the Fund fails to pay the paying agent
    the full amount of any distribution or redemption price, as
    applicable, for a series of Variable Rate Preferred Shares in a
    timely manner, the dividend rate for the dividend period
    following such a failure to pay (such period referred to as the
    default period) and any subsequent dividend period for which
    such default is continuing will be the default rate. In the
    event that the Fund fully pays all default amounts due during a
    dividend period, the dividend rate for the remainder of that
    dividend period will be, as the case may be, the applicable rate
    (for the first dividend period following a dividend default) or
    the then maximum rate (for any subsequent dividend period for
    which such default is continuing).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The default rate is 550% of the applicable LIBOR Rate for a
    dividend period of 364&#160;days or fewer and 550% of the
    applicable Treasury Index Rate for a dividend period of longer
    than 364&#160;days.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Designation of Special Dividend Periods.</I>&#160;&#160;The
    Fund may instruct the auction agent to hold auctions more or
    less frequently than weekly and may designate dividend periods
    longer or shorter than one week. The Fund may do this if, for
    example, the Fund expects that short-term rates might increase
    or market conditions otherwise change, in an effort to optimize
    the potential benefit of the Fund&#146;s leverage for holders of
    its common shares. The Fund does not currently expect to hold
    auctions and pay distributions less frequently than weekly or
    establish dividend periods longer or shorter than one week. If
    the Fund designates a special dividend period, changes in
    interest rates could affect the price received if preferred
    shares are sold in the secondary market.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any designation of a special dividend period for a series of
    Variable Rate Preferred Shares will be effective only if
    (i)&#160;notice thereof has been given as provided for in the
    Governing Documents, (ii)&#160;any failure to pay in a timely
    manner to the auction agent the full amount of any distribution
    on, or the redemption price of, any preferred shares has been
    cured as provided for in the Governing Documents, (iii)&#160;the
    auction
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    52
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    immediately preceding the special dividend period was not a
    failed auction, (iv)&#160;if the Fund has mailed a notice of
    redemption with respect to any preferred shares, the Fund has
    deposited with the paying agent all funds necessary for such
    redemption and (v)&#160;the Fund has confirmed that as of the
    auction date next preceding the first day of such special
    dividend period, it has assets with an aggregate discounted
    value at least equal to the Basic Maintenance Amount, and the
    Fund has provided notice of such designation and a Basic
    Maintenance Report to each rating agency then rating the
    preferred shares at the request of the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The dividend payment date for any such special dividend period
    will be set out in the notice designating the special dividend
    period. In addition, for special dividend periods of at least
    91&#160;days, dividend payment dates will occur on the first
    business day of each calendar month within such dividend period
    and on the business day following the last day of such dividend
    period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Before the Fund designates a special dividend period:
    (i)&#160;at least seven business days (or two business days in
    the event the duration of the dividend period prior to such
    special dividend period is less than eight days) and not more
    than 30 business days before the first day of the proposed
    special dividend period, the Fund will issue a press release
    stating its intention to designate a special dividend period and
    inform the auction agent of the proposed special dividend period
    by telephonic or other means and confirm it in writing promptly
    thereafter and (ii)&#160;the Fund must inform the auction agent
    of the proposed special dividend period by 3:00&#160;p.m., New
    York City time on the second business day before the first day
    of the proposed special dividend period.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Book Entry.</I>&#160;&#160;Shares of Fixed Rate Preferred
    sold through this offering will initially be held in the name of
    Cede&#160;&#038; Co. as nominee for DTC. The Fund will treat
    Cede&#160;&#038; Co. as the holder of record of such shares for
    all purposes. In accordance with the procedures of DTC, however,
    purchasers of Fixed Rate Preferred Shares will be deemed the
    beneficial owners of shares purchased for purposes of dividends,
    voting and liquidation rights.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares of Variable Rate Preferred will initially be held by the
    auction agent as custodian for Cede&#160;&#038; Co., in whose
    name the shares of Variable Rate Preferred Shares will be
    registered. The Fund will treat Cede&#160;&#038; Co. as the
    holder of record of the shares for all purposes.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Dividends and Other Distributions for the Preferred
    Shares</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as any preferred shares are outstanding, the Fund may
    not pay any dividend or distribution (other than a dividend or
    distribution paid in common shares or in options, warrants or
    rights to subscribe for or purchase common shares) in respect of
    the common shares or call for redemption, redeem, purchase or
    otherwise acquire for consideration any common shares (except by
    conversion into or exchange for shares of the Fund ranking
    junior to the preferred shares as to the payment of dividends or
    distributions and the distribution of assets upon liquidation),
    unless:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund has declared and paid (or provided to the relevant
    dividend paying agent) all cumulative distributions on the
    Fund&#146;s outstanding preferred shares due on or prior to the
    date of such common shares dividend or distribution;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund has redeemed the full number of shares of preferred to
    be redeemed pursuant to any mandatory redemption provision in
    the Fund&#146;s Governing Documents;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    after making the distribution, the Fund meets applicable asset
    coverage requirements described under &#147;Preferred
    Shares&#151;Rating Agency Guidelines&#148; and &#147;Preferred
    Shares&#151;Asset Maintenance Requirements.&#148;
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No full distribution will be declared or made on any series of
    preferred shares for any dividend period, or part thereof,
    unless full cumulative distributions due through the most recent
    dividend payment dates therefore for all outstanding series of
    preferred shares of the Fund ranking on a parity with such
    series as to distributions have been or contemporaneously are
    declared and made. If full cumulative distributions due have not
    been made on all outstanding preferred shares of the Fund
    ranking on a parity with such series of
</DIV>
<!-- XBRL Paragraph Pagebreak -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    53
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    preferred shares as to the payment of distributions, any
    distributions being paid on the preferred shares will be paid as
    nearly pro rata as possible in proportion to the respective
    amounts of distributions accumulated but unmade on each such
    series of preferred shares on the relevant dividend payment
    date. The Fund&#146;s obligation to make distributions on the
    preferred shares will be subordinate to its obligations to pay
    interest and principal, when due, on any senior securities
    representing debt.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mandatory Redemption&#160;Relating to Asset Coverage
    Requirements.</I>&#160;&#160;The Fund may, at its option,
    consistent with its Governing Documents and the 1940 Act, and in
    certain circumstances will be required to, mandatorily redeem
    preferred shares in the event that:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund fails to maintain the asset coverage requirements
    specified under the 1940 Act on a quarterly valuation date and
    such failure is not cured on or before 60&#160;days, in the case
    of the Fixed Rate Preferred Shares, or 10 business days, in the
    case of the Variable Rate Preferred Shares, following such
    failure;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fund fails to maintain the asset coverage requirements as
    calculated in accordance with the applicable rating agency
    guidelines as of any monthly valuation date, and such failure is
    not cured on or before 10 business days after such valuation
    date.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The redemption price for preferred shares subject to mandatory
    redemption will be the liquidation preference, as stated in the
    Statement of Preferences of each existing series of preferred
    shares or the Prospectus Supplement accompanying the issuance of
    any series of preferred shares, plus an amount equal to any
    accumulated but unpaid distributions (whether or not earned or
    declared) to the date fixed for redemption, plus (in the case of
    preferred shares having a dividend period of more than one year)
    any applicable redemption premium determined by the Board and
    included in the Statement of Preferences.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The number of shares of preferred shares that will be redeemed
    in the case of a mandatory redemption will equal the minimum
    number of outstanding shares of preferred shares, the redemption
    of which, if such redemption had occurred immediately prior to
    the opening of business on the applicable cure date, would have
    resulted in the relevant asset coverage requirement having been
    met or, if the required asset coverage cannot be so restored,
    all of the shares of preferred shares. In the event that shares
    of preferred shares are redeemed due to a failure to satisfy the
    1940 Act asset coverage requirements, the Fund may, but is not
    required to, redeem a sufficient number of shares of preferred
    shares so that the Fund&#146;s assets exceed the asset coverage
    requirements under the 1940 Act after the redemption by 10%
    (that is, 220% asset coverage). In the event that shares of
    preferred shares are redeemed due to a failure to satisfy
    applicable rating agency guidelines, the Fund may, but is not
    required to, redeem a sufficient number of shares of preferred
    shares so that the Fund&#146;s discounted portfolio value (as
    determined in accordance with the applicable rating agency
    guidelines) after redemption exceeds the asset coverage
    requirements of each applicable rating agency by up to 10% (that
    is, 110% rating agency asset coverage).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund does not have funds legally available for the
    redemption of, or is otherwise unable to redeem, all the
    preferred shares to be redeemed on any redemption date, the Fund
    will redeem on such redemption date that number of shares for
    which it has legally available funds, or is otherwise able to
    redeem, from the holders whose shares are to be redeemed ratably
    on the basis of the redemption price of such shares, and the
    remainder of those shares to be redeemed will be redeemed on the
    earliest practicable date on which the Fund will have funds
    legally available for the redemption of, or is otherwise able to
    redeem, such shares upon written notice of redemption.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If fewer than all of the Fund&#146;s outstanding preferred
    shares are to be redeemed, the Fund, at its discretion and
    subject to the limitations of the Governing Documents, the 1940
    Act, and applicable law, will select the one or more series of
    preferred from which shares will be redeemed and the amount of
    preferred to be redeemed from each such series. If fewer than
    all shares of a series of preferred are to be redeemed, such
    redemption will be made as among the holders of that series pro
    rata in accordance with the respective
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    number of shares of such series held by each such holder on the
    record date for such redemption (or by such other equitable
    method as the Fund may determine). If fewer than all shares of
    preferred held by any holder are to be redeemed, the notice of
    redemption mailed to such holder will specify the number of
    shares to be redeemed from such holder, which may be expressed
    as a percentage of shares held on the applicable record date.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Optional Redemption of Fixed Rate Preferred
    Shares.</I>&#160;&#160;Shares of Fixed Rate Preferred are not
    subject to optional redemption by the Fund until the date, if
    any, specified in the applicable Prospectus or Prospectus
    Supplement, unless such redemption is necessary, in the judgment
    of the Fund, to maintain the Fund&#146;s status as a regulated
    investment company under the Code. Commencing on such date and
    thereafter, the Fund may at any time redeem such Fixed Rate
    Preferred Shares in whole or in part for cash at a redemption
    price per share equal to the liquidation preference per share
    plus accumulated and unpaid distributions (whether or not earned
    or declared) to the redemption date. Such redemptions are
    subject to the notice requirements set forth under
    &#147;&#151;Redemption&#160;Procedures&#148; and the limitations
    of the Governing Documents, the 1940 Act and applicable law.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Optional Redemption of Variable Rate Preferred
    Shares.</I>&#160;&#160;The Fund generally may redeem Variable
    Rate Preferred Shares, in whole or in part, at its option at any
    time (usually on a dividend or distribution payment date), other
    than during a non-call period. The Fund may designate a non-call
    period during a dividend period of more than seven days. In the
    case of such preferred shares having a dividend period of one
    year or less, the redemption price per share will equal the
    liquidation preference plus an amount equal to any accumulated
    but unpaid distributions thereon (whether or not earned or
    declared) to the redemption date, and in the case of such
    preferred shares having a dividend period of more than one year,
    the redemption price per share will equal the liquidation
    preference plus any redemption premium applicable during such
    dividend period. Such redemptions are subject to the notice
    requirements set forth under
    &#147;&#151;Redemption&#160;Procedures&#148; and the limitations
    of the limitations of the Governing Documents, the 1940 Act and
    applicable law.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Redemption&#160;Procedures.</I>&#160;&#160;A notice of
    redemption with respect to an optional redemption will be given
    to the holders of record of preferred shares selected for
    redemption not less than 15&#160;days (subject to NYSE Amex
    requirements), in the case of Fixed Rate Preferred Shares, and
    not less than seven days, in the case of Variable Rate Preferred
    Shares, nor, in both cases, more than 40&#160;days prior to the
    date fixed for redemption. Preferred shareholders may receive
    shorter notice in the event of a mandatory redemption. Each
    notice of redemption will state (i)&#160;the redemption date,
    (ii)&#160;the number or percentage of shares of preferred shares
    to be redeemed (which may be expressed as a percentage of such
    shares outstanding), (iii)&#160;the CUSIP number(s) of such
    shares, (iv)&#160;the redemption price (specifying the amount of
    accumulated distributions to be included therein), (v)&#160;the
    place or places where such shares are to be redeemed,
    (vi)&#160;that distributions on the shares to be redeemed will
    cease to accumulate on such redemption date, (vii)&#160;the
    provision of the Statement of Preferences under which the
    redemption is being made and (viii)&#160;any conditions
    precedent to such redemption. No defect in the notice of
    redemption or in the mailing thereof will affect the validity of
    the redemption proceedings, except as required by applicable law.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holders of preferred shares, whether subject to a variable
    or fixed rate, will not have the right to redeem any of their
    shares at their option.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event of any voluntary or involuntary liquidation,
    dissolution or winding up of the Fund, the holders of preferred
    shares then outstanding will be entitled to receive a
    preferential liquidating distribution, which is expected to
    equal the original purchase price per preferred share plus
    accumulated and unpaid dividends, whether or not declared,
    before any distribution of assets is made to holders of common
    shares. After payment of the full amount of the liquidating
    distribution to which they are entitled, the holders of
    preferred shares will not be entitled to any further
    participation in any distribution of assets by the Fund.
</DIV>
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    <BR>
    55
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as otherwise stated in this Prospectus, specified in the
    Fund&#146;s Governing Documents or resolved by the Board or as
    otherwise required by applicable law, holders of preferred
    shares shall be entitled to one vote per share held on each
    matter submitted to a vote of the shareholders of the Fund and
    will vote together with holders of common shares and of any
    other preferred shares then outstanding as a single class.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the election of the Fund&#146;s Trustees,
    holders of the outstanding preferred shares, voting together as
    a single class, will be entitled at all times to elect two of
    the Fund&#146;s Trustees, and the remaining Trustees will be
    elected by holders of common shares and holders of preferred
    shares, voting together as a single class. In addition, if
    (i)&#160;at any time dividends and distributions on outstanding
    shares of preferred shares are unpaid in an amount equal to at
    least two full years&#146; dividends and distributions thereon
    and sufficient cash or specified securities have not been
    deposited with the applicable paying agent for the payment of
    such accumulated dividends and distributions or (ii)&#160;at any
    time holders of any other series of preferred shares are
    entitled to elect a majority of the Trustees of the Fund under
    the 1940 Act or the applicable Statement of Preferences creating
    such shares, then the number of Trustees constituting the Board
    automatically will be increased by the smallest number that,
    when added to the two Trustees elected exclusively by the
    holders of preferred shares as described above, would then
    constitute a simple majority of the Board as so increased by
    such smallest number. Such additional Trustees will be elected
    by the holders of the outstanding preferred shares, voting
    together as a single class, at a special meeting of shareholders
    which will be called as soon as practicable and will be held not
    less than ten nor more than twenty days after the mailing date
    of the meeting notice. If the Fund fails to send such meeting
    notice or to call such a special meeting, the meeting may be
    called by any preferred shareholder on like notice. The terms of
    office of the persons who are Trustees at the time of that
    election will continue. If the Fund thereafter pays, or declares
    and sets apart for payment in full, all dividends and
    distributions payable on all outstanding preferred shares for
    all past dividend periods or the holders of other series of
    preferred shares are no longer entitled to elect such additional
    Trustees, the additional voting rights of the holders of the
    preferred shares as described above will cease, and the terms of
    office of all of the additional Trustees elected by the holders
    of the preferred shares (but not of the Trustees with respect to
    whose election the holders of common shares were entitled to
    vote or the two Trustees the holders of preferred shares have
    the right to elect as a separate class in any event) will
    terminate automatically.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as shares of preferred are outstanding, the Fund will
    not, without the affirmative vote of the holders of a majority
    (as defined in the 1940 Act) of the shares of preferred
    outstanding at the time, and present and voting on such matter,
    voting separately as one class, amend, alter or repeal the
    provisions of the Fund&#146;s Governing Documents whether by
    merger, consolidation or otherwise, so as to materially
    adversely affect any of the rights, preferences or powers
    expressly set forth in the Governing Documents with respect to
    such shares of preferred, unless the Fund obtains written
    confirmation from Moody&#146;s, S&#038;P or any such other
    rating agency then rating the preferred shares that such
    amendment, alteration or repeal would not impair the rating then
    assigned by such rating agency to the preferred shares, in which
    case the vote or consent of the holders of the preferred shares
    is not required. Also, to the extent permitted under the 1940
    Act, in the event shares of more than one series of preferred
    shares are outstanding, the Fund will not approve any of the
    actions set forth in the preceding sentence which materially
    adversely affect the rights, preferences or powers expressly set
    forth in the Governing Documents with respect to such shares of
    a series of preferred shares differently than those of a holder
    of shares of any other series of preferred without the
    affirmative vote of the holders of at least a majority of the
    shares of preferred of each series materially adversely affected
    and outstanding at such time (each such materially adversely
    affected series voting separately as a class to the extent its
    rights are affected differently). For purposes of this
    paragraph, no matter shall be deemed to adversely affect any
    right, preference or power unless such matter (i)&#160;adversely
    alters or abolishes any preferential right of such series;
    (ii)&#160;creates, adversely alters or abolishes any right in
    respect of redemption of such series; or (iii)&#160;creates or
    adversely alters (other than to abolish) any restriction on
    transfer applicable to such series.
</DIV>
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    <BR>
    56
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Governing Documents and applicable provisions of the
    1940 Act, the affirmative vote of a majority of the votes
    entitled to be cast by holders of outstanding shares of the
    preferred, voting together as a single class, will be required
    to approve any plan of reorganization adversely affecting the
    preferred shares. The approval of 66?% of each class, voting
    separately, of the Fund&#146;s outstanding voting shares is
    required to authorize the conversion of the Fund from a
    closed-end to an open-end investment company. The approval of a
    majority (as that term is defined in the 1940 Act) of the
    Fund&#146;s outstanding preferred shares and a majority (as that
    term is defined in the 1940 Act) of the Fund&#146;s outstanding
    voting securities are required to approve any action requiring a
    vote of security holders under Section&#160;13(a) of the 1940
    Act (other than a conversion of the Fund from a closed-end to an
    open-end investment company), including, among other things,
    changes in the Fund&#146;s investment objectives or changes in
    the investment restrictions described as fundamental policies
    under &#147;Investment Objectives and Policies&#148; in this
    Prospectus and the SAI, &#147;How the Fund&#160;Manages
    Risk&#151;Investment Restrictions&#148; in this Prospectus and
    &#147;Investment Restrictions&#148; in the SAI. For purposes of
    this paragraph, except as otherwise required under the 1940 Act,
    the majority of the outstanding preferred shares means, in
    accordance with Section&#160;2(a)(42) of the 1940 Act, the vote,
    at the annual or a special meeting of the shareholders of the
    Fund duly called (i)&#160;of 66?% or more of the shares of
    preferred shares present at such meeting, if the holders of more
    than 50% of the outstanding shares of preferred shares are
    present or represented by proxy, or (ii)&#160;more than 50% of
    the outstanding shares of preferred shares, whichever is less.
    The class vote of holders of preferred shares described above in
    each case will be in addition to a separate vote of the
    requisite percentage of common shares, and any other preferred
    shares, voting together as a single class, that may be necessary
    to authorize the action in question.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The calculation of the elements and definitions of certain terms
    of the rating agency guidelines may be modified by action of the
    Board without further action by the shareholders if the Board
    determines that such modification is necessary to prevent a
    reduction in rating of the shares of preferred shares by
    Moody&#146;s
    <FONT style="white-space: nowrap">and/or</FONT>
    S&#038;P (or such other rating agency then rating the preferred
    shares at the request of the Fund), as the case may be, or is in
    the best interests of the holders of common shares and is not
    adverse to the holders of preferred shares in view of advice to
    the Fund by the relevant rating agencies that such modification
    would not adversely affect its then current rating of the
    preferred shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The foregoing voting provisions will not apply to any series of
    preferred shares if, at or prior to the time when the act with
    respect to which such vote otherwise would be required will be
    effected, such shares will have been redeemed or called for
    redemption and sufficient cash or cash equivalents provided to
    the applicable paying agent to effect such redemption. The
    holders of preferred shares will have no preemptive rights or
    rights to cumulative voting.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Limitation
    on Issuance of Preferred Shares</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as the Fund has preferred shares outstanding, subject to
    receipt of approval from the rating agencies of each series of
    preferred shares outstanding, and subject to compliance with the
    Fund&#146;s investment objectives, policies and restrictions,
    the Fund may issue and sell shares of one or more other series
    of additional preferred shares provided that the Fund will,
    immediately after giving effect to the issuance of such
    additional preferred shares and to its receipt and application
    of the proceeds thereof (including, without limitation, to the
    redemption of preferred shares to be redeemed out of such
    proceeds), have an &#147;asset coverage&#148; for all senior
    securities of the Fund which are stock, as defined in the 1940
    Act, of at least 200% of the sum of the liquidation preference
    of the preferred shares of the Fund then outstanding and all
    indebtedness of the Fund constituting senior securities and no
    such additional preferred shares will have any preference or
    priority over any other preferred shares of the Fund upon the
    distribution of the assets of the Fund or in respect of the
    payment of dividends or distributions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will consider from time to time whether to offer
    additional preferred shares or securities representing
    indebtedness and may issue such additional securities if the
    Board concludes that such an offering would be consistent with
    the Fund&#146;s Governing Documents and applicable law, and in
    the best interest of existing common shareholders.
</DIV>
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    <BR>
    57
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>General.</I>&#160;&#160;Under applicable state law and our
    Agreement and Declaration of Trust, we may borrow money without
    prior approval of holders of common and preferred shares. We may
    issue debt securities, including notes, or other evidence of
    indebtedness and may secure any such notes or borrowings by
    mortgaging, pledging or otherwise subjecting as security our
    assets to the extent permitted by the 1940 Act or rating agency
    guidelines. Any borrowings, including without limitation the
    notes, will rank senior to the preferred shares and the common
    shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the 1940 Act, we may only issue one class of senior
    securities representing indebtedness, which in the aggregate
    must have asset coverage immediately after the time of issuance
    of at least 300%. So long as notes are outstanding, additional
    debt securities must rank on a parity with notes with respect to
    the payment of interest and upon the distribution of our assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A prospectus supplement relating to any notes will include
    specific terms relating to the offering. The terms to be stated
    in a prospectus supplement will include the following:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

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


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


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


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


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


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the interest rate for the securities will be determined
    by auction or remarketing;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the maturity dates on which the principal of the securities will
    be payable;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the frequency with which auctions or remarketings, if any, will
    be held;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any changes to or additional events of default or covenants;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any minimum period prior to which the securities may not be
    called;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any optional or mandatory call or redemption provisions;
</TD>
</TR>


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


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


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


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

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Interest.</I>&#160;&#160;The prospectus supplement will
    describe the interest payment provisions relating to notes.
    Interest on notes will be payable when due as described in the
    related prospectus supplement. If we do not pay interest when
    due, it will trigger an event of default and we will be
    restricted from declaring dividends and making other
    distributions with respect to our common shares and preferred
    shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Limitations.</I>&#160;&#160;Under the requirements of the
    1940 Act, immediately after issuing any senior securities
    representing indebtedness, we must have an asset coverage of at
    least 300%. Asset coverage means the ratio which the value of
    our total assets, less all liabilities and indebtedness not
    represented by senior securities, bears to the aggregate amount
    of senior securities representing indebtedness. Other types of
    borrowings also may result in our being subject to similar
    covenants in credit agreements.
</DIV>

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

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Events
    of Default and Acceleration of Maturity of Notes.</FONT></I></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless stated otherwise in the related prospectus supplement,
    any one of the following events will constitute an &#147;event
    of default&#148; for that series under the Indenture relating to
    the notes:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    default in the payment of any interest upon a series of notes
    when it becomes due and payable and the continuance of such
    default for 30&#160;days;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    default in the payment of the principal of, or premium on, a
    series of notes at its stated maturity;
</TD>
</TR>

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

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    <BR>
    58
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

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

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    default in the performance, or breach, of any covenant or
    warranty of ours in the Indenture, and continuance of such
    default or breach for a period of 90&#160;days after written
    notice has been given to us by the trustee;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain voluntary or involuntary proceedings involving us and
    relating to bankruptcy, insolvency or other similar laws;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if, on the last business day of each of twenty-four consecutive
    calendar months, the notes have a 1940 Act asset coverage of
    less than 100%;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other &#147;event of default&#148; provided with respect to
    a series, including a default in the payment of any redemption
    price payable on the redemption date.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon the occurrence and continuance of an event of default, the
    holders of a majority in principal amount of a series of
    outstanding notes or the trustee will be able to declare the
    principal amount of that series of notes immediately due and
    payable upon written notice to us. A default that relates only
    to one series of notes does not affect any other series and the
    holders of such other series of notes will not be entitled to
    receive notice of such a default under the Indenture. Upon an
    event of default relating to bankruptcy, insolvency or other
    similar laws, acceleration of maturity will occur automatically
    with respect to all series. At any time after a declaration of
    acceleration with respect to a series of notes has been made,
    and before a judgment or decree for payment of the money due has
    been obtained, the holders of a majority in principal amount of
    the outstanding notes of that series, by written notice to us
    and the trustee, may rescind and annul the declaration of
    acceleration and its consequences if all events of default with
    respect to that series of notes, other than the non-payment of
    the principal of that series of notes which has become due
    solely by such declaration of acceleration, have been cured or
    waived and other conditions have been met.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Liquidation Rights.</I>&#160;&#160;In the event of
    (a)&#160;any insolvency or bankruptcy case or proceeding, or any
    receivership, liquidation, reorganization or other similar case
    or proceeding in connection therewith, relative to us or to our
    creditors, as such, or to our assets, or (b)&#160;any
    liquidation, dissolution or other winding up of us, whether
    voluntary or involuntary and whether or not involving insolvency
    or bankruptcy, or (c)&#160;any assignment for the benefit of
    creditors or any other marshalling of assets and liabilities of
    ours, then (after any payments with respect to any secured
    creditor of ours outstanding at such time) and in any such event
    the holders of notes shall be entitled to receive payment in
    full of all amounts due or to become due on or in respect of all
    notes (including any interest accruing thereon after the
    commencement of any such case or proceeding), or provision shall
    be made for such payment in cash or cash equivalents or
    otherwise in a manner satisfactory to the holders of the notes,
    before the holders of any of our common or preferred shares are
    entitled to receive any payment on account of any redemption
    proceeds, liquidation preference or dividends from such shares.
    The holders of notes shall be entitled to receive, for
    application to the payment thereof, any payment or distribution
    of any kind or character, whether in cash, property or
    securities, including any such payment or distribution which may
    be payable or deliverable by reason of the payment of any other
    indebtedness of ours being subordinated to the payment of the
    notes, which may be payable or deliverable in respect of the
    notes in any such case, proceeding, dissolution, liquidation or
    other winding up event.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unsecured creditors of ours may include, without limitation,
    service providers including our Investment Adviser, custodian,
    administrator, auction agent, broker-dealers and the trustee,
    pursuant to the terms of various contracts with us. Secured
    creditors of ours may include without limitation parties
    entering into any interest rate swap, floor or cap transactions,
    or other similar transactions with us that create liens,
    pledges, charges, security interests, security agreements or
    other encumbrances on our assets.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A consolidation, reorganization or merger of us with or into any
    other company, or a sale, lease or exchange of all or
    substantially all of our assets in consideration for the
    issuance of equity securities of another company shall not be
    deemed to be a liquidation, dissolution or winding up of us.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Voting Rights.</I>&#160;&#160;The notes have no voting
    rights, except as mentioned below and to the extent required by
    law or as otherwise provided in the Indenture relating to the
    acceleration of maturity upon the occurrence and continuance of
    an event of default. In connection with the notes or other
    borrowings (if any), the 1940 Act
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    59
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    does in certain circumstances grant to the note holders or
    lenders certain voting rights in the event of default in the
    payment of interest on or repayment of principal. In the event
    the Fund fails to maintain 100% asset coverage of any notes
    outstanding, the holders of the notes will have the right to
    elect a majority of the Fund&#146;s Trustees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Market.</I>&#160;&#160;Our notes are not likely to be listed
    on an exchange or automated quotation system. The details on how
    to buy and sell such notes, along with the other terms of the
    notes, will be described in a prospectus supplement. We cannot
    assure you that any market will exist for our notes or if a
    market does exist, whether it will provide holders with
    liquidity.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Book-Entry, Delivery and Form.</I>&#160;&#160;Unless
    otherwise stated in the related prospectus supplement, the notes
    will be issued in book-entry form and will be represented by one
    or more notes in registered global form. The global notes will
    be deposited with the trustee as custodian for DTC and
    registered in the name of Cede&#160;&#038; Co., as nominee of
    DTC. DTC will maintain the notes in designated denominations
    through its book-entry facilities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the terms of the Indenture, we and the trustee may treat
    the persons in whose names any notes, including the global
    notes, are registered as the owners thereof for the purpose of
    receiving payments and for any and all other purposes
    whatsoever. Therefore, so long as DTC or its nominee is the
    registered owner of the global notes, DTC or such nominee will
    be considered the sole holder of outstanding notes under the
    Indenture. We or the trustee may give effect to any written
    certification, proxy or other authorization furnished by DTC or
    its nominee.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A global note may not be transferred except as a whole by DTC,
    its successors or their respective nominees. Interests of
    beneficial owners in the global note may be transferred or
    exchanged for definitive securities in accordance with the rules
    and procedures of DTC. In addition, a global note may be
    exchangeable for notes in definitive form if:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    DTC notifies us that it is unwilling or unable to continue as a
    depository and we do not appoint a successor within 60&#160;days;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we, at our option, notify the trustee in writing that we elect
    to cause the issuance of notes in definitive form under the
    Indenture;&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an event of default has occurred and is continuing.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In each instance, upon surrender by DTC or its nominee of the
    global note, notes in definitive form will be issued to each
    person that DTC or its nominee identifies as being the
    beneficial owner of the related notes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the Indenture, the holder of any global note may grant
    proxies and otherwise authorize any person, including its
    participants and persons who may hold interests through DTC
    participants, to take any action which a holder is entitled to
    take under the Indenture.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Trustee, Transfer Agent, Registrar, Paying Agent and
    Redemption&#160;Agent.</I>&#160;&#160;Information regarding the
    trustee under the Indenture, which may also act as transfer
    agent, registrar, paying agent and redemption agent with respect
    to our notes, will be set forth in the Prospectus Supplement.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>General.</I>&#160;&#160;We may issue subscription rights to
    holders of our common or preferred shares to purchase common or
    preferred shares. Subscription rights may be issued
    independently or together with any other offered security and
    may or may not be transferable by the person purchasing or
    receiving the subscription rights. In connection with a
    subscription rights offering to holders of our common or
    preferred shares, we would distribute certificates evidencing
    the subscription rights and a prospectus supplement to our
    common or preferred shareholders as of the record date that we
    set for determining the shareholders eligible to receive
    subscription rights in such subscription rights offering.
</DIV>
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    <BR>
    60
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<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement would describe the
    following terms of subscription rights in respect of which this
    prospectus is being delivered:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the period of time the offering would remain open (which will be
    open a minimum number of days such that all record holders would
    be eligible to participate in the offering and will not be open
    longer than 120&#160;days);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of such subscription rights;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exercise price for such subscription rights (or method of
    calculation thereof);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of such subscription rights issued in respect of each
    common share;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of rights required to purchase a single preferred
    share;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the extent to which such subscription rights are transferable
    and the market on which they may be traded if they are
    transferable;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, a discussion of the material U.S.&#160;federal
    income tax considerations applicable to the issuance or exercise
    of such subscription rights;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise such subscription rights
    will commence, and the date on which such right will expire
    (subject to any extension);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the extent to which such subscription rights include an
    over-subscription privilege with respect to unsubscribed
    securities and the terms of such over-subscription privilege;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any termination right we may have in connection with such
    subscription rights offering;&#160;and
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms of such subscription rights, including exercise,
    settlement and other procedures and limitations relating to the
    transfer and exercise of such subscription rights.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Exercise of Subscription Rights.</I>&#160;&#160;Each
    subscription right would entitle the holder of the subscription
    right to purchase for cash such number of shares at such
    exercise price as in each case is set forth in, or be
    determinable as set forth in the prospectus supplement relating
    to the subscription rights offered thereby. Subscription rights
    would be exercisable at any time up to the close of business on
    the expiration date for such subscription rights set forth in
    the prospectus supplement. After the close of business on the
    expiration date, all unexercised subscription rights would
    become void.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon expiration of the rights offering and the receipt of
    payment and the subscription rights certificate properly
    completed and duly executed at the corporate trust office of the
    subscription rights agent or any other office indicated in the
    prospectus supplement we would issue, as soon as practicable,
    the shares purchased as a result of such exercise. To the extent
    permissible under applicable law, we may determine to offer any
    unsubscribed offered securities directly to persons other than
    shareholders, to or through agents, underwriters or dealers or
    through a combination of such methods, as set forth in the
    applicable prospectus supplement.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following information regarding the Fund&#146;s authorized
    shares is as of June&#160;30, 2011.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="60%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Outstanding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount Held<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exclusive of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>by Fund or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount Held<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title of Class</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Authorized</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>for its Account</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>by Fund</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Unlimited
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,073,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>
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    <BR>
    61
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<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

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

<A name='Y92093114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">ANTI-TAKEOVER
    PROVISIONS OF THE FUND&#146;S GOVERNING DOCUMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund presently has provisions in its Governing Documents
    which could have the effect of limiting, in each case,
    (i)&#160;the ability of other entities or persons to acquire
    control of the Fund, (ii)&#160;the Fund&#146;s freedom to engage
    in certain transactions or (iii)&#160;the ability of the
    Fund&#146;s Trustees or shareholders to amend the Governing
    Documents or effectuate changes in the Fund&#146;s management.
    These provisions of the Governing Documents of the Fund may be
    regarded as &#147;anti-takeover&#148; provisions. The Board of
    the Fund is divided into three classes, each having a term of no
    more than three years (except, to ensure that the term of a
    class of the Fund&#146;s Trustees expires each year, one class
    of the Fund&#146;s Trustees will serve an initial one-year term
    and three-year terms thereafter and another class of its
    Trustees will serve an initial two-year term and three-year
    terms thereafter). Each year the term of one class of Trustees
    will expire. Accordingly, only those Trustees in one class may
    be changed in any one year, and it would require a minimum of
    two years to change a majority of the Board. Such system of
    electing Trustees may have the effect of maintaining the
    continuity of management and, thus, make it more difficult for
    the shareholders of the Fund to change the majority of Trustees.
    See &#147;Management of the Fund&#151;Trustees and
    Officers&#148; in the SAI. A Trustee of the Fund may be removed
    with or without cause by two-thirds of the remaining trustees
    and, with cause, by
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    of the votes entitled to be cast for the election of such
    Trustees. Special voting requirements of 75% of the outstanding
    voting shares (in addition to any required class votes) apply to
    certain mergers or a sale of all or substantially all of the
    Fund&#146;s assets, liquidation, conversion of the Fund into an
    open-end fund or interval fund and amendments to several
    provisions of the Declaration of Trust, including the foregoing
    provisions. In addition, after completion of the offering, 80%
    of the holders of the outstanding voting securities of the Fund
    voting as a class is generally required in order to authorize
    any of the following transactions:
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    merger or consolidation of the Fund with or into any other
    entity;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    issuance of any securities of the Fund to any person or entity
    for cash, other than pursuant to the Dividend and Reinvestment
    Plan or any offering if such person or entity acquires no
    greater percentage of the securities offered than the percentage
    beneficially owned by such person or entity immediately prior to
    such offering or, in the case of a class or series not then
    beneficially owned by such person or entity, the percentage of
    common shares beneficially owned by such person or entity
    immediately prior to such offering;
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sale, lease or exchange of all or any substantial part of the
    assets of the Fund to any entity or person (except assets having
    an aggregate fair market value of less than $5,000,000);
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sale, lease or exchange to the Fund, in exchange for securities
    of the Fund, of any assets of any entity or person (except
    assets having an aggregate fair market value of less than
    $5,000,000);&#160;or
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the purchase of the Fund&#146;s common shares by the Fund from
    any person or entity other than pursuant to a tender offer
    equally available to other shareholders in which such person or
    entity tenders no greater percentage of common shares than are
    tendered by all other shareholders;
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    if such person or entity is directly, or indirectly through
    affiliates, the beneficial owner of more than 5% of the
    outstanding shares of the Fund. However, such vote would not be
    required when, under certain conditions, the Board approves the
    transaction. In addition, shareholders have no authority to
    adopt, amend or repeal By-Laws. The Trustees have authority to
    adopt, amend and. repeal By-Laws consistent with the Declaration
    of Trust (including to require approval by the holders of a
    majority of the outstanding shares for the election of
    Trustees). Reference is made to the Governing Documents of the
    Fund, on file with the Securities and Exchange Commission, for
    the full text of these provisions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The provisions of the Governing Documents described above could
    have the effect of depriving the owners of shares in the Fund of
    opportunities to sell their shares at a premium over prevailing
    market prices, by discouraging a third party from seeking to
    obtain control of the Fund in a tender offer or similar
    transaction. The overall effect of the provisions is to render
    more difficult the accomplishment of a merger or the assumption
    of control by a principal shareholder. For the full text of
    these provisions see &#147;Additional Information.&#148;
</DIV>
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    <BR>
    62
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is a non-diversified, closed-end management investment
    company (commonly referred to as a closed-end fund). Closed-end
    funds differ from open-end funds (which are generally referred
    to as mutual funds) in that closed-end funds generally list
    their shares for trading on a stock exchange and do not redeem
    their shares at the request of the shareholder. This means that
    if you wish to sell your shares of a closed-end fund you must
    trade them on the market like any other stock at the prevailing
    market price at that time. In a mutual fund, if the shareholder
    wishes to sell shares of the fund, the mutual fund will redeem
    or buy back the shares at &#147;net asset value.&#148; Also,
    mutual funds generally offer new shares on a continuous basis to
    investors, and closed-end funds generally do not. The continuous
    inflows and outflows of assets in a mutual fund can make it
    difficult to manage the fund&#146;s investments. By comparison,
    closed-end funds are generally able to stay more fully invested
    in securities that are consistent with their investment
    objective, and also have greater flexibility to make certain
    types of investments, and to use certain investment strategies,
    such as financial leverage and investments in illiquid
    securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shares of closed-end funds often trade at a discount to their
    net asset value. Because of this possibility and the recognition
    that any such discount may not be in the interest of
    shareholders, the Fund&#146;s Board might consider from time to
    time engaging in open-market repurchases, tender offers for
    shares or other programs intended to reduce the discount. We
    cannot guarantee or assure, however, that the Fund&#146;s Board
    will decide to engage in any of these actions. Nor is there any
    guarantee or assurance that such actions, if undertaken, would
    result in the shares trading at a price equal or close to net
    asset value per share. The Board might also consider converting
    the Fund to an open-end mutual fund, which would also require a
    supermajority vote of the shareholders of the Fund. We cannot
    assure you that the Fund will not trade at a discount.
</DIV>

<A name='Y92093116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is a closed-end, non-diversified, management investment
    company and as such its shareholders do not, and will not, have
    the right to require the Fund to repurchase their shares. The
    Fund, however, may repurchase its common shares from time to
    time as and when it deems such a repurchase advisable. The Board
    has authorized such repurchase to be made when the Fund&#146;s
    common shares are trading at a discount from net asset value of
    10% or more (or such other percentage as the Board of the Fund
    may determine from time to time). The Fund&#160;Manager has
    discretion as to whether or not he wants to repurchase common
    shares if they are trading at the required discount. Pursuant to
    the 1940 Act, the Fund may repurchase its common shares on a
    securities exchange (provided that the Fund has informed its
    shareholders within the preceding six months of its intention to
    repurchase such shares) or pursuant to tenders and may also
    repurchase shares privately if the Fund meets certain conditions
    regarding, among other things, distribution of net income for
    the preceding fiscal year, status of the seller, price paid,
    brokerage commission, prior notice to shareholders of an
    intention to purchase shares and purchasing in a manner and on a
    basis that does not discriminate unfairly against the other
    shareholders through their interest in the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When the Fund repurchase its common shares for a price below net
    asset value, the net asset value of the common shares that
    remain outstanding shares will be enhanced, but this does not
    necessarily mean that the market price of the outstanding common
    shares will be affected, either positively or negatively. The
    repurchase of common shares will reduce the total assets of the
    Fund available for investment and may increase the Fund&#146;s
    expense ratio.
</DIV>

<A name='Y92093117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion is a brief summary of certain
    U.S.&#160;federal income tax considerations affecting the Fund
    and, as the case may be, its shareholders and noteholders who
    purchase notes in this offering at the original issue price
    equal to the face amount of the Notes. A more complete
    discussion of the tax rules applicable to the Fund, its
    shareholders and its noteholders can be found in the SAI that is
    incorporated by reference into this prospectus. This discussion
    assumes you are a U.S.&#160;person (as defined for
    U.S.&#160;federal
</DIV>
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    <BR>
    63
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    income tax purposes) and that you hold your shares or notes as
    capital assets (generally, for investment). The discussion is
    based upon current provisions of the Internal Revenue Code of
    1986, as amended (the &#147;Code&#148;), Treasury regulations,
    judicial authorities, published positions of the Internal
    Revenue Service (the &#147;IRS&#148;) and other applicable
    authorities, all of which are subject to change or differing
    interpretations, possibly with retroactive effect. No ruling has
    been or will be sought from the IRS regarding any matter
    discussed herein. Counsel to the Fund has not rendered and will
    not render any legal opinion regarding any tax consequences
    relating to the Fund or an investment in the Fund. No attempt is
    made to present a detailed explanation of all U.S.&#160;federal,
    state, local and foreign tax concerns affecting the Fund and its
    shareholders and noteholders (including shareholders and
    noteholders subject to special tax rules and shareholders owning
    large positions in the Fund).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The discussion set forth herein does not constitute tax
    advice. Investors are urged to consult their own tax advisers to
    determine the tax consequences to them of investing in the
    Fund.</B>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has elected to be treated and has qualified as, and
    intends to continue to qualify annually as, a regulated
    investment company under Subchapter M of the Code. Accordingly,
    the Fund must, among other things,
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;derive in each taxable year at least 90% of its gross
    income from (a)&#160;dividends, interest (including tax-exempt
    interest), payments with respect to certain securities loans,
    and gains from the sale or other disposition of stock,
    securities or foreign currencies, or other income (including but
    not limited to gain from options, futures and forward contracts)
    derived with respect to its business of investing in such stock,
    securities or currencies and (b)&#160;net income derived from
    interests in certain publicly traded partnerships that are
    treated as partnerships for U.S.&#160;federal income tax
    purposes and that derive less than 90% of their gross income
    from the items described in (a)&#160;above (each a
    &#147;Qualified Publicly Traded Partnership&#148;);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;diversify its holdings so that, at the end of each
    quarter of each taxable year (a)&#160;at least 50% of the market
    value of the Fund&#146;s total assets is represented by cash and
    cash items, U.S.&#160;government securities, the securities of
    other regulated investment companies and other securities, with
    such other securities limited, in respect of any one issuer, to
    an amount not greater than 5% of the value of the Fund&#146;s
    total assets and not more than 10% of the outstanding voting
    securities of such issuer and (b)&#160;not more than 25% of the
    value of the Fund&#146;s total assets is invested in the
    securities of (I)&#160;any one issuer (other than
    U.S.&#160;government securities and the securities of other
    regulated investment companies), (II)&#160;any two or more
    issuers (other than regulated investment companies) that the
    Fund controls and that are determined to be engaged in the same
    business or similar or related trades or businesses or
    (III)&#160;any one or more Qualified Publicly Traded
    Partnerships.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a regulated investment company, the Fund generally is not
    subject to U.S.&#160;federal income tax on income and gains that
    it distributes each taxable year to shareholders, provided that
    it distributes at least 90% of the sum of the Fund&#146;s
    (i)&#160;investment company taxable income (which includes,
    among other items, dividends, interest and the excess of any net
    short-term capital gain over net long-term capital loss and
    other taxable income other than any net capital gain (as defined
    below) reduced by deductible expenses) determined without regard
    to the deduction for dividends and distributions paid and
    (ii)&#160;net tax-exempt interest income (the excess of its
    gross tax-exempt interest income over certain disallowed
    deductions). The Fund intends to distribute at least annually
    substantially all of such income. The Fund will be subject to
    income tax at regular corporate rates on any investment company
    taxable income and net capital gain that it does not distribute
    to its shareholders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Amounts not distributed on a timely basis in accordance with a
    calendar year distribution requirement are subject to a
    nondeductible 4% federal excise tax at the Fund level. To avoid
    the tax, the Fund must distribute during each calendar year an
    amount at least equal to the sum of (i)&#160;98% of its ordinary
    income (not taking into account any capital gains or losses) for
    the calendar year, (ii)&#160;98.2% of its capital gains in
    excess of its
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    capital losses (adjusted for certain ordinary losses) for a
    one-year period generally ending on October 31 of the calendar
    year (unless an election is made to use the Fund&#146;s fiscal
    year), and (iii)&#160;certain undistributed amounts from
    previous years on which the Fund paid no U.S.&#160;federal
    income tax. While the Fund intends to distribute any income and
    capital gains in the manner necessary to minimize imposition of
    the 4% federal excise tax, there can be no assurance that
    sufficient amounts of the Fund&#146;s ordinary income and
    capital gains will be distributed to avoid entirely the
    imposition of the tax. In that event, the Fund will be liable
    for the tax only on the amount by which it does not meet the
    foregoing distribution requirement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If for any taxable year the Fund does not qualify as a regulated
    investment company, all of its taxable income (including its net
    capital gain) will be subject to tax at regular corporate rates
    without any deduction for distributions to shareholders.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Shareholders</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund intends to take the position that under present law
    both the fixed rate preferred shares and variable rate preferred
    shares will constitute equity rather than debt of the Fund for
    federal income tax purposes. It is possible, however, that the
    Internal Revenue Service (the &#147;IRS&#148;) could take a
    contrary position asserting, for example, that the fixed rate
    preferred shares and variable rate preferred shares constitute
    debt of the Fund. The Fund believes this position, if asserted,
    would be unlikely to prevail. If that position were upheld
    distributions on the fixed rate preferred shares and variable
    rate preferred shares would be considered interest, taxable as
    ordinary income regardless of the taxable income of the Fund.
    The following discussion assumes the fixed rate preferred shares
    and auction-rate preferred shares are treated as equity.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions paid to you by the Fund from its investment
    company taxable income, which includes the excess of net
    short-term capital gains over net long-term capital losses
    (together referred to hereinafter as &#147;ordinary income
    dividends&#148;) are generally taxable to you as ordinary income
    to the extent of the Fund&#146;s earnings and profits. Provided
    that certain holding period requirements (as described below)
    and other requirements are met, such distributions (if properly
    reported by the Fund) may qualify (i)&#160;for the dividends
    received deduction in the case of corporate shareholders to the
    extent that the Fund&#146;s income consists of dividend income
    from U.S.&#160;corporations, and (ii)&#160;in the case of
    individual shareholders, for taxable years beginning on or
    before December&#160;31, 2012 (but not for taxable years
    beginning thereafter, unless the relevant provisions are
    extended by legislation), as qualified dividend income eligible
    to be taxed at long-term capital gains rates to the extent that
    the Fund receives qualified dividend income. Qualified dividend
    income is, in general, dividend income from taxable domestic
    corporations and certain qualified foreign corporations (e.g.,
    generally, foreign corporations incorporated in a possession of
    the United States or in certain countries with a qualifying
    comprehensive tax treaty with the United States, or whose stock
    with respect to which such dividend is paid is readily tradable
    on an established securities market in the United States).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the Fund to receive tax-advantaged qualified dividends, the
    Fund must hold the otherwise qualified stock for more than
    61&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period beginning 60&#160;days before the ex-dividend date (or,
    in the case of preferred stock, more than 91&#160;days during
    the <FONT style="white-space: nowrap">181-day</FONT>
    period beginning 90&#160;days before the ex-dividend date). The
    &#147;ex-dividend date&#148; is the date which is established by
    a stock exchange (usually two business days before the record
    date) whereby the owner of a security at the commencement of
    such date is entitled to receive the next issued dividend
    payment for such security, even if the security is sold by such
    owner on the ex-dividend date or thereafter. In addition, for
    dividends to be tax-advantaged qualified dividends, the Fund
    cannot have an option to sell or be under a contractual
    obligation to sell (pursuant to a short sale or otherwise)
    substantially identical stock or securities. Accordingly, the
    Fund&#146;s writing of call options may, depending on the terms
    of the option, adversely impact the Fund&#146;s ability to pay
    tax-advantaged qualified dividends. For an individual
    shareholder to be taxed at the rates applicable to
    tax-advantaged qualified dividends on dividends received from
    the Fund that are attributable to tax-advantaged qualified
    dividends received by the Fund, the shareholder must hold its
    common shares for more than 61&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period beginning 60&#160;days before the ex-dividend date for
    the Fund&#146;s common shares (or, in the case of preferred
    stock, more than 91&#160;days during the
    <FONT style="white-space: nowrap">181-day</FONT>
    period beginning 90&#160;days before the ex-dividend date for
    the Fund&#146;s preferred shares). Consequently, short-term
    investors in the Fund may not realize
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the benefits of tax-advantaged qualified dividends. There can be
    no assurance as to the portion of the Fund&#146;s dividends that
    will be tax-advantaged. The provisions of the Code applicable to
    tax-advantaged qualified dividends are currently effective for
    taxable years beginning on or before December&#160;31, 2012 but
    may be changed at any time, possibly with retroactive effect.
    Thereafter, higher tax rates will apply unless further
    legislative action is taken.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions made to you from net capital gain, which is the
    excess of net long-term capital gains over net short-term
    capital losses (&#147;capital gain dividends&#148;), including
    capital gain dividends credited to you but retained by the Fund,
    are taxable to you as long-term capital gains if they have been
    properly reported by the Fund, regardless of the length of time
    you have owned Fund shares. The maximum U.S.&#160;federal income
    tax rate on net long-term capital gain of individuals is
    generally 15% for taxable years beginning before January&#160;1,
    2013.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions in excess of the Fund&#146;s current and
    accumulated earnings and profits will first reduce the adjusted
    tax basis of your shares and, after such adjusted tax basis is
    reduced to zero, will constitute capital gains to you (assuming
    the shares are held as a capital asset). Generally, not later
    than 60&#160;days after the close of its taxable year, the Fund
    will provide you with a written notice reporting the amount of
    any qualified dividend income or capital gain dividends and
    other distributions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The sale or other disposition of shares of the Fund will
    generally result in capital gain or loss to you, and will be
    long-term capital gain or loss if the shares have been held for
    more than one year at the time of sale and are a capital asset
    in your hands. Any loss upon the sale or exchange of Fund shares
    held for six months or less will be treated as long-term capital
    loss to the extent of any capital gain dividends received
    (including amounts credited as an undistributed capital gain
    dividends) by you with respect to such Fund shares. A loss
    realized on a sale or exchange of shares of the Fund will be
    disallowed if other substantially identical shares are acquired
    (whether through the automatic reinvestment of dividends or
    otherwise) within a
    <FONT style="white-space: nowrap">61-day</FONT>
    period beginning 30&#160;days before and ending 30&#160;days
    after the date of the sale or exchange of the shares. In such
    case, the basis of the shares acquired will be adjusted to
    reflect the disallowed loss.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Dividends and other taxable distributions are taxable to you
    even though they are reinvested in additional shares of the
    Fund. Dividends and other distributions paid by the Fund are
    generally treated as received by a shareholder at the time the
    dividend or distribution is made. If, however, the Fund pays you
    a dividend or makes a distribution in January that was declared
    in the previous October, November or December and you were the
    shareholder of record on a specified date in one of such months,
    then such dividend or distribution will be treated for tax
    purposes as being paid by the Fund and received by you on
    December 31 of the year in which the dividend or distribution
    was declared.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is required in certain circumstances to backup withhold
    on taxable dividends or distributions and certain other payments
    paid to non-corporate holders of the Fund&#146;s shares who do
    not furnish the Fund with their correct taxpayer identification
    number (in the case of individuals, their social security
    number) and certain certifications, or who are otherwise subject
    to backup withholding. Backup withholding is not an additional
    tax. Any amounts withheld from payments made to you may be
    refunded or credited against your U.S.&#160;federal income tax
    liability, if any, provided that the required information is
    furnished to the IRS.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Noteholders</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This discussion assumes that the notes will not be issued with
    original issue discount for U.S.&#160;federal income tax
    purposes. Accordingly, noteholders will be required to include
    payments of interest on the notes in their gross income in
    accordance with their method of accounting for U.S.&#160;federal
    income tax purposes.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any gain or loss from the disposition of the notes will be
    treated as capital gain for noteholders who hold the notes as
    capital assets and as long-term capital gain or loss if the
    notes have been held for more than one year as of the date of
    disposition. However, a portion of such gain may be required to
    be treated as ordinary income under special rules of the Code
    governing the treatment of market discount. A noteholder who
    acquires a note at a market discount (i.e., at a price less than
    the principal amount or the &#147;adjusted issue
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    price&#148; as determined for tax purposes, if relevant), such
    as a subsequent purchaser of the notes, will be required to
    treat as ordinary income a portion of any gain realized upon a
    disposition of the note equal to the amount of market discount
    deemed to have been accrued as of the date of disposition unless
    an election is made to include such discount in income on a
    current basis. A noteholder who acquires a note at a market
    discount and does not elect to include such discount in income
    on a current basis will be required to defer deduction of a
    portion of interest paid or accrued on debt incurred or continue
    to purchase or carry the note until the noteholder disposes of
    the note. These rules may have an effect on the price that can
    be obtained upon the sale of a note. Amounts received upon a
    sale or redemption of the notes will be subject to tax as
    ordinary income to the extent of any accrued and unpaid interest
    on the notes as of the date of redemption.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Noteholders may be subject to backup withholding with respect to
    interest paid to non-corporate holders of the Fund&#146;s notes
    and amounts realized on the disposition of the Fund&#146;s
    notes, unless the noteholder furnishes the Fund with their
    correct taxpayer identification number (in the case of
    individuals, their social security number) and certain
    certifications, or who are otherwise subject to backup
    withholding. Backup withholding is not an additional tax. Any
    amounts withheld from payments made to you may be refunded or
    credited against your U.S.&#160;federal income tax liability, if
    any, provided that the required information is furnished to the
    IRS.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Subscription Rights</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As described more fully below, the distribution of subscription
    rights may be a taxable or non-taxable distribution. Subject to
    certain exceptions (which may apply), distributions of
    subscription rights to common shareholders are generally
    non-taxable distributions and distributions of subscription
    rights to preferred shareholders (subject to certain exceptions
    not applicable to the Fund) are generally taxable distributions.
</DIV>

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

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

    <I><FONT style="font-family: 'Times New Roman', Times">Holders
    of Common Shares</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The U.S.&#160;federal income tax consequences to a holder of
    common shares on the receipt of subscription rights should, as a
    general matter, be as follows:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the subscription rights are offered to common shareholders,
    the value of a subscription right will not be includible in the
    income of such shareholders at the time the subscription right
    is issued.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The basis of a subscription right issued to common shareholders
    will be zero, and the basis of the share with respect to which
    the subscription right was issued (the old share) will remain
    unchanged, unless either (a)&#160;the fair market value of the
    subscription right on the date of distribution is at least 15%
    of the fair market value of the old share, or (b)&#160;such
    shareholder affirmatively elects (in the manner set out in
    Treasury regulations under the Code) to allocate to the
    subscription right a portion of the basis of the old share. If
    either (a)&#160;or (b)&#160;applies, a common shareholder must
    allocate basis between the old share and the subscription right
    in proportion to their fair market values on the date of
    distribution.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The basis of a subscription right purchased in the market will
    generally be its purchase price.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holding period of a subscription right issued to a common
    shareholder will include the holding period of the old share.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No loss will be recognized by a common shareholder if a
    subscription right distributed to such shareholder expires
    unexercised because the basis of the old share may be allocated
    to a subscription right only if the subscription right is
    exercised. If a subscription right that has been purchased in
    the market expires unexercised, there will be a recognized loss
    equal to the basis of the subscription right.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any gain or loss on the sale of a subscription right will be a
    capital gain or loss if the subscription right is held as a
    capital asset (which in the case of subscription rights issued
    to shareholders will depend on whether the old share is held as
    a capital asset), and will be a long-term capital gain or loss
    if the holding period is deemed to exceed one year. Capital
    losses are deductible only to the extent of capital gains
    (subject to an exception for individuals under which $3,000 of
    capital losses may be offset against ordinary income).
</DIV>
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    <BR>
    67
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No gain or loss will be recognized by a common shareholder upon
    the exercise of a subscription right, and the basis of any
    preferred share acquired upon exercise (the new preferred share)
    will equal the sum of the basis, if any, of the subscription
    right and the price of the subscription right for the new
    preferred share. The holding period for the new preferred share
    will begin on the date when the subscription right is exercised.
</DIV>

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

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

    <I><FONT style="font-family: 'Times New Roman', Times">Holders
    of Preferred Shares</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The U.S.&#160;federal income tax consequences to a holder of
    preferred shares on the receipt of subscription rights should,
    as a general matter, be as follows:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As more fully described below, if the subscription rights are
    offered to preferred shareholders, upon receipt of a
    subscription right, a preferred shareholder generally will be
    treated as receiving a taxable distribution in an amount equal
    to the fair market value of the subscription right the preferred
    shareholder receives.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent that the distribution is made out of the
    Fund&#146;s earnings and profits, the subscription right will be
    a taxable dividend to the preferred shareholder. If the amount
    of the distribution received by the preferred shareholder
    exceeds such shareholder&#146;s proportionate share of the
    Fund&#146;s earnings and profits, the excess will reduce the
    preferred shareholder&#146;s tax basis in the preferred shares
    with respect to which the subscription right was issued (the old
    share). To the extent that the excess is greater than the
    preferred shareholder&#146;s tax basis in the old shares, such
    excess will be treated as gain from the sale of the old shares.
    If the preferred shareholder held the old shares for more than
    one year, such gain will be treated as long-term capital gain.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A preferred shareholder&#146;s tax basis in the subscription
    rights received will equal the fair market value of the
    subscription rights on the date of the distribution.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A preferred shareholder who allows the subscription rights
    received to expire generally will recognize a short-term capital
    loss. Capital losses are deductible only to the extent of
    capital gains (subject to an exception for individuals under
    which $3,000 of capital losses may be offset against ordinary
    income).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A preferred shareholder who sells the subscription rights will
    recognize a gain or loss equal to the difference between the
    amount realized on the sale and the preferred shareholder&#146;s
    tax basis in the subscription rights as described above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A preferred shareholder will not recognize any gain or loss upon
    the exercise of the subscription rights received in the rights
    offering. The tax basis of the shares acquired through exercise
    of the subscription rights (the new shares) will equal the sum
    of the subscription price for the new shares and the preferred
    shareholder&#146;s tax basis in the subscription rights as
    described above. The holding period for the new shares acquired
    through exercise of the subscription rights will begin on the
    day following the date on which the subscription rights are
    exercised.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Shareholders and noteholders are urged to consult their tax
    advisers regarding specific questions as to U.S.&#160;federal,
    foreign, state, local income or other taxes.</B>
</DIV>

<A name='Y92093118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">CUSTODIAN,
    TRANSFER AGENT AND DIVIDEND DISBURSING AGENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    State Street Bank and Trust (the &#147;Custodian&#148;), located
    at One Heritage Drive, Palmer 2N, North Quincy, Massachusetts
    02171, serves as the custodian of the Fund&#146;s assets
    pursuant to a custody agreement. Under the custody agreement,
    the custodian holds the Fund&#146;s assets in compliance with
    the 1940 Act. For its services, the Custodian will receive a
    monthly fee based upon, among other things, the average value of
    the total assets of the Fund, plus certain charges for
    securities transactions.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Computershare, located at P.O.&#160;Box&#160;43010, Providence,
    Rhode Island 02940, serves as the Fund&#146;s dividend
    disbursing agent, as agent under the Fund&#146;s Plan and as
    transfer agent and registrar with respect to the common shares
    of the Fund.
</DIV>
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    <BR>
    68
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Computershare also serves as the Fund&#146;s transfer agent,
    registrar, dividend disbursing agent and redemption agent with
    respect to the preferred shares.
</DIV>

<A name='Y92093119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may sell securities through underwriters or dealers, directly
    to one or more purchasers, through agents, to or through
    underwriters or dealers, or through a combination of any such
    methods of sale. The applicable Prospectus Supplement will
    identify any underwriter or agent involved in the offer and sale
    of our securities, any sales loads, discounts, commissions, fees
    or other compensation paid to any underwriter, dealer or agent,
    the offering price, net proceeds and use of proceeds and the
    terms of any sale.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The distribution of our securities may be effected from time to
    time in one or more transactions at a fixed price or prices,
    which may be changed, at prevailing market prices at the time of
    sale, at prices related to such prevailing market prices, or at
    negotiated prices, provided, however, that the offering price
    per share in the case of common shares, must equal or exceed the
    net asset value per share, exclusive of any underwriting
    commissions or discounts, of our common shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may sell our securities directly to, and solicit offers from,
    institutional investors or others who may be deemed to be
    underwriters as defined in the Securities Act for any resales of
    the securities. In this case, no underwriters or agents would be
    involved. We may use electronic media, including the Internet,
    to sell offered securities directly.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the sale of our securities, underwriters or
    agents may receive compensation from us in the form of
    discounts, concessions or commissions. Underwriters may sell our
    securities to or through dealers, and such dealers may receive
    compensation in the form of discounts, concessions or
    commissions from the underwriters
    <FONT style="white-space: nowrap">and/or</FONT>
    commissions from the purchasers for whom they may act as agents.
    Underwriters, dealers and agents that participate in the
    distribution of our securities may be deemed to be underwriters
    under the Securities Act, and any discounts and commissions they
    receive from us and any profit realized by them on the resale of
    our securities may be deemed to be underwriting discounts and
    commissions under the Securities Act. Any such underwriter or
    agent will be identified and any such compensation received from
    us will be described in the applicable Prospectus Supplement.
    The maximum commission or discount to be received by any FINRA
    member or independent broker-dealer will not exceed eight
    percent. We will not pay any compensation to any underwriter or
    agent in the form of warrants, options, consulting or
    structuring fees or similar arrangements.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a Prospectus Supplement so indicates, we may grant the
    underwriters an option to purchase additional shares at the
    public offering price, less the underwriting discounts and
    commissions, within 45&#160;days from the date of the Prospectus
    Supplement, to cover any overallotments.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To facilitate an offering of securities in an underwritten
    transaction and in accordance with industry practice, the
    underwriters may engage in transactions that stabilize,
    maintain, or otherwise affect the market price of the
    securities. Those transactions may include overallotment,
    entering stabilizing bids, effecting syndicate covering
    transactions, and reclaiming selling concessions allowed to an
    underwriter or a dealer.
</DIV>

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An overallotment in connection with an offering creates a short
    position in the securities for the underwriter&#146;s own
    account.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    An underwriter may place a stabilizing bid to purchase the
    shares for the purpose of pegging, fixing, or maintaining the
    price of the securities.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Underwriters may engage in syndicate covering transactions to
    cover overallotments or to stabilize the price of the securities
    subject to the offering by bidding for, and purchasing, the
    securities or any other securities in the open market in order
    to reduce a short position created in connection with the
    offering.
</TD>
</TR>

</TABLE>
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    <BR>
    69
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The managing underwriter may impose a penalty bid on a syndicate
    member to reclaim a selling concession in connection with an
    offering when the securities originally sold by the syndicate
    member are purchased in syndicate covering transactions or
    otherwise.
</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any of these activities may stabilize or maintain the market
    price of the securities above independent market levels. The
    underwriters are not required to engage in these activities, and
    may end any of these activities at any time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any underwriters to whom the offered securities are sold for
    offering and sale may make a market in the offered securities,
    but the underwriters will not be obligated to do so and may
    discontinue any market-making at any time without notice. The
    offered securities may or may not be listed on a securities
    exchange. We cannot assure you that there will be a liquid
    trading market for the offered securities.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any fixed rate preferred shares sold pursuant to a Prospectus
    Supplement will likely be listed on NYSE Amex.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under agreements into which we may enter, underwriters, dealers
    and agents who participate in the distribution of our securities
    may be entitled to indemnification by us against certain
    liabilities, including liabilities under the Securities Act of
    1933. Underwriters, dealers and agents may engage in
    transactions with us, or perform services for us, in the
    ordinary course of business.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If so indicated in the applicable Prospectus Supplement, we will
    ourselves, or will authorize underwriters or other persons
    acting as our agents to solicit offers by certain institutions
    to purchase our securities from us pursuant to contracts
    providing for payment and delivery on a future date.
    Institutions with which such contacts may be made include
    commercial and savings banks, insurance companies, pension
    funds, investment companies, educational and charitable
    institutions and others, but in all cases such institutions must
    be approved by us. The obligation of any purchaser under any
    such contract will be subject to the condition that the purchase
    of the securities shall not at the time of delivery be
    prohibited under the laws of the jurisdiction to which such
    purchaser is subject. The underwriters and such other agents
    will not have any responsibility in respect of the validity or
    performance of such contracts. Such contracts will be subject
    only to those conditions set forth in the Prospectus Supplement,
    and the Prospectus Supplement will set forth the commission
    payable for solicitation of such contracts.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent permitted under the 1940 Act and the rules and
    regulations promulgated thereunder, the underwriters may from
    time to time act as brokers or dealers and receive fees in
    connection with the execution of our portfolio transactions
    after the underwriters have ceased to be underwriters and,
    subject to certain restrictions, each may act as a broker while
    it is an underwriter.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A Prospectus and accompanying Prospectus Supplement in
    electronic form may be made available on the websites maintained
    by underwriters. The underwriters may agree to allocate a number
    of securities for sale to their online brokerage account
    holders. Such allocations of securities for Internet
    distributions will be made on the same basis as other
    allocations. In addition, securities may be sold by the
    underwriters to securities dealers who resell securities to
    online brokerage account holders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to comply with the securities laws of certain states,
    if applicable, our securities offered hereby will be sold in
    such jurisdictions only through registered or licensed brokers
    or dealers.
</DIV>

<A name='Y92093120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain legal matters will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, 4 Times Square, New York, New York
    10036 in connection with the offering of the Fund&#146;s
    securities.
</DIV>

<A name='Y92093121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    PricewaterhouseCoopers LLP serves as the Independent Registered
    Public Accounting Firm of the Fund and audits the financial
    statements of the Fund. PricewaterhouseCoopers LLP is located at
    300&#160;Madison Avenue, New York, New York, 10017.
</DIV>
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    <BR>
    70
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is subject to the informational requirements of the
    Securities Exchange Act of 1934&#160;Act and the 1940 Act and in
    accordance therewith files, or will file, reports and other
    information with the SEC. Reports, proxy statements and other
    information filed by the Fund with the SEC pursuant to the
    informational requirements of the 1934&#160;Act and the 1940 Act
    can be inspected and copied at the public reference facilities
    maintained by the SEC, 100&#160;F&#160;Street, N.E.,
    Washington,&#160;D.C. 20549. The SEC maintains a web site at
    <FONT style="white-space: nowrap">http://www.sec.gov</FONT>
    containing reports, proxy and information statements and other
    information regarding registrants, including the Fund, that file
    electronically with the SEC.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s common shares are listed on the NYSE Amex.
    Reports, proxy statements and other information concerning the
    Fund and filed with the SEC by the Fund will be available for
    inspection at the NYSE Amex, 20&#160;Broad Street, New York, New
    York 10005.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Prospectus constitutes part of a Registration Statement
    filed by the Fund with the SEC under the Securities Act and the
    1940 Act. This Prospectus omits certain of the information
    contained in the Registration Statement, and reference is hereby
    made to the Registration Statement and related exhibits for
    further information with respect to the Fund and the shares
    offered hereby. Any statements contained herein concerning the
    provisions of any document are not necessarily complete, and, in
    each instance, reference is made to the copy of such document
    filed as an exhibit to the Registration Statement or otherwise
    filed with the SEC. Each such statement is qualified in its
    entirety by such reference. The complete Registration Statement
    may be obtained from the SEC upon payment of the fee prescribed
    by its rules and regulations or free of charge through the
    SEC&#146;s web site
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

<A name='Y92093123'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund is committed to maintaining the privacy of its
    shareholders and to safeguarding their non-public personal
    information. The following information is provided to help you
    understand what personal information the Fund collects, how the
    Fund protects that information and why, in certain cases, the
    Fund may share information with select other parties.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, the Fund does not receive any non-public personal
    information relating to its shareholders, although certain
    non-public personal information of its shareholders may become
    available to the Fund. The Fund does not disclose any non-public
    personal information about its shareholders or former
    shareholders to anyone, except as permitted by law or as is
    necessary in order to service shareholder accounts (for example,
    to a transfer agent or third party administrator).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund restricts access to non-public personal information
    about its shareholders to employees of the Fund&#146;s
    Investment Adviser and its affiliates with a legitimate business
    need for the information. The Fund maintains physical,
    electronic and procedural safeguards designed to protect the
    non-public personal information of its shareholders.
</DIV>

<A name='Y92093124'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    NOTE&#160;REGARDING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain statements in this Prospectus constitute forward-looking
    statements, which involve known and unknown risks, uncertainties
    and other factors that may cause the actual results, levels of
    activity, performance or achievements of the Fund to be
    materially different from any future results, levels of
    activity, performance or achievements expressed or implied by
    such forward-looking statements. Such factors include, among
    others, those listed under &#147;Risk Factors and Special
    Considerations&#148; and elsewhere in this Prospectus. As a
    result of the foregoing and other factors, no assurance can be
    given as to the future results, levels of activity or
    achievements, and neither the Fund nor any other person assumes
    responsibility for the accuracy and completeness of such
    statements.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    71
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<A name='Y92093125'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An SAI dated as of September&#160;19, 2011, has been filed with
    the SEC and is incorporated by reference in this Prospectus. An
    SAI may be obtained without charge by writing to the Fund at its
    address at One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
    or by calling the Fund toll-free at (800)&#160;GABELLI
    <FONT style="white-space: nowrap">(422-3554).</FONT>
    The Table of Contents of the SAI is as follows:
</DIV>

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

<DIV align="left">
<A name="Y92093tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Investment Restrictions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Management of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Portfolio Turnover</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Auctions for Auction Rate Preferred Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net Asset Value</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beneficial Owners</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    General Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    72
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;A<BR>
    </FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">CORPORATE
    BOND RATINGS</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MOODY&#146;S
    INVESTORS SERVICE, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="94%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Aaa
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bonds that are rated Aaa are judged to be of the best quality.
    They carry the smallest degree of investment risk and are
    generally referred to as &#147;gilt edge.&#148; Interest
    payments are protected by a large or exceptionally stable margin
    and principal is secure. While the various protective elements
    are likely to change, such changes as can be visualized are most
    unlikely to impair the fundamentally strong position of such
    issues.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Aa
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bonds that are rated Aa are judged to be of high quality by all
    standards. Together with the Aaa group they comprise what are
    generally known as high grade bonds. They are rated lower than
    the best bonds because margins of protection may not be as large
    as in Aaa securities or fluctuation of protective elements may
    be of greater amplitude or there may be other elements present
    that make the long-term risk appear somewhat larger than in Aaa
    Securities.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    A
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bonds that are rated A possess many favorable investment
    attributes and are to be considered as upper-medium-grade
    obligations. Factors giving security to principal and interest
    are considered adequate, but elements may be present that
    suggest a susceptibility to impairment some time in the future.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Baa
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bonds that are rated Baa are considered as medium-grade
    obligations i.e., they are neither highly protected nor poorly
    secured. Interest payments and principal security appear
    adequate for the present, but certain protective elements may be
    lacking or may be characteristically unreliable over any great
    length of time. Such bonds lack outstanding investment
    characteristics and in fact have speculative characteristics as
    well.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ba
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bonds that are rated Ba are judged to have speculative elements;
    their future cannot be considered as well assured. Often the
    protection of interest and principal payments may be very
    moderate and thereby not well safeguarded during both good and
    bad times over the future. Uncertainty of position characterizes
    bonds in this class.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    B
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bonds that are rated B generally lack characteristics of the
    desirable investment. Assurance of interest and principal
    payments or of maintenance of other terms of the contract over
    any long period of time may be small. Moody&#146;s applies
    numerical modifiers (1, 2, and 3) with respect to the bonds
    rated Aa through B. The modifier 1 indicates that the company
    ranks in the higher end of its generic rating category; the
    modifier 2 indicates a mid-range ranking; and the modifier 3
    indicates that the company ranks in the lower end of its generic
    rating category.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Caa
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bonds that are rated Caa are of poor standing. These issues may
    be in default or there may be present elements of danger with
    respect to principal or interest.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    Ca
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bonds that are rated Ca represent obligations that are
    speculative in a high degree. Such issues are often in default
    or have other marked shortcomings.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    C
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bonds that are rated C are the lowest rated class of bonds and
    issues so rated can be regarded as having extremely poor
    prospects of ever attaining any real investment standing.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STANDARD&#160;&#038;
    POOR&#146;S RATINGS SERVICES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="93%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    AAA
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    This is the highest rating assigned by S&#038;P to a debt
    obligation and indicates an extremely strong capacity to pay
    interest and repay principal.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    AA
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Debt rated AA has a very strong capacity to pay interest and
    repay principal and differs from AAA issues only in small degree.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    A
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Principal and interest payments on bonds in this category are
    regarded as safe. Debt rated A has a strong capacity to pay
    interest and repay principal although they are somewhat more
    susceptible to the adverse effects of changes in circumstances
    and economic conditions than debt in higher rated categories.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    BBB
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    This is the lowest investment grade. Debt rated BBB has an
    adequate capacity to pay interest and repay principal. Whereas
    it normally exhibits adequate protection parameters, adverse
    economic conditions or changing circumstances are more likely to
    lead to a weakened capacity to pay interest and repay principal
    for debt in this category than in higher rated categories.
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Speculative
    Grade</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Debt rated BB, CCC, CC and C are regarded, on balance as
    predominantly speculative with respect to capacity to pay
    interest and repay principal in accordance with the terms of the
    obligation. BB indicates the lowest degree of speculation, and C
    the highest degree of speculation. While such debt will likely
    have some quality and protective characteristics, these are
    outweighed by large uncertainties or major exposures to adverse
    conditions. Debt rated C I is reserved for income bonds on which
    no interest is being paid and debt rated D is in payment default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In July 1994, S&#038;P initiated an &#147;r&#148; symbol to its
    ratings. The &#147;r&#148; symbol is attached to derivatives,
    hybrids and certain other obligations that S&#038;P believes may
    experience high variability in expected returns due to noncredit
    risks created by the terms of the obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    AA to CCC may be modified by the addition of a plus or minus
    sign to show relative standing within the major categories.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;NR&#148; indicates that no public rating has been
    requested, that there is insufficient information on which to
    base a rating, or that S&#038;P does not rate a particular type
    of obligation as a matter of policy.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 24pt">The Gabelli Global
    Utility&#160;&#038; Income Trust</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Common Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Preferred Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Notes</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Subscription Rights for Common
    Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">Subscription Rights for
    Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
    2011</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times"> Filed
    Pursuant to Rule 497
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">(To
    Prospectus
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011)
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">
    Registration Statement No. 333-&#160;&#160;
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">The Gabelli Global
    Utility&#160;&#038; Income Trust</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Common Shares of Beneficial
    Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are offering for
    sale&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our common shares. Our common shares are traded on the NYSE
    Amex LLC (&#147;NYSE Amex&#148;) under the symbol
    &#147;GLU.&#148; The last reported sale price for our common
    shares
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    was $&#160;&#160;&#160;&#160;&#160; per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should review the information set forth under &#147;Risk
    Factors and Special Considerations&#148; in the accompanying
    Prospectus before investing in our common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total(1)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discounts and commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The aggregate expenses of the offering are estimated to be $ ,
    which represents approximately $&#160;&#160;&#160;&#160;&#160;
    per share.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [The underwriters may also purchase up to an
    additional&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    common shares from us at the public offering price, less
    underwriting discounts and commissions, to cover
    over-allotments, if any, within 30&#160;days after the date of
    this Prospectus Supplement. If the over-allotment option is
    exercised in full, the total proceeds, before expenses, to the
    Fund would be $&#160;&#160;&#160;&#160;&#160; and the total
    underwriting discounts and commissions would be $ . The common
    shares will be ready for delivery on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    .]
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read this Prospectus Supplement and the accompanying
    Prospectus before deciding whether to invest in our common
    shares and retain it for future reference. The Prospectus
    Supplement and the accompanying Prospectus contain important
    information about us. Material that has been incorporated by
    reference and other information about us can be obtained from us
    by calling 800-GABELLI
    <FONT style="white-space: nowrap">(422-3554)</FONT>
    or from the Securities and Exchange Commission&#146;s
    (&#147;SEC&#148;) website
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the SEC nor any state securities commission has approved
    or disapproved these securities or determined if this Prospectus
    Supplement is truthful or complete. Any representation to the
    contrary is a criminal offense.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained or
    incorporated by reference in this Prospectus Supplement and the
    accompanying Prospectus. We have not authorized any other person
    to provide you with different information. If anyone provides
    you with different or inconsistent information, you should not
    rely on it. We are not making an offer to sell these securities
    in any jurisdiction in which the offer or sale is not
    permitted.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In this Prospectus Supplement and in the accompanying
    Prospectus, unless otherwise indicated, &#147;Fund,&#148;
    &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The
    Gabelli Global Utility&#160;&#038; Income Trust. This Prospectus
    Supplement also includes trademarks owned by other persons.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    P-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Prospectus
    Supplement</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="Y92093tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093127'>Table of Fees and Expenses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    P-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093128'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    P-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093129'>Price Range of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    P-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093130'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    P-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093131'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    P-5
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    P-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093127'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    FEES AND EXPENSES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following tables are intended to assist you in understanding
    the various costs and expenses directly or indirectly associated
    with investing in our common shares as a percentage of net
    assets attributable to common shares. Amounts are for the
    current fiscal year after giving effect to anticipated net
    proceeds of the offering, assuming that we incur the estimated
    offering expenses, including preferred share offering expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Transaction Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="93%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales Load (as a percentage of offering price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;&#160;&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Expenses Borne by the Fund (as a percentage of offering
    price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;&#160;&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividend Reinvestment Plan Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
    (1)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="74%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="22%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of Net Assets<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Attributable to Common Shares</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Annual Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Management Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %&#160;(2)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest on Borrowed Funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %&#160;(2)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividends on Preferred Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Annual Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
    %&#160;(2)
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Shareholders participating in the Fund&#146;s Automatic Dividend
    Reinvestment and Voluntary Cash Purchase Plans would pay $0.75
    plus their pro rata share of brokerage commissions per
    transactions to purchase shares and $2.50 plus their pro rata
    share of brokerage commissions per transaction to sell shares.
    See &#147;Automatic Dividend Reinvestment and Voluntary Cash
    Purchase Plans.&#148;</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The investment Adviser&#146;s fee is
    [&#160;&#160;&#160;&#160;&#160;]% annually of the Fund&#146;s
    average weekly net assets, plus assets attributable to any
    outstanding senior securities, with no deduction for the
    liquidation preference of any outstanding preferred shares or
    the principal amount of any outstanding notes. Consequently, if
    the fund has preferred shares or notes outstanding, the
    investment management fees and other expenses as a percentage of
    net assets attributable to common shares will be higher than if
    the Fund does not utilize a leveraged capital structure.
    &#147;Other Expenses&#148; are based on estimated amounts for
    the current year assuming completion of the proposed issuances.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Example</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following example illustrates the expenses you would pay on
    a $1,000 investment in common shares, assuming a 5% annual
    portfolio total return.*
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Expenses Incurred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>*&#160;The example should not be considered a representation
    of future expenses </B>. The example assumes that the amounts
    set forth in the Annual Expenses table are accurate and that all
    distributions are reinvested at net asset value. Actual expenses
    may be greater or less than those assumed. Moreover, the
    Fund&#146;s actual rate of return may be greater or less than
    the hypothetical 5% return shown in the example.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<A name='Y92093128'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We estimate the total net proceeds of the offering to be
    $&#160;&#160;&#160;&#160;&#160; based on the public offering
    price of $&#160;&#160;&#160;&#160;&#160; per share and after
    deducting underwriting discounts and commissions and estimated
    offering expenses payable by us.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in a prospectus supplement, the Fund
    will invest the net proceeds of any offering in accordance with
    the Fund&#146;s investment objectives and policies, and may use
    a portion of such proceeds, depending on market conditions, for
    other general corporate purposes, including the continuation of
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    P-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the Fund&#146;s managed distribution policy. The Investment
    Adviser anticipates that the investment of the proceeds will be
    made in accordance with the Fund&#146;s investment objectives
    and policies as appropriate investment opportunities are
    identified, which is expected to substantially be completed
    within three months; however, changes in market conditions could
    result in the Fund&#146;s anticipated investment period
    extending to as long as six months. Pending such investment, the
    proceeds of the offering will be held in high quality short-term
    debt securities and instruments.
</DIV>

<A name='Y92093129'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PRICE
    RANGE OF COMMON SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth for the quarters indicated, the
    high and low sale prices on the NYSE Amex per share of our
    common shares and the net asset value and the premium or
    discount from net asset value per share at which the common
    shares were trading, expressed as a percentage of net asset
    value, at each of the high and low sale prices provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Corresponding<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Net Asset<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Corresponding<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Value (&#147;NAV&#148;) Per<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Premium or<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Market Price</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Discount as a % of NAV</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Quarter Ended</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20.49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;10.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;14.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;14.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;14.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;11.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;14.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2006
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;9.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;14.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;8.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;12.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;10.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;13.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;12.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;18.56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;8.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;14.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.76
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;7.56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;10.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;9.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;13.29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;9.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;23.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;16.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;20.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.66
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;9.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;24.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;6.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;15.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;6.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;5.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;1.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;31, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;2.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March&#160;31, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;30, 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;4.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;30, 2011 (period July&#160;1, 2011 through
    September&#160;16, 2011)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;3.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#8722;8.97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The last reported price for our common shares on
    September&#160;16, 2011 was $19.51 per share. As of
    September&#160;16, 2011, the net asset value per share for our
    common shares was $20.03&#160;per share.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    P-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093130'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>[To be provided.]</B>
</DIV>

<A name='Y92093131'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain legal matters will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, New York, New&#160;York, counsel
    to the Fund in connection with the offering of the common shares.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    P-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 24pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Gabelli Global Utility&#160;&#038; Income Trust</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">Common Shares</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times"> Filed
    Pursuant to Rule&#160;497
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">(To
    Prospectus
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011)
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">
    Registration Statement
    <FONT style="white-space: nowrap">No.&#160;333-&#160;&#160;</FONT>
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <BR>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">[GRAPHIC OMITTED]</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Series&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are offering for
    sale&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of our
    Series&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    Preferred Shares, par value $0.001 per share. Our common shares
    are traded on the NYSE Amex under the symbol &#147;GLU.&#148;
    The last reported sale price for our common shares
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    was $&#160;&#160;&#160;&#160;&#160; per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should review the information set forth under &#147;Risk
    Factors and Special Considerations&#148; in the accompanying
    Prospectus before investing in our preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discounts and commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to the Fund(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The aggregate expenses of the offering (excluding underwriting
    discount) are estimated to be $&#160;&#160;&#160;&#160;&#160;.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Underwriters are expected to deliver the
    Series&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    Preferred in book-entry form through the Depository
    Trust&#160;Company on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should rely only on the information contained or
    incorporated by reference in this Prospectus Supplement and the
    accompanying Prospectus. The Fund has not authorized anyone to
    provide you with different information. The Fund is not making
    an offer to sell these securities in any state where the offer
    or sale is not permitted. You should not assume that the
    information contained in this Prospectus Supplement and the
    accompanying Prospectus is accurate as of any date other than
    the date of this Prospectus Supplement and the accompanying
    Prospectus, respectively.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></U><FONT style="font-family: 'Times New Roman', Times">,
    <U>&#160;&#160;</U></FONT></B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    Q-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Prospectus
    Supplement</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="Y92093tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093132'>Terms of the
    Series&#160;&#160;&#160;&#160;&#160;Preferred Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Q-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093133'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Q-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093134'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Q-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093135'>Asset Coverage Ratio</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Q-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093136'>Special Characteristics and Risks of the
    Series&#160;&#160;&#160;&#160;&#160;Preferred</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Q-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093137'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Q-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093138'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Q-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093139'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Q-5
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    Q-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093132'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TERMS OF
    THE
    SERIES&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    PREFERRED SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Dividend Rate</TD>
    <TD></TD>
    <TD valign="bottom">
    The dividend rate [for the initial dividend
    period]<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

    will be&#160;&#160;&#160;&#160;&#160;%.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Dividend Payment Rate</TD>
    <TD></TD>
    <TD valign="bottom">
    [Dividends will be paid when, as and if declared
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    commencing&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

    The payment date for the initial dividend period will
    be&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>]</TD>

</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    [Regular Dividend Period</TD>
    <TD></TD>
    <TD valign="bottom">
    Regular dividend periods will
    be&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    days.<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>]</TD>

</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    [Regular Auction Date</TD>
    <TD></TD>
    <TD valign="bottom">
    Auctions will be held
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    .<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>]</TD>

</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Liquidation Preference</TD>
    <TD></TD>
    <TD valign="bottom">
    $&#160;&#160;&#160;&#160;&#160; per share</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    [Non-Call Period</TD>
    <TD></TD>
    <TD valign="bottom">
    The shares may not be called for redemption at the option of the
    Fund prior
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>]</TD>

</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    [Stock Exchange
    Listing]<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></TD>

    <TD></TD>
    <TD valign="bottom">
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Rating</TD>
    <TD></TD>
    <TD valign="bottom">
    It is a condition of issuance that the preferred shares be rated
    &#147;AAA&#148; by S&#038;P and (1)&#147;Aaa&#148; by
    Moody&#146;s.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Applicable only if the preferred shares being offered is Auction
    Rate Preferred.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Applicable only if the preferred shares being offered is Fixed
    Rate Preferred.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    Q-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093133'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We estimate the total net proceeds of the offering to be
    $&#160;&#160;&#160;&#160;&#160;, based on the public offering
    price of $&#160;&#160;&#160;&#160;&#160; per share and after
    deducting underwriting discounts and commissions and estimated
    offering expenses payable by us. Unless otherwise specified in a
    prospectus supplement, the Fund will invest the net proceeds of
    any offering in accordance with the Fund&#146;s investment
    objectives and policies, and may use a portion of such proceeds,
    depending on market conditions, for other general corporate
    purposes, including the continuation of the Fund&#146;s managed
    distribution policy. The Investment Adviser anticipates that the
    investment of the proceeds will be made in accordance with the
    Fund&#146;s investment objectives and policies as appropriate
    investment opportunities are identified, which is expected to
    substantially be completed within three months; however, changes
    in market conditions could result in the Fund&#146;s anticipated
    investment period extending to as long as six months. Pending
    such investment, the proceeds of the offering will be held in
    high quality short-term debt securities and instruments.
</DIV>

<A name='Y92093134'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To Come]
</DIV>

<A name='Y92093135'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ASSET
    COVERAGE RATIO</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As provided in the 1940 Act and subject to certain exceptions,
    the Fund may issue debt or preferred shares with the condition
    that immediately after issuance the value of its total assets,
    less certain ordinary course liabilities, exceed 300% of the
    amount of the debt outstanding and exceed 200% of the sum of the
    amount of debt and preferred shares outstanding. The Fund&#146;s
    preferred shares and notes, in aggregate, are expected to have
    an initial asset coverage on the date of issuance of
    approximately
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]%.
</DIV>

<A name='Y92093136'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    CHARACTERISTICS AND RISKS OF THE
    SERIES&#160;&#160;&#160;&#160;&#160; PREFERRED</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Auction Risk.</I>&#160;&#160;In the event any Variable Rate
    Preferred Shares are issued, you may not be able to sell your
    Variable Rate Preferred Shares at an auction if the auction
    fails, i.e., if more Variable Rate Preferred Shares are offered
    for sale than there are buyers for those shares. Also, if you
    place an order (a hold order) at an auction to retain Variable
    Rate Preferred Shares only at a specified rate that exceeds the
    rate set at the auction, you will not retain your Variable Rate
    Preferred Shares. Additionally, if you place a hold order
    without specifying a rate below which you would not wish to
    continue to hold your shares and the auction sets a below market
    rate, you will receive a lower rate of return on your shares
    than the market rate. Moreover, the dividend period may be
    changed, subject to certain conditions and with notice to the
    holders of the Variable Rate Preferred Shares, which could also
    affect the liquidity of your investment. Since 2008, most
    auction-rate preferred share auctions have been unable to hold
    successful auctions and holders of such shares have suffered
    reduced liquidity. There can be no assurance that liquidity will
    improve.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Secondary Market Risk.</I>&#160;&#160;In the event any
    Variable Rate Preferred Shares are issued, if you try to sell
    your Variable Rate Preferred Shares between auctions, you may
    not be able to sell them for their liquidation preference per
    share or such amount per share plus accumulated dividends. If
    the Fund has designated a special dividend period of more than
    seven days, changes in interest rates could affect the price you
    would receive if you sold your shares in the secondary market.
    Broker-dealers that maintain a secondary trading market for the
    Variable Rate Preferred Shares are not required to maintain this
    market, and the Fund is not required to redeem Variable Rate
    Preferred Shares if either an auction or an attempted secondary
    market sale fails because of a lack of buyers. The Variable Rate
    Preferred Shares will not be registered on a stock exchange. If
    you sell your Variable Rate Preferred Shares to a broker-dealer
    between auctions, you may receive less than the price you paid
    for them, especially when market interest rates have risen since
    the last auction or during a special dividend period.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    Q-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Reinvestment Risk.</I>&#160;&#160;The Fund may at any time
    redeem shares of Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares to the extent necessary to meet regulatory
    asset coverage requirements. For example, if the value of the
    Fund&#146;s investment portfolio declines, thereby reducing the
    asset coverage for the Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares, the Fund may be obligated under the terms of
    the Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares to redeem shares of the Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares. Investors may not be able to reinvest the
    proceeds of any redemption in an investment providing the same
    or a better rate than that of the Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Distribution Risk.</I>&#160;&#160;The Fund may not meet the
    asset coverage requirements or earn sufficient income from its
    investments to make distributions on the Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Redemption&#160;Risk.</I>&#160;&#160;The Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares is not an obligation of the Fund. The Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares is junior in respect of distributions and
    liquidation preference to any indebtedness incurred by the Fund.
    Although unlikely, precipitous declines in the value of the
    Fund&#146;s assets could result in the Fund having insufficient
    assets to redeem all of the Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares for the full redemption price.
</DIV>

<A name='Y92093137'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TAXATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please refer to the &#147;Taxation&#148; sections in the
    Fund&#160;Prospectus and Fund&#160;Statement of Additional
    Information for a description of the consequences of investing
    in the preferred shares of the Fund.
</DIV>

<A name='Y92093138'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To Come]
</DIV>

<A name='Y92093139'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain legal matters will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, New York, New&#160;York, counsel
    to the Fund in connection with the offering of the preferred
    shares.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    Q-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 22pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Gabelli Global Utility&#160;&#038; Income Trust</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#160;&#160;&#160;&#160;&#160;, 2011</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times"> Filed
    Pursuant to Rule&#160;497
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">(To
    Prospectus
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    20&#160;&#160;&#160;&#160;&#160;)
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">
    Registration Statement
    <FONT style="white-space: nowrap">No.&#160;333-&#160;&#160;</FONT>
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <BR>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">[GRAPHIC
    OMITTED]<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">Notes&#160;[Specify
    Title]</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are offering for
    sale&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    promissory notes. Our common shares are traded on the NYSE Amex
    under the symbol &#147;GLU.&#148; The last reported sale price
    for our common shares
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    was $&#160;&#160;&#160;&#160;&#160; per share. You should review
    the information set forth under &#147;Risk Factors and Special
    Considerations&#148; in the accompanying Prospectus before
    investing in our notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Note</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total(1)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discounts and commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The aggregate expenses of the offering are estimated to be
    $&#160;&#160;&#160;&#160;&#160;, which represents approximately
    $&#160;&#160;&#160;&#160;&#160; per note.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will be ready for delivery on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read this Prospectus Supplement and the accompanying
    Prospectus before deciding whether to invest in our notes and
    retain it for future reference. The Prospectus Supplement and
    the accompanying Prospectus contain important information about
    us. Material that has been incorporated by reference and other
    information about us can be obtained from us by calling
    800-GABELLI
    <FONT style="white-space: nowrap">(422-3554)</FONT>
    or from the Securities and Exchange Commission&#146;s
    (&#147;SEC&#148;) website
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the SEC nor any state securities commission has approved
    or disapproved these securities or determined if this Prospectus
    Supplement is truthful or complete. Any representation to the
    contrary is a criminal offense.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><U><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></U><FONT style="font-family: 'Times New Roman', Times">,
    <U>&#160;&#160;</U></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained or
    incorporated by reference in this Prospectus Supplement and the
    accompanying Prospectus. We have not authorized any other person
    to provide you with different information. If anyone provides
    you with different or inconsistent information, you should not
    rely on it. We are not making an offer to sell these securities
    in any jurisdiction in which the offer or sale is not
    permitted.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In this Prospectus Supplement and in the accompanying
    Prospectus, unless otherwise indicated, &#147;Fund,&#148;
    &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The
    Gabelli Global Utility&#160;&#038; Income Trust. This Prospectus
    Supplement also includes trademarks owned by other persons.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    R-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Prospectus
    Supplement</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="Y92093tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093140'>Terms of the Notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    R-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093141'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    R-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093142'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    R-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093143'>Asset Coverage Ratio</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    R-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093144'>Special Characteristics and Risks of the Notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    R-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093145'>Terms of the Notes</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    R-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093146'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    R-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093147'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    R-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093148'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    R-5
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    R-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093140'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TERMS OF
    THE NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Principal Amount</TD>
    <TD></TD>
    <TD valign="bottom">
    The principal amount of the notes is
    $&#160;&#160;&#160;&#160;&#160; in the aggregate.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Maturity</TD>
    <TD></TD>
    <TD valign="bottom">
    The principal amount of the notes will become due and payable
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Interest Rate</TD>
    <TD></TD>
    <TD valign="bottom">
    The interest rate will be&#160;&#160;&#160;&#160;&#160;%.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Frequency of payment</TD>
    <TD></TD>
    <TD valign="bottom">
    Interest will be
    paid&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    commencing&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Prepayment Protections</TD>
    <TD></TD>
    <TD valign="bottom">
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    [Stock Exchange Listing]</TD>
    <TD></TD>
    <TD valign="bottom">
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Rating</TD>
    <TD></TD>
    <TD valign="bottom">
    It is a condition of issuance that the notes be
    rated[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    by
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;].</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    R-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093141'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We estimate the total net proceeds of the offering to be
    $&#160;&#160;&#160;&#160;&#160;, based on the public offering
    price of $&#160;&#160;&#160;&#160;&#160; per note and after
    deduction of the underwriting discounts and commissions and
    estimated offering expenses payable by us. Unless otherwise
    specified in a prospectus supplement, the Fund will invest the
    net proceeds of any offering in accordance with the Fund&#146;s
    investment objectives and policies, and may use a portion of
    such proceeds, depending on market conditions, for other general
    corporate purposes, including the continuation of the
    Fund&#146;s managed distribution policy. The Investment Adviser
    anticipates that the investment of the proceeds will be made in
    accordance with the Fund&#146;s investment objectives and
    policies as appropriate investment opportunities are identified,
    which is expected to substantially be completed within three
    months; however, changes in market conditions could result in
    the Fund&#146;s anticipated investment period extending to as
    long as six months. Pending such investment, the proceeds of the
    offering will be held in high quality short-term debt securities
    and instruments.
</DIV>

<A name='Y92093142'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>

<A name='Y92093143'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ASSET
    COVERAGE RATIO</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As provided in the 1940 Act and subject to certain exceptions,
    the Fund may issue debt or preferred shares with the condition
    that immediately after issuance the value of its total assets,
    less certain ordinary course liabilities, exceed 300% of the
    amount of the debt outstanding and exceed 200% of the sum of the
    amount of debt and preferred shares outstanding. The Fund&#146;s
    notes are expected to have an initial asset coverage on the date
    of issuance of approximately
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]%.
</DIV>

<A name='Y92093144'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    CHARACTERISTICS AND RISKS OF THE NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Liquidity Risk.</I>&#160;&#160;An investment in our notes is
    subject to special risks. Our notes are not likely to be listed
    on an exchange or automated quotation system. We cannot assure
    you that any market will exist for our notes or if a market does
    exist, whether it will provide holders with liquidity.
    Broker-dealers that maintain a secondary trading market for the
    notes are not required to maintain this market, and the Fund is
    not required to redeem notes if an attempted secondary market
    sale fails because of a lack of buyers. To the extent that our
    notes trade, they may trade at a price either higher or lower
    than their principal amount depending on interest rates, the
    rating (if any) on such notes and other factors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Reinvestment Risk.</I>&#160;&#160;The Fund may at any time
    redeem notes to the extent necessary to meet regulatory asset
    coverage requirements. For example, if the value of the
    Fund&#146;s investment portfolio declines, thereby reducing the
    asset coverage for the notes, the Fund may be obligated under
    the terms of the notes to redeem the notes. Investors may not be
    able to reinvest the proceeds of any redemption in an investment
    providing the same or a better rate than that of the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Distribution Risk.</I>&#160;&#160;The Fund may not meet the
    asset coverage requirements or earn sufficient income from its
    investments to make interest payments on the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Redemption&#160;Risk.</I>&#160;&#160;Although unlikely,
    precipitous declines in the value of the Fund&#146;s assets
    could result in the Fund having insufficient assets to redeem
    all of the notes for the full redemption price.
</DIV>

<A name='Y92093145'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TERMS OF
    THE NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    R-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093146'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TAXATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please refer to the &#147;Taxation&#148; sections in the
    Fund&#160;Prospectus and Fund&#160;Statement of Additional
    Information for a description of the consequences of investing
    in the notes of the Fund.
</DIV>

<A name='Y92093147'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>

<A name='Y92093148'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain legal matters will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, New York, New&#160;York, counsel
    to the Fund in connection with the offering of the notes.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    R-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 24pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Gabelli Global Utility&#160;&#038; Income Trust</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">Notes</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#160;&#160;&#160;&#160;&#160;, 2011</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times"> Filed
    Pursuant to Rule&#160;497
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">(To
    Prospectus
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011)
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">
    Registration Statement
    <FONT style="white-space: nowrap">No.&#160;333-&#160;&#160;</FONT>
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">[GRAPHIC OMITTED]</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">&#160;&#160;&#160;&#160;&#160;Rights
    for&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Subscription Rights for Common
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are issuing subscription rights to our [common] [preferred]
    stockholders to purchase our common shares. Our common shares
    are traded on the NYSE Amex LLC (&#147;NYSE Amex&#148;) under
    the symbol &#147;GLU.&#148; The last reported sale price for our
    common shares
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    was $&#160;&#160;&#160;&#160;&#160; per share.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should review the information set forth under &#147;Risk
    Factors and Special Considerations&#148; in the accompanying
    Prospectus before investing in our common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total(1)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Subscription price of Common Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discounts and commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The aggregate expenses of the offering are estimated to be
    $&#160;&#160;&#160;&#160;&#160; , which represents approximately
    $&#160;&#160;&#160;&#160;&#160; per share.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read this Prospectus Supplement and the accompanying
    Prospectus before deciding whether to invest in our common
    shares and retain it for future reference. The Prospectus
    Supplement and the accompanying Prospectus contain important
    information about us. Material that has been incorporated by
    reference and other information about us can be obtained from us
    by calling 800-GABELLI
    <FONT style="white-space: nowrap">(422-3554)</FONT>
    or from the Securities and Exchange Commission&#146;s
    (&#147;SEC&#148;) website
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the SEC nor any state securities commission has approved
    or disapproved these securities or determined if this Prospectus
    Supplement is truthful or complete. Any representation to the
    contrary is a criminal offense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>STOCKHOLDERS WHO DO NOT EXERCISE THEIR RIGHTS MAY, AT THE
    COMPLETION OF THE OFFERING, OWN A SMALLER PROPORTIONAL INTEREST
    IN THE FUND&#160;THAN IF THEY EXERCISED THEIR RIGHTS. AS A
    RESULT OF THE OFFERING YOU MAY EXPERIENCE DILUTION OR ACCRETION
    OF THE AGGREGATE NET ASSET VALUE OF YOUR SHARES&#160;OF COMMON
    STOCK DEPENDING UPON WHETHER THE FUND&#146;S NET ASSET VALUE PER
    SHARE OF COMMON STOCK IS ABOVE OR BELOW THE SUBSCRIPTION PRICE
    ON THE EXPIRATION DATE.&#160;&#160;&#160;&#160;&#160;,</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The common shares are expected to be ready for delivery in
    book-entry form through the Depository Trust&#160;Company on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011. If the offer is extended, the common shares are expected
    to be ready for delivery in book-entry form through the
    Depository Trust&#160;Company on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The date of this Prospectus Supplement
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained or
    incorporated by reference in this Prospectus Supplement and the
    accompanying Prospectus. The Fund has not authorized anyone to
    provide you with different information. The Fund is not making
    an offer to sell these securities in any jurisdiction where the
    offer or sale is not permitted. You should not assume that the
    information contained in this Prospectus Supplement and the
    accompanying Prospectus is accurate as of any date other than
    the date of this Prospectus Supplement and the accompanying
    Prospectus, respectively. Our business, financial condition,
    results of operations and prospects may have changed since those
    dates. In this Prospectus Supplement and in the accompanying
    Prospectus, unless otherwise indicated, &#147;Fund,&#148;
    &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The
    Gabelli Global Utility&#160;&#038; Income Trust. This Prospectus
    Supplement also includes trademarks owned by other persons.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Prospectus
    Supplement</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="Y92093tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093149'>Summary of the Terms of the Rights Offering</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093150'>Description of the Rights Offering</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093151'>Table of Fees and Expenses</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093152'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093153'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093154'>Price Range of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093155'>Special Characteristics and Risks of the
    Rights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093156'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093157'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093149'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF THE TERMS OF THE RIGHTS OFFERING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Terms of the Offer</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    [To be provided.]</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Amount Available for Primary Subscription</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    $[&#160;&#160;&#160;&#160;&#160;]</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Title</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Subscription Rights for Common Shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Subscription Price</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Rights may be exercised at a price of
    $&#160;&#160;&#160;&#160;&#160; per share of Common Stock (the
    &#147;Subscription Price&#148;). <I>See &#147;Terms of the
    Offer.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Record Date</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Rights will be issued to holders of record of the Fund&#146;s
    [Common] [Preferred]&#160;Shares
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (the &#147;Record Date&#148;). <I>See &#147;Terms of the
    Offer.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Number of Rights Issued</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    &#160;&#160;&#160;&#160;&#160;Right will be issued in respect of
    each share of [Common] [Preferred] Stock of the Fund outstanding
    on the Record Date. <I>See &#147;Terms of the Offer.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Number of Rights Required to Purchase One Common Share</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    A holder of Rights may
    purchase&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    shares of Common Stock of the Fund for
    every&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    Rights exercised. The number of Rights to be issued to a
    stockholder on the Record Date will be rounded up to the nearest
    number of Rights evenly divisible
    by&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    <I>See &#147;Terms of the Offer.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Over-Subscription Privilege</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    [To be provided.]</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Transfer of Rights</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    [To be provided.]</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Subscription Period</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The Rights may be exercised at any time after issuance and prior
    to expiration of the Rights, which will be 5:00&#160;PM Eastern
    Time
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (the &#147;Expiration Date&#148;) (the &#147;Subscription
    Period&#148;). <I>See &#147;Terms of the Offer&#148; and
    &#147;Method of Exercise of Rights.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Offer Expenses</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The expenses of the Offer are expected to be approximately
    $[&#160;&#160;&#160;&#160;&#160;]. <I>See &#147;Use of
    Proceeds.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Sale of Rights</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    [To be provided.]</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Use of Proceeds</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund estimates the net proceeds of the Offer to be
    approximately $[&#160;&#160;&#160;&#160;&#160;]. This figure is
    based on the Subscription Price per share of
    $&#160;&#160;&#160;&#160;&#160; and assumes all new shares of
    Common Stock offered are sold and that the expenses related to
    the Offer estimated at approximately
    $[&#160;&#160;&#160;&#160;&#160;] are paid.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Investment Adviser anticipates that investment of the
    proceeds will be made in accordance with the Fund&#146;s
    investment objectives and policies as appropriate investment
    opportunities are identified, which is expected to be
    substantially completed in approximately three months; however,
    the identification of appropriate investment opportunities
    pursuant to the Fund&#146;s investment style or changes in
    market conditions may cause the investment period to extend as
    long as six months. Pending such investment, the proceeds will
    be held in high quality short-term debt securities and
    instruments. Depending on market conditions and operations, a
    portion of the cash held by the Fund, including any proceeds
    raised from this </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    offering, may be used to pay distributions in accordance with
    the Fund&#146;s distribution policy. <I>See &#147;Use of
    Proceeds&#148;.</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Taxation/ERISA</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    <I>See &#147;Employee Plan Considerations.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>RIGHTS Agent</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    [To be provided.]</TD>
</TR>

</TABLE>

<A name='Y92093150'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE RIGHTS OFFERING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093151'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    FEES AND EXPENSES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following tables are intended to assist you in understanding
    the various costs and expenses directly or indirectly associated
    with investing in our common shares as a percentage of net
    assets attributable to common shares. Amounts are for the
    current fiscal year after giving effect to anticipated net
    proceeds of the offering, assuming that we incur the estimated
    offering expenses, including preferred share offering expenses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Transaction Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sales Load (as a percentage of offering price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;&#160;&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Offering Expenses Borne by the Fund (as a percentage of offering
    price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;&#160;&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dividend Reinvestment Plan Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    None(1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="23%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percentage of Net Assets<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Attributable to Common Shares</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Annual Expenses</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Management Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;&#160;&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
    %(2)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Interest on Borrowed Funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;&#160;&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Other Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;&#160;&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
    %(2)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Dividends on Preferred Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total Annual Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    [&#160;&#160;&#160;&#160;&#160;]
</TD>
<TD nowrap align="left" valign="bottom">
    %(2)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Shareholders participating in the Fund&#146;s Automatic Dividend
    Reinvestment and Voluntary Cash Purchase Plans would pay $0.75
    plus their pro rata share of brokerage commissions per
    transactions to purchase shares and $2.50 plus their pro rata
    share of brokerage commissions per transaction to sell shares.
    See &#147;Automatic Dividend Reinvestment and Voluntary Cash
    Purchase Plans.&#148;</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The investment Adviser&#146;s fee is
    [&#160;&#160;&#160;&#160;&#160;]% annually of the Fund&#146;s
    average weekly net assets, plus assets attributable to any
    outstanding senior securities, with no deduction for the
    liquidation preference of any outstanding preferred shares or
    the principal amount of any outstanding notes. Consequently, if
    the fund has preferred shares or notes outstanding, the
    investment management fees and other expenses as a percentage of
    net assets attributable to common shares will be higher than if
    the Fund does not utilize a leveraged capital structure.
    &#147;Other Expenses&#148; are based on estimated amounts for
    the current year assuming completion of the proposed issuances.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Example</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following example illustrates the expenses (including the
    maximum estimated sales load of
    $[&#160;&#160;&#160;&#160;&#160;] and estimated offering
    expenses of $[&#160;&#160;&#160;&#160;&#160;] from the issuance
    of $[&#160;&#160;&#160;&#160;&#160;]&#160;million in common
    shares) you would pay on a $1,000 investment in common shares,
    assuming a 5% annual portfolio total return.* The actual amounts
    in connection with any offering will be set forth in the
    Prospectus Supplement if applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="65%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total Expenses Incurred
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    <B>The example should not be considered a representation of
    future expenses</B>. The example assumes that the amounts set
    forth in the Annual Expenses table are accurate and that all
    distributions are reinvested at net asset value. Actual expenses
    may be greater or less than those assumed. Moreover, the
    Fund&#146;s actual rate of return may be greater or less than
    the hypothetical 5% return shown in the example.</TD>
</TR>

</TABLE>

<A name='Y92093152'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund estimates the net proceeds of the Offer to be
    $[&#160;&#160;&#160;&#160;&#160;], based on the Subscription
    Price per share of $[&#160;&#160;&#160;&#160;&#160;], assuming
    all new shares of Common Shares offered are sold and that the
    expenses related to the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Offer estimated at approximately
    $[&#160;&#160;&#160;&#160;&#160;] are paid and after deduction
    of the underwriting discounts and commissions. Unless otherwise
    specified in a prospectus supplement, the Fund will invest the
    net proceeds of any offering in accordance with the Fund&#146;s
    investment objectives and policies, and may use a portion of
    such proceeds, depending on market conditions, for other general
    corporate purposes, including the continuation of the
    Fund&#146;s managed distribution policy. The Investment Adviser
    anticipates that the investment of the proceeds will be made in
    accordance with the Fund&#146;s investment objectives and
    policies as appropriate investment opportunities are identified,
    which is expected to substantially be completed within three
    months; however, changes in market conditions could result in
    the Fund&#146;s anticipated investment period extending to as
    long as six months. Pending such investment, the proceeds of the
    offering will be held in high quality short-term debt securities
    and instruments.
</DIV>

<A name='Y92093153'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>

<A name='Y92093154'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PRICE
    RANGE OF COMMON SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth for the quarters indicated, the
    high and low sale prices on the NYSE Amex per share of our
    common shares and the net asset value and the premium or
    discount from net asset value per share at which the common
    shares were trading, expressed as a percentage of net asset
    value, at each of the high and low sale prices provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011, the last reported net asset value per share of the Common
    Stock was $&#160;&#160;&#160;&#160;&#160;and the last reported
    sales price per share of Common Stock on the NYSE Amex was
    $&#160;&#160;&#160;&#160;&#160;.
</DIV>

<A name='Y92093155'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    CHARACTERISTICS AND RISKS OF THE RIGHTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>

<A name='Y92093156'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TAXATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please refer to the &#147;Taxation&#148; sections in the
    Fund&#160;Prospectus and Fund&#160;Statement of Additional
    Information for a description of the consequences of the
    distribution of subscription rights.
</DIV>

<A name='Y92093157'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain legal matters will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, counsel to the Fund in connection
    with this rights offering.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 24pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Gabelli Global Utility&#160;&#038; Income Trust</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares
    of Common Stock</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">Issuable Upon Exercise of
    Rights to</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">Subscribe to Such Shares of
    Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#160;&#160;&#160;&#160;&#160;, 2011</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUPPLEMENT
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times"> Filed
    Pursuant to Rule&#160;497
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-family: 'Times New Roman', Times">(To
    Prospectus
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011)
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-family: 'Times New Roman', Times">
    Registration Statement
    <FONT style="white-space: nowrap">No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;</FONT>
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">[GRAPHIC
    OMITTED]<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rights
    for&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Subscription Rights
    for&#160;&#160;&#160;&#160;&#160;% Series
    [&#160;&#160;&#160;&#160;&#160;]
    [&#160;&#160;&#160;&#160;&#160;] Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are issuing subscription rights to our [common] [preferred]
    stockholders to purchase our&#160;&#160;&#160;&#160;&#160;%
    Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares. Our common shares are traded on the NYSE Amex
    LLC (&#147;NYSE Amex&#148;) under the symbol &#147;GLU.&#148;
    The last reported sale price for our common shares
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;was
    $&#160;&#160;&#160;&#160;&#160; per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should review the information set forth under &#147;Risk
    Factors and Special Considerations&#148; in the accompanying
    Prospectus before investing in our preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total(1)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Subscription price of Preferred Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discounts and commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The aggregate expenses of the offering are estimated to be
    $&#160;&#160;&#160;&#160;&#160;, which represents approximately
    $&#160;&#160;&#160;&#160;&#160; per share.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should read this Prospectus Supplement and the accompanying
    Prospectus before deciding whether to invest in our preferred
    shares and retain it for future reference. The Prospectus
    Supplement and the accompanying Prospectus contain important
    information about us. Material that has been incorporated by
    reference and other information about us can be obtained from us
    by calling 800-GABELLI
    <FONT style="white-space: nowrap">(422-3554)</FONT>
    or from the Securities and Exchange Commission&#146;s
    (&#147;SEC&#148;) website
    <FONT style="white-space: nowrap">(http://www.sec.gov).</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the SEC nor any state securities commission has approved
    or disapproved these securities or determined if this Prospectus
    Supplement is truthful or complete. Any representation to the
    contrary is a criminal offense.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The preferred shares are expected to be ready for delivery in
    book-entry form through the Depository Trust&#160;Company on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011. If the offer is extended, the preferred shares are
    expected to be ready for delivery in book-entry form through the
    Depository Trust&#160;Company on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011.
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The date of this Prospectus Supplement
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained or
    incorporated by reference in this Prospectus Supplement and the
    accompanying Prospectus. The Fund has not authorized anyone to
    provide you with different information. The Fund is not making
    an offer to sell these securities in any jurisdiction where the
    offer or sale is not permitted. You should not assume that the
    information contained in this Prospectus Supplement and the
    accompanying Prospectus is accurate as of any date other than
    the date of this Prospectus Supplement and the accompanying
    Prospectus, respectively. Our business, financial condition,
    results of operations and prospects may have changed since those
    dates. In this Prospectus Supplement and in the accompanying
    Prospectus, unless otherwise indicated, &#147;Fund,&#148;
    &#147;us,&#148; &#147;our&#148; and &#147;we&#148; refer to The
    Gabelli Global Utility&#160;&#038; Income Trust. This Prospectus
    Supplement also includes trademarks owned by other persons.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    T-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Prospectus
    Supplement</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="Y92093tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><U>Page</U></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093158'>Summary of the Terms of the Rights Offering</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    T-3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093159'>Terms of the
    Series&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Preferred
    Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    T-5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093160'>Description of the Rights Offering</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    T-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093161'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    T-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093162'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    T-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093163'>Asset Coverage Ratio</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    T-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093164'>Special Characteristics and Risks of the
    Rights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    T-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093165'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    T-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093166'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    T-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093167'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    T-7
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    T-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093158'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    OF THE TERMS OF THE RIGHTS OFFERING</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Terms of the Offer</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    [To be provided.]</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Amount Available for Primary Subscription</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    $[&#160;&#160;&#160;&#160;&#160;]</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Title</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Subscription Rights for Series [&#160;&#160;&#160;&#160;&#160;]
    Preferred Shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Exercise Price</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Rights may be exercised at a price of
    $&#160;&#160;&#160;&#160;&#160; per share of Preferred Stock
    (the &#147;Subscription Price&#148;). <I>See &#147;Terms of the
    Offer.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Record Date</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    Rights will be issued to holders of record of the Fund&#146;s
    [Common] [Preferred]&#160;Shares
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (the &#147;Record Date&#148;). <I>See &#147;Terms of the
    Offer.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Number of Rights Issued</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    Right will be issued in respect of each share of [Common]
    [Preferred] Stock of the Fund outstanding on the Record Date.
    <I>See &#147;Terms of the Offer.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Number of Rights Required to Purchase</B> <B>One Preferred
    Share</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    A holder of Rights may
    purchase&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;share
    of Preferred Stock of the Fund for
    every&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    Rights exercised. The number of Rights to be issued to a
    stockholder on the Record Date will be rounded up to the nearest
    number of Rights evenly divisible
    by&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    <I>See &#147;Terms of the Offer.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Over-Subscription Privilege</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    [To be provided.]</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Transfer of Rights</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    [To be provided.]</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Exercise Period</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The Rights may be exercised at any time after issuance and prior
    to expiration of the Rights, which will be 5:00&#160;PM Eastern
    Time
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011 (the &#147;Expiration Date&#148;) (the &#147;Subscription
    Period&#148;). <I>See &#147;Terms of the Offer&#148; and
    &#147;Method of Exercise of Rights.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Offer Expenses</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The expenses of the Offer are expected to be approximately
    $[&#160;&#160;&#160;&#160;&#160;]. <I>See &#147;Use of
    Proceeds.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Sale of Rights</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    [To be provided.]</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Use of Proceeds</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    The Fund estimates the net proceeds of the Offer to be
    approximately $[&#160;&#160;&#160;&#160;&#160;]. This figure is
    based on the Exercise Price per share of
    $&#160;&#160;&#160;&#160;&#160; and assumes all new shares of
    Series [&#160;&#160;&#160;&#160;&#160;]Preferred Stock offered
    are sold and that the expenses related to the Offer estimated at
    approximately $[&#160;&#160;&#160;&#160;&#160;] are paid.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Investment Adviser anticipates that investment of the
    proceeds will be made in accordance with the Fund&#146;s
    investment objectives and policies as appropriate investment
    opportunities are identified, which is expected to be
    substantially completed in approximately three months; however,
    the identification of appropriate investment opportunities
    pursuant to the Fund&#146;s investment style or changes in
    market conditions may cause the investment period to extend as
    long as six months. Pending such investment, the proceeds will
    be held in high quality short-term debt securities and
    instruments. Depending on market conditions and operations, a
    portion of the </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    T-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    cash held by the Fund, including any proceeds raised from this
    offering, may be used to pay distributions in accordance with
    the Fund&#146;s distribution policy. <I>See &#147;Use of
    Proceeds&#148;.</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Taxation/ERISA</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    <I>See &#147;Employee Plan Considerations.&#148;</I></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Rights Agent</B> </TD>
    <TD></TD>
    <TD valign="bottom">
    [To be provided.]</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    T-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093159'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TERMS OF
    THE SERIES&#160;&#160;&#160;&#160;&#160; PREFERRED
    STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Dividend Rate</TD>
    <TD></TD>
    <TD valign="bottom">
    The dividend rate [for the initial dividend
    period]<SUP style="font-size: 85%; vertical-align: top">1</SUP>

    will be&#160;&#160;&#160;&#160;&#160;%.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Dividend Payment Rate</TD>
    <TD></TD>
    <TD valign="bottom">
    [Dividends will be paid when, as and if declared
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    commencing&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.]<SUP style="font-size: 85%; vertical-align: top">2</SUP>

    The payment date for the initial dividend period will
    be&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.]<SUP style="font-size: 85%; vertical-align: top">1</SUP></TD>

</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    [Regular Dividend Period</TD>
    <TD></TD>
    <TD valign="bottom">
    Regular dividend periods will
    be&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    days.]<SUP style="font-size: 85%; vertical-align: top">1</SUP></TD>

</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Liquidation Preference</TD>
    <TD></TD>
    <TD valign="bottom">
    $&#160;&#160;&#160;&#160;&#160; per share</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    [Non-Call Period</TD>
    <TD></TD>
    <TD valign="bottom">
    The shares may not be called for redemption at the option of the
    Fund prior
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.]<SUP style="font-size: 85%; vertical-align: top">2</SUP></TD>

</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    [Stock Exchange
    Listing]<SUP style="font-size: 85%; vertical-align: top">2</SUP></TD>

    <TD></TD>
    <TD valign="bottom">
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    1 </TD>
    <TD></TD>
    <TD valign="bottom">
    Applicable only if the preferred shares being offered are
    auction rate shares.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    2 </TD>
    <TD></TD>
    <TD valign="bottom">
    Applicable only if the preferred shares being offered are fixed
    rate shares.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    T-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093160'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE RIGHTS OFFERING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    T-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='Y92093161'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund estimates the net proceeds of the Offer to be
    $[&#160;&#160;&#160;&#160;&#160;], based on the Subscription
    Price per share of
    $[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
    assuming all new shares of Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Preferred Stock offered are sold and that the expenses related
    to the Offer estimated at approximately
    $[&#160;&#160;&#160;&#160;&#160;] are paid and after deduction
    of the underwriting discounts and commissions. Unless otherwise
    specified in a prospectus supplement, the Fund will invest the
    net proceeds of any offering in accordance with the Fund&#146;s
    investment objectives and policies, and may use a portion of
    such proceeds, depending on market conditions, for other general
    corporate purposes, including the continuation of the
    Fund&#146;s managed distribution policy. The Investment Adviser
    anticipates that the investment of the proceeds will be made in
    accordance with the Fund&#146;s investment objectives and
    policies as appropriate investment opportunities are identified,
    which is expected to substantially be completed within three
    months; however, changes in market conditions could result in
    the Fund&#146;s anticipated investment period extending to as
    long as six months. Pending such investment, the proceeds of the
    offering will be held in high quality short-term debt securities
    and instruments.
</DIV>

<A name='Y92093162'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>

<A name='Y92093163'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ASSET
    COVERAGE RATIO</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As provided in the 1940 Act and subject to certain exceptions,
    the Fund may issue debt or preferred shares with the condition
    that immediately after issuance the value of its total assets,
    less certain ordinary course liabilities, exceed 300% of the
    amount of the debt outstanding and exceed 200% of the sum of the
    amount of debt and preferred shares outstanding. The Fund&#146;s
    preferred shares and notes, in aggregate, are expected to have
    an initial asset coverage on the date of issuance of
    approximately
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]%.
</DIV>

<A name='Y92093164'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    CHARACTERISTICS AND RISKS OF THE RIGHTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>

<A name='Y92093165'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TAXATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Please refer to the &#147;Taxation&#148; sections in the
    Fund&#160;Prospectus and Fund&#160;Statement of Additional
    Information for a description of the consequences of the
    distribution of subscription rights.
</DIV>

<A name='Y92093166'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    [To be provided.]
</DIV>

<A name='Y92093162'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain legal matters will be passed on by Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP, counsel to the Fund, in connection
    with this rights offering.
</DIV>
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    <BR>
    T-7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 24pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Gabelli Global Utility&#160;&#038; Income Trust</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares
    of&#160;&#160;&#160;&#160;&#160;% Series
    [&#160;&#160;&#160;&#160;&#160;]
    [&#160;&#160;&#160;&#160;&#160;] Preferred Shares</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">Issuable Upon Exercise of
    Rights to</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">Subscribe to Such Shares of
    Preferred Stock</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>PROSPECTUS SUPPLEMENT</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#160;&#160;&#160;&#160;&#160;, 2011</B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></DIV></CENTER>

<CENTER><DIV style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></DIV></CENTER>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">Dated
    September&#160;19, 2011<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    GABELLI GLOBAL UTILITY&#160;&#038; INCOME TRUST<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF ADDITIONAL INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS
    NOT COMPLETE AND MAY BE CHANGED. THE FUND&#160;MAY NOT SELL
    THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE
    SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT
    OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE
    SECURITIES AND IT IS NOT SOLICITING AN OFFER TO BUY THESE
    SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Gabelli Global Utility&#160;&#038; Income Trust (the
    &#147;Fund&#148;) is a non-diversified, closed-end management
    investment company registered under the Investment Company Act
    of 1940, as amended (the &#147;1940 Act&#148;). The Fund&#146;s
    investment objective is to achieve a consistent level of
    after-tax total return with an emphasis currently on
    tax-advantaged qualified dividend income. The Fund will attempt
    to achieve its investment objective under current tax law by
    investing, under normal market conditions, at least 80% of its
    assets in (i)&#160;equity securities (including preferred
    securities) of domestic and foreign companies involved to a
    substantial extent (i.e., at least 50% of the assets, gross
    income or net profits of a company is committed to or derived
    from) in providing (a)&#160;products, services or equipment for
    the generation or distribution of electricity, gas or water and
    (b)&#160;infrastructure operations such as airports, toll roads
    and municipal services and telecommunications services such as
    telephone, telegraph, satellite, cable, microwave,
    radiotelephone, mobile communication and cellular, paging,
    electronic mail, videotext, voice communications, data
    communications and internet (collectively, the &#147;Utilities
    Industry&#148;) and (ii)&#160;in equity securities (including
    preferred securities) of companies in other industries, in each
    case in such securities that are expected to periodically pay
    dividends. The Fund&#146;s 80% policy is not fundamental and
    shareholders will be notified if it is changed. In addition,
    under normal market conditions, at least 50% of the Fund&#146;s
    assets will consist of debt or equity of securities of domestic
    and foreign companies involved to a substantial extent (i.e., at
    least 50% of the assets, gross income or net profits of a
    company is committed to or derived from) in the Utilities
    Industry. The Fund commenced investment operations on
    May&#160;28, 2004. Gabelli Funds, LLC (the &#147;Investment
    Adviser&#148;) serves as investment adviser to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Statement of Additional Information (the &#147;SAI&#148;)
    does not constitute a prospectus, but should be read in
    conjunction with the Fund&#146;s prospectus relating thereto
    dated September&#160;19, 2011, and as it may be supplemented.
    This SAI does not include all information that a prospective
    investor should consider before investing in the Fund&#146;s
    shares, and investors should obtain and read the Fund&#146;s
    prospectus prior to purchasing such shares. A copy of the
    Fund&#146;s Registration Statement, including the prospectus and
    any supplement, may be obtained from the Securities and Exchange
    Commission (the &#147;SEC&#148;) upon payment of the fee
    prescribed, or inspected at the SEC&#146;s office or via its
    website (www.sec.gov) at no charge.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This Statement of Additional Information is dated
    September&#160;19, 2011.
</DIV>
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    <BR>
    1
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    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="Y92093tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093168'>The Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093169'>Investment Objectives and Policies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093170'>Investment Restrictions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093171'>Management of the Fund</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093172'>Portfolio Transactions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093173'>Portfolio Turnover</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093174'>Auctions for Auction Rate Preferred Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093175'>Taxation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093176'>Net Asset Value</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093177'>Beneficial Owners</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#Y92093178'>General Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
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    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y92093168'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund was organized as a statutory trust in Delaware on
    March&#160;8, 2004 and is a non-diversified, closed-end
    management investment company registered under the 1940 Act. The
    common shares of the Fund are listed on the NYSE Amex LLC (the
    &#147;NYSE Amex&#148;) under the symbol &#147;GLU.&#148;
</DIV>

<A name='Y92093169'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    OBJECTIVES AND POLICIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Objectives</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The objective of the Fund is to provide a consistent level of
    after-tax total return with an emphasis currently on
    tax-advantaged qualified dividend income. No assurance can be
    given that the Fund will achieve its investment objective. The
    Fund will attempt to achieve its investment objective by
    investing, under normal market conditions, at least 80% of its
    assets in (i)&#160;equity securities (including preferred
    securities) of domestic and foreign companies involved to a
    substantial extent (i.e., at least 50% of the assets, gross
    income or net profits of a company is committed to or derived
    from) in providing (a)&#160;products, services or equipment for
    the generation or distribution of electricity, gas or water and
    (b)&#160;infrastructure operations such as airports, toll roads
    and municipal services and telecommunications services such as
    telephone, telegraph, satellite, cable, microwave,
    radiotelephone, mobile communication and cellular, paging,
    electronic mail, videotext, voice communications, data
    communications and internet (collectively, the &#147;Utilities
    Industry&#148;) and (ii)&#160;in equity securities (including
    preferred securities) of companies in other industries, in each
    case in such securities that are expected to periodically pay
    dividends, which will in large part qualify under current tax
    law for U.S.&#160;federal income taxation at rates applicable to
    long-term capital gains, which currently are taxed at a maximum
    rate of 15%. (Such dividends are referred to in this SAI as
    &#147;tax-advantaged qualified dividend income&#148; or
    &#147;qualifying dividends.&#148;) The Fund&#146;s 80% policy is
    not fundamental and shareholders will be notified if it is
    changed. In addition, under normal market conditions, at least
    50% of the Fund&#146;s assets will consist of debt or equity of
    securities of domestic and foreign companies involved to a
    substantial extent in the Utilities Industry. In making stock
    selections, the Fund&#146;s Investment Adviser (as hereinafter
    defined) looks for companies that have proven dividend records
    and sound financial structures.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Investment Policies.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Options.</I>&#160;&#160;The Fund may, from time to time,
    subject to guidelines of the Board of Trustees (the
    &#147;Board&#148;) and the limitations set forth in the
    Prospectus and applicable rating agency guidelines, purchase or
    sell, i.e., write, options on securities, securities indices and
    foreign currencies which are listed on a national securities
    exchange or in the OTC market, as a means of achieving
    additional return or of hedging the value of the Fund&#146;s
    portfolio.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A call option is a contract that gives the holder of the option
    the right to buy from the writer of the call option, in return
    for a premium, the security or currency underlying the option at
    a specified exercise price at any time during the term of the
    option. The writer of the call option has the obligation, upon
    exercise of the option, to deliver the underlying security or
    currency upon payment of the exercise price during the option
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A put option is a contract that gives the holder of the option
    the right, in return for a premium, to sell to the seller the
    underlying security at a specified price. The seller of the put
    option has the obligation to buy the underlying security upon
    exercise at the exercise price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A call option is &#147;covered&#148; if the Fund owns the
    underlying instrument covered by the call or has an absolute and
    immediate right to acquire that instrument without additional
    cash consideration (or for additional cash consideration held in
    a segregated account by its custodian) upon conversion or
    exchange of other instruments held in its portfolio. A call
    option is also covered if the Fund holds a call on the same
    instrument as the call written where the exercise price of the
    call held is (i)&#160;equal to or less than the exercise price
    of the call written or (ii)&#160;greater than the exercise price
    of the call written if the difference is maintained by the Fund
</DIV>
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    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    in cash, U.S.&#160;Government Obligations or other high-grade
    short-term obligations in a segregated account with its
    custodian. A put option is &#147;covered&#148; if the Fund
    maintains cash or other high grade short-term obligations with a
    value equal to the exercise price in a segregated account with
    its custodian, or else holds a put on the same instrument as the
    put written where the exercise price of the put held is equal to
    or greater than the exercise price of the put written.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund has written an option, it may terminate its
    obligation by effecting a closing purchase transaction. This is
    accomplished by purchasing an option of the same series as the
    option previously written. However, once the Fund has been
    assigned an exercise notice, the Fund will be unable to effect a
    closing purchase transaction. Similarly, if the Fund is the
    holder of an option it may liquidate its position by effecting a
    closing sale transaction. This is accomplished by selling an
    option of the same series as the option previously purchased.
    There can be no assurance that either a closing purchase or sale
    transaction can be effected when the Fund so desires.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will realize a profit from a closing transaction if the
    price of the transaction is less than the premium received from
    writing the option or is more than the premium paid to purchase
    the option; the Fund will realize a loss from a closing
    transaction if the price of the transaction is more than the
    premium received from writing the option or is less than the
    premium paid to purchase the option. Since call option prices
    generally reflect increases in the price of the underlying
    security, any loss resulting from the repurchase of a call
    option may also be wholly or partially offset by unrealized
    appreciation of the underlying security. Other principal factors
    affecting the market value of a put or a call option include
    supply and demand, interest rates, the current market price and
    price volatility of the underlying security and the time
    remaining until the expiration date. Gains and losses on
    investments in options depend, in part, on the ability of the
    Investment Adviser to predict correctly the effect of these
    factors. The use of options cannot serve as a complete hedge
    since the price movement of securities underlying the options
    will not necessarily follow the price movements of the portfolio
    securities subject to the hedge.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An option position may be closed out only on an exchange which
    provides a secondary market for an option of the same series or
    in a private transaction. Although the Fund will generally
    purchase or write only those options for which there appears to
    be an active secondary market, there is no assurance that a
    liquid secondary market on an exchange will exist for any
    particular option. In such event it might not be possible to
    effect closing transactions in particular options, so that the
    Fund would have to exercise its options in order to realize any
    profit and would incur brokerage commissions upon the exercise
    of call options and upon the subsequent disposition of
    underlying securities for the exercise of put options. If the
    Fund, as a covered call option writer, is unable to effect a
    closing purchase transaction in a secondary market, it will not
    be able to sell the underlying security until the option expires
    or it delivers the underlying security upon exercise or
    otherwise covers the position.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Options on Securities Indices.</I>&#160;&#160;The Fund may
    purchase and sell securities index options. One effect of such
    transactions may be to hedge all or part of the Fund&#146;s
    securities holdings against a general decline in the securities
    market or a segment of the securities market. Options on
    securities indices are similar to options on stocks except that,
    rather than the right to take or make delivery of stock at a
    specified price, an option on a securities index gives the
    holder the right to receive, upon exercise of the option, an
    amount of cash if the closing level of the securities index upon
    which the option is based is greater than, in the case of a
    call, or less than, in the case of a put, the exercise price of
    the option.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s successful use of options on indices depends
    upon its ability to predict the direction of the market and is
    subject to various additional risks. The correlation between
    movements in the index and the price of the securities being
    hedged against is imperfect and the risk from imperfect
    correlation increases as the composition of the Fund diverges
    from the composition of the relevant index. Accordingly, a
    decrease in the value of the securities being hedged against may
    not be wholly offset by a gain on the exercise or sale of a
    securities index put option held by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Options on Foreign Currencies.</I>&#160;&#160;Instead of
    purchasing or selling currency futures (as described below), the
    Fund may attempt to accomplish similar objectives by purchasing
    put or call options on currencies or by
</DIV>
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    <BR>
    4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    writing put options or call options on currencies either on
    exchanges or in
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    (&#147;OTC&#148;) markets. A put option gives the Fund the right
    to sell a currency at the exercise price until the option
    expires. A call option gives the Fund the right to purchase a
    currency at the exercise price until the option expires. Both
    types of options serve to insure against adverse currency price
    movements in the underlying portfolio assets designated in a
    given currency. The Fund&#146;s use of options on currencies
    will be subject to the same limitations as its use of options on
    securities, described above and in the Prospectus. Currency
    options may be subject to position limits which may limit the
    ability of the Fund to fully hedge its positions by purchasing
    the options.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As in the case of interest rate futures contracts and options
    thereon, described below, the Fund may hedge against the risk of
    a decrease or increase in the U.S.&#160;dollar value of a
    foreign currency denominated debt security which the Fund owns
    or intends to acquire by purchasing or selling options
    contracts, futures contracts or options thereon with respect to
    a foreign currency other than the foreign currency in which such
    debt security is denominated, where the values of such different
    currencies
    <FONT style="white-space: nowrap">(vis-a-vis</FONT>
    the U.S.&#160;dollar) historically have a high degree of
    positive correlation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Futures Contracts and Options on Futures.</I>&#160;&#160;The
    Fund will not enter into futures contracts or options on futures
    contracts unless (i)&#160;the aggregate initial margins and
    premiums do not exceed 5% of the fair market value of its assets
    and (ii)&#160;the aggregate market value of its outstanding
    futures contracts and the market value of the currencies and
    futures contracts subject to outstanding options written by the
    Fund, as the case may be, do not exceed 50% of its total assets.
    It is anticipated that these investments, if any, will be made
    by the Fund solely for the purpose of hedging against changes in
    the value of its portfolio securities and in the value of
    securities it intends to purchase. Such investments will only be
    made if they are economically appropriate to the reduction of
    risks involved in the management of the Fund. In this regard,
    the Fund may enter into futures contracts or options on futures
    for the purchase or sale of securities indices or other
    financial instruments including but not limited to
    U.S.&#160;Government Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A &#147;sale&#148; of a futures contract (or a &#147;short&#148;
    futures position) means the assumption of a contractual
    obligation to deliver the securities underlying the contract at
    a specified price at a specified future time. A
    &#147;purchase&#148; of a futures contract (or a
    &#147;long&#148; futures position) means the assumption of a
    contractual obligation to acquire the securities underlying the
    contract at a specified price at a specified future time.
    Certain futures contracts, including stock and bond index
    futures, are settled on a net cash payment basis rather than by
    the sale and delivery of the securities underlying the futures
    contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No consideration will be paid or received by the Fund upon the
    purchase or sale of a futures contract. Initially, the Fund will
    be required to deposit with the broker an amount of cash or cash
    equivalents equal to approximately 1% to 10% of the contract
    amount (this amount is subject to change by the exchange or
    board of trade on which the contract is traded and brokers or
    members of such board of trade may charge a higher amount). This
    amount is known as the &#147;initial margin&#148; and is in the
    nature of a performance bond or good faith deposit on the
    contract. Subsequent payments, known as &#147;variation
    margin,&#148; to and from the broker will be made daily as the
    price of the index or security underlying the futures contract
    fluctuates. At any time prior to the expiration of the futures
    contract, the Fund may elect to close the position by taking an
    opposite position, which will operate to terminate its existing
    position in the contract.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    An option on a futures contract gives the purchaser the right,
    in return for the premium paid, to assume a position in a
    futures contract at a specified exercise price at any time prior
    to the expiration of the option. Upon exercise of an option, the
    delivery of the futures position by the writer of the option to
    the holder of the option will be accompanied by delivery of the
    accumulated balance in the writer&#146;s futures margin account
    attributable to that contract, which represents the amount by
    which the market price of the futures contract exceeds, in the
    case of a call, or is less than, in the case of a put, the
    exercise price of the option on the futures contract. The
    potential loss related to the purchase of an option on futures
    contracts is limited to the premium paid for the option (plus
    transaction costs). Because the value of the option purchased is
    fixed at the point of sale, there are no daily cash payments by
    the purchaser to reflect changes in the value of the underlying
    contract; however, the value of the option does change daily and
    that change would be reflected in the net assets of the Fund.
</DIV>
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    <BR>
    5
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Futures and options on futures entail certain risks, including
    but not limited to the following: no assurance that futures
    contracts or options on futures can be offset at favorable
    prices, possible reduction of the yield of the Fund due to the
    use of hedging, possible reduction in value of both the
    securities hedged and the hedging instrument, possible lack of
    liquidity due to daily limits on price fluctuations, imperfect
    correlation between the contracts and the securities being
    hedged, losses from investing in futures transactions that are
    potentially unlimited and the segregation requirements described
    below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event the Fund sells a put option or enters into long
    futures contracts, under current interpretations of the 1940
    Act, an amount of cash, U.S.&#160;Government Obligations or
    other liquid securities equal to the market value of the
    contract must be deposited and maintained in a segregated
    account with the custodian of the Fund to collateralize the
    positions, in order for the Fund to avoid being treated as
    having issued a senior security in the amount of its
    obligations. For short positions in futures contracts and sales
    of call options, the Fund may establish a segregated account
    (not with a futures commission merchant or broker) with cash,
    U.S.&#160;Government Obligations or other high grade debt
    securities that, when added to amounts deposited with a futures
    commission merchant or a broker as margin, equal the market
    value of the instruments or currency underlying the futures
    contracts or call options, respectively (but are no less than
    the stock price of the call option or the market price at which
    the short positions were established).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Interest Rate Futures Contracts and Options
    Thereon.</I>&#160;&#160;The Fund may purchase or sell interest
    rate futures contracts to take advantage of or to protect the
    Fund against fluctuations in interest rates affecting the value
    of debt securities which the Fund holds or intends to acquire.
    For example, if interest rates are expected to increase, the
    Fund might sell futures contracts on debt securities, the values
    of which historically have a high degree of positive correlation
    to the values of the Fund&#146;s portfolio securities. Such a
    sale would have an effect similar to selling an equivalent value
    of the Fund&#146;s portfolio securities. If interest rates
    increase, the value of the Fund&#146;s portfolio securities will
    decline, but the value of the futures contracts to the Fund will
    increase at approximately an equivalent rate thereby keeping the
    net asset value of the Fund from declining as much as it
    otherwise would have. The Fund could accomplish similar results
    by selling debt securities with longer maturities and investing
    in debt securities with shorter maturities when interest rates
    are expected to increase. However, since the futures market may
    be more liquid than the cash market, the use of futures
    contracts as a risk management technique allows the Fund to
    maintain a defensive position without having to sell its
    portfolio securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Similarly, the Fund may purchase interest rate futures contracts
    when it is expected that interest rates may decline. The
    purchase of futures contracts for this purpose constitutes a
    hedge against increases in the price of debt securities (caused
    by declining interest rates) which the Fund intends to acquire.
    Since fluctuations in the value of appropriately selected
    futures contracts should approximate that of the debt securities
    that will be purchased, the Fund can take advantage of the
    anticipated rise in the cost of the debt securities without
    actually buying them. Subsequently, the Fund can make its
    intended purchase of the debt securities in the cash market and
    currently liquidate its futures position. To the extent the Fund
    enters into futures contracts for this purpose, it will maintain
    in a segregated asset account with the Fund&#146;s custodian,
    assets sufficient to cover the Fund&#146;s obligations with
    respect to such futures contracts, which will consist of cash or
    other liquid securities from its portfolio in an amount equal to
    the difference between the fluctuating market value of such
    futures contracts and the aggregate value of the initial margin
    deposited by the Fund with its custodian with respect to such
    futures contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purchase of a call option on a futures contract is similar
    in some respects to the purchase of a call option on an
    individual security. Depending on the pricing of the option
    compared to either the price of the futures contract upon which
    it is based or the price of the underlying debt securities, it
    may or may not be less risky than ownership of the futures
    contract or underlying debt securities. As with the purchase of
    futures contracts, when the Fund is not fully invested it may
    purchase a call option on a futures contract to hedge against a
    market advance due to declining interest rates.
</DIV>
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    <BR>
    6
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purchase of a put option on a futures contract is similar to
    the purchase of protective put options on portfolio securities.
    The Fund will purchase a put option on a futures contract to
    hedge the Fund&#146;s portfolio against the risk of rising
    interest rates and consequent reduction in the value of
    portfolio securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The writing of a call option on a futures contract constitutes a
    partial hedge against declining prices of the securities which
    are deliverable upon exercise of the futures contract. If the
    futures price at expiration of the option is below the exercise
    price, the Fund will retain the full amount of the option
    premium which provides a partial hedge against any decline that
    may have occurred in the Fund&#146;s portfolio holdings. The
    writing of a put option on a futures contract constitutes a
    partial hedge against increasing prices of the securities that
    are deliverable upon exercise of the futures contract. If the
    futures price at expiration of the option is higher than the
    exercise price, the Fund will retain the full amount of the
    option premium, which provides a partial hedge against any
    increase in the price of debt securities that the Fund intends
    to purchase. If a put or call option the Fund has written is
    exercised, the Fund will incur a loss which will be reduced by
    the amount of the premium it received. Depending on the degree
    of correlation between changes in the value of its portfolio
    securities and changes in the value of its futures positions,
    the Fund&#146;s losses from options on futures it has written
    may to some extent be reduced or increased by changes in the
    value of its portfolio securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Currency Futures and Options
    Thereon.</I>&#160;&#160;Generally, foreign currency futures
    contracts and options thereon are similar to the interest rate
    futures contracts and options thereon discussed previously. By
    entering into currency futures and options thereon, the Fund
    will seek to establish the rate at which it will be entitled to
    exchange U.S.&#160;dollars for another currency at a future
    time. By selling currency futures, the Fund will seek to
    establish the number of dollars it will receive at delivery for
    a certain amount of a foreign currency. In this way, whenever
    the Fund anticipates a decline in the value of a foreign
    currency against the U.S.&#160;dollar, the Fund can attempt to
    &#147;lock in&#148; the U.S.&#160;dollar value of some or all of
    the securities held in its portfolio that are denominated in
    that currency. By purchasing currency futures, the Fund can
    establish the number of dollars it will be required to pay for a
    specified amount of a foreign currency in a future month. Thus,
    if the Fund intends to buy securities in the future and expects
    the U.S.&#160;dollar to decline against the relevant foreign
    currency during the period before the purchase is effected, the
    Fund can attempt to &#147;lock in&#148; the price in
    U.S.&#160;dollars of the securities it intends to acquire.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The purchase of options on currency futures will allow the Fund,
    for the price of the premium and related transaction costs it
    must pay for the option, to decide whether or not to buy (in the
    case of a call option) or to sell (in the case of a put option)
    a futures contract at a specified price at any time during the
    period before the option expires. If the Investment Adviser, in
    purchasing an option, has been correct in its judgment
    concerning the direction in which the price of a foreign
    currency would move as against the U.S.&#160;dollar, the Fund
    may exercise the option and thereby take a futures position to
    hedge against the risk it had correctly anticipated or close out
    the option position at a gain that will offset, to some extent,
    currency exchange losses otherwise suffered by the Fund. If
    exchange rates move in a way the Fund did not anticipate,
    however, the Fund will have incurred the expense of the option
    without obtaining the expected benefit; any such movement in
    exchange rates may also thereby reduce rather than enhance the
    Fund&#146;s profits on its underlying securities transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Securities Index Futures Contracts and Options
    Thereon.</I>&#160;&#160;Purchases or sales of securities index
    futures contracts are used for hedging purposes to attempt to
    protect the Fund&#146;s current or intended investments from
    broad fluctuations in stock or bond prices. For example, the
    Fund may sell securities index futures contracts in anticipation
    of or during a market decline to attempt to offset the decrease
    in market value of the Fund&#146;s securities portfolio that
    might otherwise result. If such decline occurs, the loss in
    value of portfolio securities may be offset, in whole or part,
    by gains on the futures position. When the Fund is not fully
    invested in the securities market and anticipates a significant
    market advance, it may purchase securities index futures
    contracts in order to gain rapid market exposure that may, in
    part or entirely, offset increases in the cost of securities
    that the Fund intends to purchase. As such purchases are made,
    the corresponding positions in securities index futures
    contracts will be closed out. The Fund may write put and call
    options on securities index futures contracts for hedging
    purposes.
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Limitations on the Purchase and Sale of Futures Contracts and
    Options on Futures Contracts.</I>&#160;&#160;Subject to the
    guidelines of the Board, the Fund may engage in transactions in
    futures contracts and options hereon only for bona fide hedging,
    yield enhancement and risk management purposes, in each case in
    accordance with the rules and regulations of the CFTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Regulations of the CFTC currently applicable to the Fund permit
    the Fund&#146;s futures and options on futures transactions to
    include (i)&#160;bona fide hedging transactions without regard
    to the percentage of the Fund&#146;s assets committed to margin
    and option premiums and (ii)&#160;non-hedging transactions,
    provided that the Fund not enter into such non-hedging
    transactions if, immediately thereafter, the sum of the amount
    of initial margin deposits on the Fund&#146;s existing futures
    positions and option premiums would exceed 5% of the market
    value of the Fund&#146;s liquidating value, after taking into
    account unrealized profits and unrealized losses on any such
    transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, investment in future contracts and related options
    generally will be limited by the rating agency guidelines
    applicable to any of the Fund&#146;s outstanding senior
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Forward Currency Exchange Contracts.</I>&#160;&#160;Subject
    to guidelines of the Board, the Fund may enter into forward
    foreign currency exchange contracts to protect the value of its
    portfolio against uncertainty in the level of future currency
    exchange rates between a particular foreign currency and the
    U.S.&#160;dollar or between foreign currencies in which its
    securities are or may be denominated. The Fund may enter into
    such contracts on a spot, i.e., cash, basis at the rate then
    prevailing in the currency exchange market or on a forward
    basis, by entering into a forward contract to purchase or sell
    currency. A forward contract on foreign currency is an
    obligation to purchase or sell a specific currency at a future
    date, which may be any fixed number of days agreed upon by the
    parties from the date of the contract at a price set on the date
    of the contract. Forward currency contracts (i)&#160;are traded
    in a market conducted directly between currency traders
    (typically, commercial banks or other financial institutions)
    and their customers, (ii)&#160;generally have no deposit
    requirements and (iii)&#160;are typically consummated without
    payment of any commissions. The Fund, however, may enter into
    forward currency contracts requiring deposits or involving the
    payment of commissions. To assure that its forward currency
    contracts are not used to achieve investment leverage, the Fund
    will segregate liquid assets consisting of cash,
    U.S.&#160;Government Obligations or other liquid securities with
    its custodian, or a designated
    <FONT style="white-space: nowrap">sub-custodian,</FONT>
    in an amount at all times equal to or exceeding its commitment
    with respect to the contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The dealings of the Fund in forward foreign exchange are limited
    to hedging involving either specific transactions or portfolio
    positions. Transaction hedging is the purchase or sale of one
    forward foreign currency for another currency with respect to
    specific receivables or payables of the Fund accruing in
    connection with the purchase and sale of its portfolio
    securities or its payment of dividends and distributions.
    Position hedging is the purchase or sale of one forward foreign
    currency for another currency with respect to portfolio security
    positions denominated or quoted in the foreign currency to
    offset the effect of an anticipated substantial appreciation or
    depreciation, respectively, in the value of the currency
    relative to the U.S.&#160;dollar. In this situation, the Fund
    also may, for example, enter into a forward contract to sell or
    purchase a different foreign currency for a fixed
    U.S.&#160;dollar amount where it is believed that the
    U.S.&#160;dollar value of the currency to be sold or bought
    pursuant to the forward contract will fall or rise, as the case
    may be, whenever there is a decline or increase, respectively,
    in the U.S.&#160;dollar value of the currency in which its
    portfolio securities are denominated (this practice being
    referred to as a &#147;cross-hedge&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In hedging a specific transaction, the Fund may enter into a
    forward contract with respect to either the currency in which
    the transaction is denominated or another currency deemed
    appropriate by the Investment Adviser. The amount the Fund may
    invest in forward currency contracts is limited to the amount of
    its aggregate investments in foreign currencies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The use of forward currency contracts may involve certain risks,
    including the failure of the counterparty to perform its
    obligations under the contract, and such use may not serve as a
    complete hedge because of an imperfect correlation between
    movements in the prices of the contracts and the prices of the
    currencies hedged
</DIV>
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    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or used for cover. The Fund will only enter into forward
    currency contracts with parties which it believes to be
    creditworthy institutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Special Risk Considerations Relating to Futures and Options
    Thereon.</I>&#160;&#160;The Fund&#146;s ability to establish and
    close out positions in futures contracts and options thereon
    will be subject to the development and maintenance of liquid
    markets. Although the Fund generally will purchase or sell only
    those futures contracts and options thereon for which there
    appears to be a liquid market, there is no assurance that a
    liquid market on an exchange will exist for any particular
    futures contract or option thereon at any particular time. In
    the event no liquid market exists for a particular futures
    contract or option thereon in which the Fund maintains a
    position, it will not be possible to effect a closing
    transaction in that contract or to do so at a satisfactory price
    and the Fund would have to either make or take delivery under
    the futures contract or, in the case of a written option, wait
    to sell the underlying securities until the option expires or is
    exercised or, in the case of a purchased option, exercise the
    option. In the case of a futures contract or an option thereon
    which the Fund has written and which the Fund is unable to
    close, the Fund would be required to maintain margin deposits on
    the futures contract or option thereon and to make variation
    margin payments until the contract is closed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Successful use of futures contracts and options thereon and
    forward contracts by the Fund is subject to the ability of the
    Investment Adviser to predict correctly movements in the
    direction of interest and foreign currency rates. If the
    Investment Adviser&#146;s expectations are not met, the Fund
    will be in a worse position than if a hedging strategy had not
    been pursued. For example, if the Fund has hedged against the
    possibility of an increase in interest rates that would
    adversely affect the price of securities in its portfolio and
    the price of such securities increases instead, the Fund will
    lose part or all of the benefit of the increased value of its
    securities because it will have offsetting losses in its futures
    positions. In addition, in such situations, if the Fund has
    insufficient cash to meet daily variation margin requirements,
    it may have to sell securities to meet the requirements. These
    sales may be, but will not necessarily be, at increased prices
    which reflect the rising market. The Fund may have to sell
    securities at a time when it is disadvantageous to do so.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Additional Risks of Foreign Options, Futures Contracts,
    Options on Futures Contracts and Forward Contracts</I>. Options,
    futures contracts and options thereon and forward contracts on
    securities and currencies may be traded on foreign exchanges.
    Such transactions may not be regulated as effectively as similar
    transactions in the United States, may not involve a clearing
    mechanism and related guarantees, and are subject to the risk of
    governmental actions affecting trading in, or the prices of,
    foreign securities. The value of such positions also could be
    adversely affected by (i)&#160;other complex foreign political,
    legal and economic factors, (ii)&#160;lesser availability than
    in the U.S.&#160;of data on which to make trading decisions,
    (iii)&#160;delays in the Fund&#146;s ability to act upon
    economic events occurring in the foreign markets during
    non-business hours in the United States, (iv)&#160;the
    imposition of different exercise and settlement terms and
    procedures and margin requirements than in the United States and
    (v)&#160;lesser trading volume.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Exchanges on which options, futures and options on futures are
    traded may impose limits on the positions that the Fund may take
    in certain circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Risks of Currency Transactions.</I>&#160;&#160;Currency
    transactions are also subject to risks different from those of
    other portfolio transactions. Because currency control is of
    great importance to the issuing governments and influences
    economic planning and policy, purchases and sales of currency
    and related instruments can be adversely affected by government
    exchange controls, limitations or restrictions on repatriation
    of currency, and manipulation, or exchange restrictions imposed
    by governments. These forms of governmental action can result in
    losses to the Fund if it is unable to deliver or receive
    currency or monies in settlement of obligations and could also
    cause hedges it has entered into to be rendered useless,
    resulting in full currency exposure as well as incurring
    transaction costs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Repurchase Agreements.</I>&#160;&#160;The Fund may enter into
    repurchase agreements as set forth in the Prospectus. A
    repurchase agreement is an instrument under which the purchaser,
    i.e., the Fund, acquires a debt security and the seller agrees,
    at the time of the sale, to repurchase the obligation at a
    mutually agreed upon time and price, thereby determining the
    yield during the purchaser&#146;s holding period. This results
    in a fixed rate of return insulated from market fluctuations
    during such period. The underlying securities are ordinarily
    U.S.&#160;Treasury
</DIV>
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    <BR>
    9
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    or other government obligations or high quality money market
    instruments. The Fund will require that the value of such
    underlying securities, together with any other collateral held
    by the Fund, always equals or exceeds the amount of the
    repurchase obligations of the counter party. The Fund&#146;s
    risk is primarily that, if the seller defaults, the proceeds
    from the disposition of the underlying securities and other
    collateral for the seller&#146;s obligation are less than the
    repurchase price. If the seller becomes insolvent, the Fund
    might be delayed in or prevented from selling the collateral. In
    the event of a default or bankruptcy by a seller, the Fund will
    promptly seek to liquidate the collateral. To the extent that
    the proceeds from any sale of such collateral upon a default in
    the obligation to repurchase are less than the repurchase price,
    the Fund will experience a loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the financial institution which is a party to the repurchase
    agreement petitions for bankruptcy or becomes subject to the
    United States Bankruptcy Code, the law regarding the rights of
    the Fund is unsettled. As a result, under extreme circumstances,
    there may be a restriction on the Fund&#146;s ability to sell
    the collateral and the Fund would suffer a loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Loans of Portfolio Securities.</I>&#160;&#160;Consistent with
    applicable regulatory requirements and the Fund&#146;s
    investment restrictions, the Fund may lend its portfolio
    securities to securities broker-dealers or financial
    institutions, provided that such loans are callable at any time
    by the Fund (subject to notice provisions described below), and
    are at all times secured by cash or cash equivalents, which are
    maintained in a segregated account pursuant to applicable
    regulations and that are at least equal to the market value,
    determined daily, of the loaned securities. The advantage of
    such loans is that the Fund continues to receive the income on
    the loaned securities while at the same time earns interest on
    the cash amounts deposited as collateral, which will be invested
    in short-term obligations. The Fund will not lend its portfolio
    securities if such loans are not permitted by the laws or
    regulations of any state in which its shares are qualified for
    sale. The Fund&#146;s loans of portfolio securities will be
    collateralized in accordance with applicable regulatory
    requirements and no loan will cause the value of all loaned
    securities to exceed 20% of the value of the Fund&#146;s total
    assets. The Fund&#146;s ability to lend portfolio securities
    will be limited by the rating agency guidelines applicable to
    any of the Fund&#146;s outstanding senior securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A loan may generally be terminated by the borrower on one
    business day notice, or by the Fund on five business days
    notice. If the borrower fails to deliver the loaned securities
    within five days after receipt of notice, the Fund could use the
    collateral to replace the securities while holding the borrower
    liable for any excess of replacement cost over collateral. As
    with any extensions of credit, there are risks of delay in
    recovery and in some cases even loss of rights in the collateral
    should the borrower of the securities fail financially. However,
    these loans of portfolio securities will only be made to firms
    deemed by the Fund&#146;s management to be creditworthy and when
    the income which can be earned from such loans justifies the
    attendant risks. The Board will oversee the creditworthiness of
    the contracting parties on an ongoing basis. Upon termination of
    the loan, the borrower is required to return the securities to
    the Fund. Any gain or loss in the market price during the loan
    period would inure to the Fund. The risks associated with loans
    of portfolio securities are substantially similar to those
    associated with repurchase agreements. Thus, if the counter
    party to the loan petitions for bankruptcy or becomes subject to
    the United States Bankruptcy Code, the law regarding the rights
    of the Fund is unsettled. As a result, under extreme
    circumstances, there may be a restriction on the Fund&#146;s
    ability to sell the collateral and the Fund would suffer a loss.
    When voting or consent rights which accompany loaned securities
    pass to the borrower, the Fund will follow the policy of calling
    the loaned securities, to be delivered within one day after
    notice, to permit the exercise of such rights if the matters
    involved would have a material effect on the Fund&#146;s
    investment in such loaned securities. The Fund will pay
    reasonable finder&#146;s, administrative and custodial fees in
    connection with a loan of its securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>When Issued, Delayed Delivery Securities and Forward
    Commitments.</I>&#160;&#160;The Fund may enter into forward
    commitments for the purchase or sale of securities, including on
    a &#147;when issued&#148; or &#147;delayed delivery&#148; basis,
    in excess of customary settlement periods for the type of
    security involved. In some cases, a forward commitment may be
    conditioned upon the occurrence of a subsequent event, such as
    approval and consummation of a merger, corporate reorganization
    or debt restructuring, i.e., a when, as and if issued security.
    When such transactions are negotiated, the price is fixed at the
    time of the commitment, with
</DIV>
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    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    payment and delivery taking place in the future, generally a
    month or more after the date of the commitment. While it will
    only enter into a forward commitment with the intention of
    actually acquiring the security, the Fund may sell the security
    before the settlement date if it is deemed advisable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities purchased under a forward commitment are subject to
    market fluctuation, and no interest (or dividends) accrues to
    the Fund prior to the settlement date. The Fund will segregate
    with its custodian cash or liquid high-grade debt securities in
    an aggregate amount at least equal to the amount of its
    outstanding forward commitments.
</DIV>

<A name='Y92093170'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INVESTMENT
    RESTRICTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund operates under the following restrictions that
    constitute fundamental policies that, except as otherwise noted,
    cannot be changed without the affirmative vote of the holders of
    a majority of the outstanding voting securities of the Fund
    voting together as a single class. In the event the Fund were to
    issue any preferred shares, the approval of a majority of such
    shares voting as a separate class would also be required. Such
    majority vote requires the lesser of (i)&#160;67% of the
    Fund&#146;s applicable shares represented at a meeting at which
    more than 50% of the applicable shares outstanding are
    represented, whether in person or by proxy, or (ii)&#160;more
    than 50% of the Fund&#146;s applicable shares outstanding.
    Except as otherwise noted, all percentage limitations set forth
    below apply after a purchase or initial investment and any
    subsequent change in any applicable percentage resulting from
    market fluctuations does not require any action. The Fund may
    not:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;invest more than 25% of its total assets, taken at
    market value at the time of each investment, in the securities
    of issuers in any particular industry. This restriction does not
    apply to investments in U.S.&#160;government securities and
    investments in the Utilities Industry;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;purchase commodities or commodity contracts if such
    purchase would result in regulation of the Fund as a commodity
    pool operator;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;purchase or sell real estate, provided the Fund may
    invest in securities and other instruments secured by real
    estate or interests therein or issued by companies that invest
    in real estate or interests therein;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;make loans of money or other property, except that
    (i)&#160;the Fund may acquire debt obligations of any type
    (including through extensions of credit), enter into repurchase
    agreements and lend portfolio assets and (ii)&#160;the Fund may
    lend money or other property to other investment companies
    advised by the Investment Adviser pursuant to a common lending
    program to the extent permitted by applicable law;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;borrow money, except to the extent permitted by
    applicable law;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;issue senior securities, except to the extent permitted
    by applicable law;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;underwrite securities of other issuers, except insofar
    as the Fund may be deemed an underwriter under applicable law in
    selling portfolio securities; provided, however, this
    restriction shall not apply to securities of any investment
    company organized by the Fund that are to be distributed pro
    rata as a dividend to its shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, it is a fundamental policy of the Fund to invest
    25% or more of its assets in the Utilities Industry.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless specifically stated as such, no policy of the Fund is
    fundamental and may be changed by the Board without shareholder
    approval.
</DIV>
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    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y92093171'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MANAGEMENT
    OF THE FUND</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Trustees
    and Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The business and affairs of the Fund are managed under the
    direction of its Board, and the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    operations are conducted through or under the direction of its
    officers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The names and business addresses of the Trustees and principal
    officers of the Fund are set forth in the following table,
    together with their positions and their principal occupations
    during the past five years and, in the case of the Trustees,
    their positions with certain other organizations and companies.
    Trustees who are &#147;interested persons&#148; of the Fund, as
    defined by the 1940 Act, are listed under the caption
    &#147;Interested Trustee.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Trustees</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="26%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>in Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Position with the Fund,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Age and Business
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time
    Served<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Interested
    Trustee<SUP style="font-size: 85%; vertical-align: top">(3)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Salvatore M. Salibello<BR>
    Trustee <BR>
    Age: 65
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004(***)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certified Public Accountant and Managing Partner of the public
    accounting firm Salibello &#038; Broder LLP since 1978
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Kid Brands, Inc. (group of companies in infant and
    juvenile products) and until September 2007, Director of
    Brooklyn Federal Bank Corp., Inc. (independent community bank)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Independent Trustees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Anthony J. Colavita<BR>
    Trustee<BR>
    Age: 75
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004(*)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner in the law firm of Anthony J. Colavita,&#160;P.C.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    34
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    James P. Conn<BR>
    Trustee<BR>
    Age: 73
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004(***)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Former Managing Director and Chief Investment Officer of
    Financial Security Assurance Holdings Ltd. (insurance holding
    company) (1992-1998)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of First Republic Bank (banking) through January 2008
    and LaQuinta Corp. (hotels) through January 2006
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    18
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Mario D&#146;Urso<BR>
    Trustee<BR>
    Age: 71
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004(**)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of Mittel Capital Markets S.p.A., since 2001; Senator
    in the Italian Parliament (1996-2001).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Vincent D. Enright<BR>
    Trustee<BR>
    Age: 67
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004(**)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Former Senior Vice President and Chief Financial Officer of
    KeySpan Corporation (public utility)<BR>
    (1994-1998)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Echo Therapeutics, Inc. (therapeutics and
    diagnostics) and until September 2006, Director of Aphton
    Corporation (pharmaceuticals)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    16
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael J. Melarkey<BR>
    Trustee<BR>
    Age: 61
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004(**)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner in the law firm of Avansino, Melarkey, Knobel, Mulligan,
    and McKenzie
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director of Southwest Gas Corporation (natural gas utility)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="20%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="26%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Portfolios<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of Office<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>in Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Position with the Fund,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>and Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Age and Business
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time
    Served<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>During Past Five Years</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Director</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Salvatore J. Zizza<BR>
    Director<BR>
    Age: 65
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004(*)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of Zizza &#038; Co., Ltd. (financial consulting) since
    1978; Chairman of Metropolitan Paper Recycling Inc. (recycling)
    since 2006; Chairman of BAM. Inc. (manufacturing); Chairman of
    E-Corp English (global English instruction for corporate
    professionals) since 2009
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Non-Executive Chairman and Director of Harbor BioSciences, Inc.
    (biotechnology); Vice-Chairman and Director of Trans-Lux
    Corporation (business services); Chairman, Chief Executive
    Officer, and Director of General Employment Enterprises, Inc.
    (staffing); Director of Bion Environmental Technologies
    (technology) (2005-2008); and Director of Earl Scheib Inc.
    (automotive painting) through April 2009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    26
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="43%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Position with the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund, Age, and Business
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Occupation(s) During Past Five Years</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Bruce N. Alpert<BR>
    President<BR>
    Age: 59
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Vice President and Chief Operating Officer of Gabelli
    Funds, LLC since 1988 and an officer of all of the registered
    investment companies in the Gabelli/GAMCO Funds complex.
    Director of Teton Advisors, Inc. since 1998; Chairman of Teton
    Advisors, Inc. 2008 to 2010; President of Teton Advisors, Inc.
    1998 through 2008; Senior Vice President of GAMCO Investors,
    Inc. since 2008
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    David I. Schachter<BR>
    Vice President<BR>
    Age: 57
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President of other closed-end funds within the Gabelli
    Funds complex; Vice President of Gabelli Funds, LLC since 1996
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Peter D. Goldstein<BR>
    Chief Compliance Officer<BR>
    Age: 58
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2004
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of Regulatory Affairs at GAMCO Investors, Inc. since
    2004; Chief Compliance Officer of all of the registered
    investment companies in the Gabelli/GAMCO Funds complex
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Agnes Mullady<BR>
    Treasurer and Secretary<BR>
    Age: 52
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President and Chief Operating Officer of the Open-End Fund
    Division of Gabelli Funds, LLC since September 2010; Senior Vice
    President of GAMCO Investors, Inc. since 2009; Vice President of
    Gabelli Funds, LLC since 2007; Officer of all of the registered
    investment companies in the Gabelli/GAMCO Funds Complex;
    Ombudsman of the Fund since 2008; Vice President of the Fund
    since 2004;
</TD>
</TR>
</TABLE>
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    13
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<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="46%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="43%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Position with the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund, Age, and Business
    Address<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Occupation(s) During Past Five Years</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Adam E. Tokar<BR>
    Vice President and Ombudsman<BR>
    Age: 31
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Since 2011
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President of the The Gabelli Healthcare and Wellness Trust
    since 2007; Portfolio Administrator for GAMCO Asset Management,
    Inc. since 2003
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Address: One Corporate Center, Rye, NY
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    unless otherwise noted.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Board of the Fund is divided into three classes, each class
    having a term of three years. Each year the term of office of
    one class expires and the successor or successors elected to
    such class serve for a three-year term. The three year term for
    each class is as follows:</TD>
</TR>
    <FONT style="font-size: 10pt">
    </FONT>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (*) </TD>
    <TD></TD>
    <TD valign="bottom">
    Term continues until the Fund&#146;s 2014 Annual Meeting of
    Shareholders or until their successors are duly elected and
    qualified.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (**) </TD>
    <TD></TD>
    <TD valign="bottom">
    Term continues until the Fund&#146;s 2013 Annual Meeting of
    Shareholders or until their successors are duly elected and
    qualified.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (***) </TD>
    <TD></TD>
    <TD valign="bottom">
    Term continues until the Fund&#146;s 2012 Annual Meeting of
    Shareholders or until their successors are duly elected and
    qualified.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Interested person&#148; of the Fund is defined in the 1940
    Act. Mr.&#160;Salibello is considered an &#147;interested
    person&#148; of the Fund as a result of being a partner in an
    accounting firm that provides professional services to
    affiliates of the investment adviser.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    This column includes only directorships of companies required to
    report to the SEC under the Securities Exchange Act of 1934, as
    amended, i.e., public companies, or other investment companies
    registered under the 1940 Act.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Trustees who are not interested persons are considered
    &#147;Independent&#148; Trustees.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board believes that each Trustee&#146;s experience,
    qualifications, attributes, or skills on an individual basis and
    in combination with those of other Trustees lead to the
    conclusion that each Trustee should serve in such capacity.
    Among the attributes or skills common to all Trustees are their
    ability to review critically and to evaluate, question, and
    discuss information provided to them, to interact effectively
    with the other Trustees, the Adviser, the
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    other service providers, counsel, and the Fund&#146;s
    independent registered public accounting firm, and to exercise
    effective and independent business judgment in the performance
    of their duties as Trustees. Each Trustee&#146;s ability to
    perform
    <FONT style="white-space: nowrap">his/her</FONT>
    duties effectively has been attained in large part through the
    Trustee&#146;s business, consulting or public service positions
    and through experience from service as a member of the Board and
    one or more of the other funds in the Gabelli/GAMCO Funds
    Complex, public companies, or non-profit entities or other
    organizations as set forth above and below. Each Trustee&#146;s
    ability to perform
    <FONT style="white-space: nowrap">his/her</FONT>
    duties effectively also has been enhanced by his education,
    professional training, and experience.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Anthony J.
    Colavita,&#160;Esq.</I>&#160;&#160;Mr.&#160;Colavita is a
    practicing attorney with over forty-nine years of experience,
    including the field of business law. He is the Chairman of the
    Fund&#146;s Proxy Voting Committee and a member of the
    Fund&#146;s Audit and Nominating Committees. Mr.&#160;Colavita
    also serves on comparable or other board committees with respect
    to other funds in the Fund&#160;Complex on whose boards he sits.
    Mr.&#160;Colavita also serves as a Trustee of a charitable
    remainder unitrust. He formerly served as a Commissioner of the
    New York State Thruway Authority and as a Commissioner of the
    New York State Bridge Authority. He served for ten years as the
    elected Supervisor of the Town of Eastchester, New York,
    responsible for ten annual municipal budgets of approximately
    eight million dollars per year. Mr.&#160;Colavita formerly
    served as Special Counsel to the New&#160;York State Assembly
    for five years and as a Senior Attorney with the New York State
    Insurance Department. He is the former Chairman of the
    Westchester County Republican Party and the New York State
    Republican Party. Mr.&#160;Colavita received his Bachelor of
    Arts from Fair field University and his Juris Doctor from
    Fordham University School of Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>James P. Conn.</I>&#160;&#160;Mr.&#160;Conn, the lead
    independent Trustee of the Fund, a member of the Fund&#146;s
    Proxy Voting Committee, a member of the Fund&#146;s ad hoc
    Pricing Committee (described below under &#147;Trustees&#151;
</DIV>
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    14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Leadership Structure and Oversight Responsibilities&#148;), and
    also serves on comparable or other board committees for other
    funds in the Fund&#160;Complex on whose boards he sits. He was a
    senior business executive of an insurance holding company for
    much of his career, including service as Chief Investment
    Officer. Mr.&#160;Conn has been a director of several public
    companies in banking and other industries, and was lead Director
    <FONT style="white-space: nowrap">and/or</FONT> Chair
    of various committees. He received his Bachelor of Science in
    Business Administration from Santa&#160;Clara University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Mario d&#146;Urso.</I>&#160;&#160;Mr. d&#146;Urso was a
    former Senator and Undersecretary of Commerce in the Italian
    government. He is member of the Board of other funds in the
    Fund&#160;Complex. He is a 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&#160;&#038; Co. and Shearson Lehman Brothers Co.
    He previously served as President of The Italy Fund, a
    closed-end fund investing mainly in Italian listed and
    non-listed companies. Mr. d&#146;Urso received his Masters
    Degree in Comparative Law from George Washington University and
    was formerly a practicing attorney in Italy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Vincent D. Enright.</I>&#160;&#160;Mr.&#160;Enright was a
    senior executive and Chief Financial Officer (&#147;CFO&#148;)
    of an energy public utility for a total of four years. In
    accordance with his experience as a CFO, he is Chairman of the
    Fund&#146;s Audit Committee and has been designated the
    Fund&#146;s Audit Committee Financial Expert. Mr.&#160;Enright
    is also Chairman of the Fund&#146;s Nominating Committee, a
    member of the Fund&#146;s Proxy Voting Committee, a member of
    both multi-fund ad hoc Compensation Committees and serves on
    comparable or other board committees with respect to other funds
    in the Fund&#160;Complex on whose boards he sits.
    Mr.&#160;Enright is also a Director of a therapeutics and
    diagnostics company and serves as Chairman of its compensation
    committee and is a member of its audit committee. He is a former
    Director of a pharmaceutical company. Mr.&#160;Enright received
    his Bachelor of Science from Fordham University and completed
    the Advanced Management Program at Harvard University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Michael J.
    Melarkey,&#160;Esq.</I>&#160;&#160;Mr.&#160;Melarkey is a
    practicing attorney specializing in business, estate planning,
    and gaming regulatory work with over thirty-four years of
    experience. Mr.&#160;Melarkey is a member of the multi-fund ad
    hoc Compensation Committee relating to certain officers of the
    closed-end funds in the Fund&#160;Complex. He also serves on
    other board committees with respect to other funds in the
    Fund&#160;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.&#160;Melarkey
    acts as a Trustee and officer for several private charitable
    organizations, is an owner of two northern Nevada casinos, and
    an officer of a private oil and gas company. Mr.&#160;Melarkey
    received his Bachelor of Arts from the University of Nevada,
    Reno, his Juris Doctor from the University of San&#160;Francisco
    School of Law, and his Masters of Law in Taxation from New York
    University School of Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Salvatore M. Salibello.</I>&#160;&#160;Mr.&#160;Salibello is
    a Certified Public Accountant and Managing Partner of a
    certified independent registered public accounting firm with
    forty-three years of experience in public accounting. He is a
    member of the board of other funds in the Gabelli
    Fund&#160;Complex. He is currently a director of Kids Brands,
    Inc., a NYSE listed group of companies in infant and juvenile
    products, and chairs its Audit Committee. Mr.&#160;Salibello was
    formerly a director of an independent community bank and chaired
    its Audit Committee. Mr.&#160;Salibello received his Bachelor of
    Business Administration in Accounting from St.&#160;Francis
    College and his Masters in Business Administration in Finance
    from Long Island University.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Salvatore J. Zizza.</I>&#160;&#160;Mr.&#160;Zizza is the
    Chairman of a financial consulting firm. He also serves as
    Chairman to other companies involved in manufacturing,
    recycling, and real estate. Mr.&#160;Zizza is a member of the
    Fund&#146;s Audit and Nominating Committees, the Fund&#146;s ad
    hoc Pricing Committee, and both multi-fund ad hoc Compensation
    Committees. He serves on comparable or other board committees,
    including as lead independent director, with respect to other
    funds in the Fund&#160;Complex on whose boards he sits. Besides
    serving on the boards of many funds within the
    Fund&#160;Complex, he is currently a Director of three other
    public companies and previously served on the boards of several
    other public companies. He previously served as the Chief
    Executive of a large NYSE listed construction company.
    Mr.&#160;Zizza received his Bachelor of Arts and his
</DIV>
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    <BR>
    15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Master of Business Administration in Finance from St.
    John&#146;s University, which awarded him an Honorary Doctorate
    in Commercial Sciences.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Trustees&#151;Leadership
    Structure and Oversight Responsibilities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Overall responsibility for general oversight of the Fund rests
    with the Board. The Board does not have a Chairman. The Board
    has appointed Mr.&#160;Conn as the lead independent Trustee. The
    lead independent Trustee presides over executive sessions of the
    Trustees and also serves between meetings of the Board as a
    liaison with service providers, officers, counsel, and other
    Trustees on a wide variety of matters including scheduling
    agenda items for Board meetings. Designation as such does not
    impose on the lead independent Trustee any obligations or
    standards greater than or different from other Trustees. The
    Board has established a Nominating Committee and an Audit
    Committee to assist the Board in the oversight of the management
    and affairs of the Fund. The Board also has a Proxy Voting
    Committee that exercises 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 pricing committees related to securities
    offerings by the Fund to address specific matters, or assigns
    one of its members to work with trustees or directors of other
    funds in the Gabelli/GAMCO Funds Complex on special committees
    or working groups that address complex-wide matters, such as the
    multi-fund ad hoc Compensation Committee relating to
    compensation of the Chief Compliance Officer for all the funds
    in the Fund&#160;Complex, and a separate multi-fund ad hoc
    Compensation Committee relating to compensation of certain
    officers of the closed-end funds in the Fund&#160;Complex.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All of the Fund&#146;s Trustees other than Mr.&#160;Salibello
    are Independent Trustees, and the Board believes they are able
    to provide effective oversight of the Fund&#146;s service
    providers. In addition to providing feedback and direction
    during Board meetings, the Trustees meet regularly in executive
    session and chair all committees of the Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s operations entail a variety of risks, including
    investment, administration, valuation, and a range of compliance
    matters. Although the Adviser, the
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    and the officers of the Fund are responsible for managing these
    risks on a
    <FONT style="white-space: nowrap">day-to-day</FONT>
    basis within the framework of their established risk management
    functions, the Board 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 option
    risks being undertaken by the Fund, and the Audit Committee
    discusses the Fund&#146;s risk management and controls with the
    independent registered public accounting firm engaged by the
    Fund. The Board reviews valuation policies and procedures and
    the valuations of specific illiquid securities. The Board also
    receives periodic reports from the Fund&#146;s Chief Compliance
    Officer regarding compliance matters relating to the Fund and
    its major service providers, including results of the
    implementation and testing of the Fund&#146;s and such
    providers&#146; compliance programs. The Board&#146;s oversight
    function is facilitated by management reporting processes
    designed to provide visibility to the Board regarding the
    identification, assessment, and management of critical risks,
    and the controls and policies and procedures used to mitigate
    those risks. The Board reviews its role in supervising the
    Fund&#146;s risk management from time to time and may make
    changes at its discretion at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board has determined that its leadership structure is
    appropriate for the Fund because it enables the Board to
    exercise informed and independent judgment over matters under
    its purview, allocates responsibility among committees in a
    manner that fosters effective oversight and allows the Board to
    devote appropriate resources to specific issues in a flexible
    manner as they arise. The Board periodically reviews its
    leadership structure as well as its overall structure,
    composition, and functioning, and may make changes at its
    discretion at any time.
</DIV>
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    <BR>
    16
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Beneficial
    Ownership of Shares&#160;Held in the Fund and the
    Fund&#160;Complex for Each Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Set forth in the table below is the dollar range of equity
    securities in the Fund beneficially owned by each Trustee and
    the aggregate dollar range of equity securities in the Fund
    complex beneficially owned by each Trustee.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="52%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="17%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="12%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Dollar Range of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Equity<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate Dollar Range<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Securities Held in the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>of Equity Securities<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fund(*)(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Held in Fund Complex(*)(1)(2)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Interested Trustee:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Salvatore M. Salibello
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Independent Trustees:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Anthony J. Colavita
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    C
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    James P. Conn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    E
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Mario d&#146;Urso
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Vincent D. Enright
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    B
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Michael J. Melarkey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    C
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Salvatore J. Zizza
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    A
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    (*) </TD>
    <TD></TD>
    <TD valign="bottom">
    Key to Dollar Ranges</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A. None
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    B. $1&#151;$10,000
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    C. $10,001&#151;$50,000
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    D. $50,001&#151;$100,000
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    E. Over $100,000
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All shares were valued as of December&#160;31, 2010
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    This information has been furnished by each Trustee as of
    December&#160;31, 2010. &#147;Beneficial Ownership&#148; is
    determined in accordance with
    <FONT style="white-space: nowrap">Section&#160;16a-1(a)(2)</FONT>
    of the Securities Exchange Act of 1934, as amended (the
    &#147;1934&#160;Act&#148;).</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The &#147;Fund&#160;Complex&#148; includes all the funds that
    are considered part of the same fund complex as the Fund because
    they have common or affiliated investment advisers.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Trustees serving on the Fund&#146;s Nominating Committee are
    Messrs.&#160;Colavita, Enright and Zizza. The Nominating
    Committee is responsible for recommending qualified candidates
    to the Board in the event that a position is vacated or created.
    The Nominating Committee would consider recommendations by
    shareholders if a vacancy were to exist. Such recommendations
    should be forwarded to the Secretary of the Fund. The Fund does
    not have a standing compensation committee. The Nominating
    Committee met once during the year ended December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Anthony J. Colavita, Vincent D. Enright and Salvatore J. Zizza,
    who are not &#147;interested persons&#148; of the Fund as
    defined in the 1940 Act, serve on the Fund&#146;s Audit
    Committee. The Audit Committee is generally responsible for
    reviewing and evaluating issues related to the accounting and
    financial reporting policies and internal controls of the Fund
    and, as appropriate, the internal controls of certain service
    providers, overseeing the quality and objectivity of the
    Fund&#146;s financial statements and the audit thereof and to
    act as a liaison between the Board and the Fund&#146;s
    independent registered public accounting firm. The Audit
    Committee met three times during the year ended
    December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Remuneration
    of Trustees and Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund pays each Trustee who is not affiliated with the
    Adviser or its affiliates a fee of $3,000 per year plus $1,000
    per Board meeting attended, $500 per standing Committee meeting
    attended, and $500 per
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    telephonic meeting attended, together with the Trustee&#146;s
    actual
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses relating to his attendance at such meetings. In
    addition, the lead independent Trustee receives an annual fee of
    $1,000, the Audit Committee Chairman receives an annual fee of
    $3,000, and the Nominating Committee Chairman receives an annual
    fee of $2,000. A Trustee may receive a single meeting fee,
    allocated among the participating funds, for participation in
    certain meetings on behalf of multiple funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table shows the compensation that the Trustees
    earned in their capacity as Trustees during the year ended
    December&#160;31, 2010. The table also shows, for the year ended
    December&#160;31, 2010, the compensation Trustees earned in
    their capacity as Directors/Trustees for other funds in the
    Gabelli Fund&#160;Complex.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">COMPENSATION
    TABLE FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>from the Fund<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>and<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Compensation From<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Paid to Trustees<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Person and Position</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>and Officers(*)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>INTERESTED TRUSTEES:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Salvatore M. Salibello
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,333
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37,000
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>TRUSTEES:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Anthony J. Colavita
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,611
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    254,500
</TD>
<TD nowrap align="left" valign="bottom">
    (33)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James P. Conn
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    144,500
</TD>
<TD nowrap align="left" valign="bottom">
    (17)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mario d&#146;Urso
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    46,500
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Vincent D. Enright
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,821
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    131,000
</TD>
<TD nowrap align="left" valign="bottom">
    (15)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael J. Melarkey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Salvatore J. Zizza
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,611
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    212,000
</TD>
<TD nowrap align="left" valign="bottom">
    (27)
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    (*) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents the total compensation paid to such persons during
    the calendar year ended December&#160;31, 2010 by investment
    companies (including the Fund) or portfolios thereof that are
    considered part of the same fund complex as the Fund because
    they have common or affiliated investment advisers. The number
    in parenthesis represents the number of such investment
    companies and portfolios.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Limitation
    of Trustees&#146; and Officers&#146; Liability</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Governing Documents of the Fund provide that the Fund will
    indemnify its Trustees and officers and may indemnify its
    employees or agents against liabilities and expenses incurred in
    connection with litigation in which they may be involved because
    of their positions with the Fund, to the fullest extent
    permitted by law. However, nothing in the Governing Documents
    protects or indemnifies a Trustee, officer, employee or agent of
    the Fund against any liability to which such person would
    otherwise be subject in the event of such person&#146;s willful
    misfeasance, bad faith, gross negligence or reckless disregard
    of the duties involved in the conduct of his or her position.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Investment
    Advisory and Administrative Arrangements</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gabelli Funds, LLC serves as the Fund&#146;s Investment Adviser
    pursuant to the Investment Advisory Agreement with the Fund. The
    Investment Adviser is a New York limited liability company with
    principal offices located at One Corporate Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422</FONT>
    and is registered under the Investment Advisers Act of 1940, as
    amended. The Investment Adviser was organized in 1999 and is the
    successor to Gabelli Funds, Inc., which was organized in 1980.
    As of June&#160;30, 2011, the Investment Adviser acts as a
    registered investment adviser to 26 management investment
    companies with aggregate net assets of $20.8&#160;billion. The
    Investment Adviser, together with the other affiliated
    investment advisers noted below, had assets under management
    totaling approximately $36.1&#160;billion as of June&#160;30,
    2011. GAMCO Asset
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Management Inc., an affiliate of the Investment Adviser, acts as
    investment adviser for individuals, pension trusts, profit
    sharing trusts and endowments, and as a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to management investment companies having aggregate assets of
    $14.7&#160;billion under management as of June&#160;30, 2011.
    Gabelli Securities, Inc., an affiliate of the Investment
    Adviser, acts as investment adviser for investment partnerships
    and entities having aggregate assets of approximately
    $609&#160;million under management as of March&#160;31, 2011.
    Teton Advisors, Inc., an affiliate of the Investment Adviser,
    acts as investment manager to The GAMCO Westwood Funds and
    separately managed accounts having aggregate assets of
    approximately $1&#160;billion under management as of
    June&#160;30, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Affiliates of the Investment Adviser may, in the ordinary course
    of their business, acquire for their own account or for the
    accounts of their investment advisory clients, significant (and
    possibly controlling) positions in the securities of companies
    that may also be suitable for investment by the Fund. The
    securities in which the Fund might invest may thereby be limited
    to some extent. For instance, many companies in the past several
    years have adopted so-called &#147;poison pill&#148; or other
    defensive measures designed to discourage or prevent the
    completion of non-negotiated offers for control of the company.
    Such defensive measures may have the effect of limiting the
    shares of the company which might otherwise be acquired by the
    Fund if the affiliates of the Investment Adviser or their
    investment advisory accounts have or acquire a significant
    position in the same securities. However, the Investment Adviser
    does not believe that the investment activities of its
    affiliates will have a material adverse effect upon the Fund in
    seeking to achieve its investment objective. Securities
    purchased or sold pursuant to contemporaneous orders entered on
    behalf of the investment company accounts of the Investment
    Adviser or the investment advisory accounts managed by its
    affiliates for their unaffiliated clients are allocated pursuant
    to principles believed to be fair and not disadvantageous to any
    such accounts. In addition, all such orders are accorded
    priority of execution over orders entered on behalf of accounts
    in which the Investment Adviser or its affiliates have a
    substantial pecuniary interest. The Investment Adviser may on
    occasion give advice or take action with respect to other
    clients that differs from the actions taken with respect to the
    Fund. The Fund may invest in the securities of companies which
    are investment management clients of GAMCO Investors Inc. In
    addition, portfolio companies or their officers or directors may
    be minority shareholders of the Investment Adviser or its
    affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser is a wholly-owned subsidiary of GAMCO
    Investors, Inc., a New York corporation, whose Class&#160;A
    Common Stock is traded on the New York Stock Exchange under the
    symbol &#147;GBL.&#148; Mr.&#160;Mario J. Gabelli may be deemed
    a &#147;controlling person&#148; of the Investment Adviser on
    the basis of his ownership of a majority of the stock and voting
    power of GGCP, Inc., which owns a majority of the capital stock
    and voting power of GAMCO Investors, Inc.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the terms of the Investment Advisory Agreement, the
    Investment Adviser manages the portfolio of the Fund in
    accordance with its stated investment objective and policies,
    makes investment decisions for the Fund, places orders to
    purchase and sell securities on behalf of the Fund and manages
    its other business and affairs, all subject to the supervision
    and direction of the Fund&#146;s Board. In addition, under the
    Investment Advisory Agreement, the Investment Adviser oversees
    the administration of all aspects of the Fund&#146;s business
    and affairs and provides, or arranges for others to provide, at
    the Investment Adviser&#146;s expense, certain enumerated
    services, including maintaining the Fund&#146;s books and
    records, preparing reports to the Fund&#146;s shareholders and
    supervising the calculation of the net asset value of its
    shares. All expenses of computing the net asset value of the
    Fund, including any equipment or services obtained solely for
    the purpose of pricing shares or valuing its investment
    portfolio, will be an expense of the Fund under its Investment
    Advisory Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement combines investment advisory
    and administrative responsibilities in one agreement. For
    services rendered by the Investment Adviser on behalf of the
    Fund under the Investment Advisory Agreement, the Fund pays the
    Investment Adviser a fee computed daily and paid monthly at the
    annual rate of 1.00% of the average weekly total assets of the
    Fund (which includes for this purpose assets attributable to
    outstanding senior securities, if any, with no deduction for the
    liquidation preference or principal amount, as applicable). This
    fee will be reduced each year following the fifth anniversary of
    the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investment Advisory Agreement by 10&#160;basis points until the
    eighth anniversary, after which time the Investment Adviser will
    be compensated at an annual rate of .50% of the Fund&#146;s
    average weekly total assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement provides that in the absence
    of willful misfeasance, bad faith, gross negligence or reckless
    disregard for its obligations and duties thereunder, the
    Investment Adviser is not liable for any error or judgment or
    mistake of law or for any loss suffered by the Fund. As part of
    the Investment Advisory Agreement, the Fund has agreed that the
    name &#147;Gabelli&#148; is the Investment Adviser&#146;s
    property, and that in the event the Investment Adviser ceases to
    act as an investment adviser to the Fund, the Fund will change
    its name to one not including &#147;Gabelli.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to its terms, the Investment Advisory Agreement will
    remain in effect with respect to the Fund until the second
    anniversary of sole shareholder approval of such Agreement, and
    from year to year thereafter if approved annually (i)&#160;by
    the Fund&#146;s Board or by the holders of a majority of its
    outstanding voting securities and (ii)&#160;by a majority of the
    Trustees who are not &#147;interested persons&#148; (as defined
    in the 1940 Act) of any party to the Investment Advisory
    Agreement, by vote cast in person at a meeting called for the
    purpose of voting on such approval.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement was approved by the
    Fund&#146;s Board at a meeting in person of the Board held on
    May&#160;25, 2011, including a majority of the Trustees who are
    not parties to the agreement or interested persons of any such
    party (as such term is defined in the 1940 Act).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the course of agreeing in principle to the Investment
    Advisory Agreement, the Fund&#146;s non-interested Trustees
    focused primarily on (i)&#160;the services provided to the Fund
    by the Investment Adviser and the
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    (ii)&#160;the Fund&#146;s fee and expense data as compared to
    various benchmarks, a peer group of closed-end funds and the
    other registered investment companies managed by the Investment
    Adviser and (iii)&#160;the experience and breadth of the
    investment advisory team expected to be utilized by the
    Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Advisory Agreement terminates automatically on
    its assignment and may be terminated without penalty on
    60&#160;days written notice at the option of either party
    thereto or by a vote of a majority (as defined in the 1940 Act)
    of the Fund&#146;s outstanding shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Manager Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Accounts Managed</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information below lists other accounts for which each
    portfolio manager was primarily responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management during the year ended December&#160;31, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=quadright -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B># of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Accounts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Managed<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total Assets<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Advisory<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name of Portfolio<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Total #<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Fee<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Advisory<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Manager or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>of Accounts<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Based on<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Fee Based on<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Team Member</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Type of Accounts</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Managed</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total Assets</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Performance</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Performance</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Mario J. Gabelli
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Registered Investment Companies:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17.1 billion
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4.3 billion
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Pooled Investment Vehicles:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    478.4 million
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    470.6 million
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    Other Accounts:
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,712
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14.6 billion
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.9 billion
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Ownership
    of Shares in the Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, the portfolio manager of the Fund
    owns the following amounts of equity securities of the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Dollar Range of Equity Securities Held in Fund</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Mario J. Gabelli
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    over $1,000,000
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
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    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Potential
    Conflicts of Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Actual or apparent conflicts of interest may arise when the
    portfolio manager also has
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management responsibilities with respect to one or more other
    accounts. These potential conflicts include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Allocation of Limited Time and
    Attention.</I>&#160;&#160;Because the portfolio manager manages
    many accounts, he may not be able to formulate as complete a
    strategy or identify equally attractive investment opportunities
    for each of those accounts as if he were to devote substantially
    more attention to the management of only a few accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Allocation of Limited Investment
    Opportunities.</I>&#160;&#160;If the portfolio manager
    identifies an investment opportunity that may be suitable for
    multiple accounts, the Fund may not be able to take full
    advantage of that opportunity because the opportunity may need
    to be allocated among all or many of these accounts or other
    accounts primarily managed by other portfolio managers of the
    Investment Adviser and its affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Pursuit of Differing Strategies.</I>&#160;&#160;At times, the
    portfolio manager may determine that an investment opportunity
    may be appropriate for only some of the accounts for which he
    exercises investment responsibility, or may decide that certain
    of the accounts should take differing positions with respect to
    a particular security. In these cases, the portfolio manager may
    execute differing or opposite transactions for one or more
    accounts which may affect the market price of the security or
    the execution of the transactions, or both, to the detriment of
    one or more of his accounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Selection of Broker/Dealers.</I>&#160;&#160;Portfolio
    managers may be able to select or influence the selection of the
    brokers and dealers that are used to execute securities
    transactions for the funds or accounts that they supervise. In
    addition to providing execution of trades, some brokers and
    dealers provide portfolio managers with brokerage and research
    services which may result in the payment of higher brokerage
    fees than might otherwise be available. These services may be
    more beneficial to certain funds or accounts than to others.
    Although the payment of brokerage commissions is subject to the
    requirement that the portfolio manager determine in good faith
    that the commissions are reasonable in relation to the value of
    the brokerage and research services provided to the fund, a
    portfolio manager&#146;s decision as to the selection of brokers
    and dealers could yield disproportionate costs and benefits
    among the funds or other accounts that he or she manages. In
    addition, with respect to certain types of accounts (such as
    pooled investment vehicles and other accounts managed for
    organizations and individuals) the Investment Adviser may be
    limited by the client concerning the selection of brokers or may
    be instructed to direct trades to particular brokers. In these
    cases, the Investment Adviser or its affiliates may place
    separate, non-simultaneous transactions in the same security for
    a fund and another account that may temporarily affect the
    market price of the security or the execution of the
    transaction, or both, to the detriment of the fund or the other
    accounts. Because of Mr.&#160;Gabelli&#146;s position with, and
    his indirect majority ownership interest in, an affiliated
    broker dealer, Gabelli&#160;&#038; Company, Inc., he may have an
    incentive to use Gabelli&#160;&#038; Company, Inc. to execute
    portfolio transactions for the Fund even if using
    Gabelli&#160;&#038; Company, Inc. is not in the best interest of
    the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Variation in Compensation.</I>&#160;&#160;A conflict of
    interest may arise where the financial or other benefits
    available to the portfolio manager differ among the accounts
    that he manages. If the structure of the Investment
    Adviser&#146;s management fee or the portfolio manager&#146;s
    compensation differs among accounts (such as where certain
    accounts pay higher management fees or performance-based
    management fees), the portfolio manager may be motivated to
    favor certain accounts over others. The portfolio manager also
    may be motivated to favor accounts in which he has an investment
    interest, or in which the Investment Adviser or its affiliates
    have investment interests. In Mr.&#160;Gabelli&#146;s case, the
    Investment Adviser&#146;s compensation (and expenses) for the
    Fund is marginally greater as a percentage of assets than for
    certain other accounts and is less than for certain other
    accounts managed by Mr.&#160;Gabelli, while his personal
    compensation structure varies with near-term performance to a
    greater degree in certain performance fee-based accounts than
    with non-performance-based accounts. In addition, he has
    investment interests in several of the funds managed by the
    Investment Adviser and its affiliates.
</DIV>
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    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser and the Fund have adopted compliance
    policies and procedures that are designed to address the various
    conflicts of interest that may arise for the Investment Adviser
    and its staff members. However, there is no guarantee that such
    policies and procedures will be able to detect and address every
    situation in which an actual or potential conflict may arise.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    Structure</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The compensation of the portfolio managers is reviewed annually
    and structured to enable the Investment Adviser to attract and
    retain highly qualified professionals in a competitive
    environment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Mr.&#160;Gabelli receives incentive-based variable compensation
    based on a percentage of net revenues received by the Adviser
    for managing the Fund. Net revenues are determined by deducting
    from gross investment management fees the firm&#146;s expenses
    (other than Mr.&#160;Gabelli&#146;s compensation) allocable to
    this Fund. Five closed-end registered investment companies
    managed by Mr.&#160;Gabelli have arrangements whereby the
    Adviser will only receive its investment advisory fee
    attributable to the liquidation value of outstanding preferred
    stock (and Mr.&#160;Gabelli would only receive his percentage of
    such advisory fee) if certain performance levels are met.
    Additionally, he receives similar incentive based variable
    compensation for managing other accounts within the firm and its
    affiliates. This method of compensation is based on the premise
    that superior long-term performance in managing a portfolio
    should be rewarded with higher compensation as a result of
    growth of assets through appreciation and net investment
    activity. The level of compensation is not determined with
    specific reference to the performance of any account against any
    specific benchmark. One of the other registered investment
    companies managed by Mr.&#160;Gabelli has a performance
    (fulcrum) fee arrangement for which his compensation is adjusted
    up or down based on the performance of the investment company
    relative to an index. Mr.&#160;Gabelli manages other accounts
    with performance fees. Compensation for managing these accounts
    has two components. One component is based on a percentage of
    net revenues to the investment adviser for managing the account.
    The second component is based on absolute performance of the
    account, with respect to which a percentage of such performance
    fee is paid to Mr.&#160;Gabelli. As an executive officer of the
    Adviser&#146;s parent company, GAMCO Investors, Inc.,
    Mr.&#160;Gabelli also receives ten percent of the net operating
    profits of the parent company. He receives no base salary, no
    annual bonus, and no stock options.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Holdings Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Employees of the Investment Adviser and its affiliates will
    often have access to information concerning the portfolio
    holdings of the Fund. The Fund and the Investment Adviser have
    adopted policies and procedures that require all employees to
    safeguard proprietary information of the Fund, which includes
    information relating to the Fund&#146;s portfolio holdings as
    well as portfolio trading activity of the Investment Adviser
    with respect to the Fund (collectively, &#147;Portfolio Holdings
    Information&#148;). In addition, the Fund and the Investment
    Adviser have adopted policies and procedures providing that
    Portfolio Holdings Information may not be disclosed except to
    the extent that it is (a)&#160;made available to the general
    public by posting on the Fund&#146;s website or filed as part of
    a required filing on
    <FONT style="white-space: nowrap">Form&#160;N-Q</FONT>
    or N-CSR or (b)&#160;provided to a third party for legitimate
    business purposes or regulatory purposes, that has agreed to
    keep such data confidential under terms approved by the
    Investment Adviser&#146;s legal department or outside counsel,
    as described below. The Investment Adviser will examine each
    situation under (b)&#160;with a view to determine that release
    of the information is in the best interest of the Fund and its
    shareholders and, if a potential conflict between the Investment
    Adviser&#146;s interests and the Fund&#146;s interests arises,
    to have such conflict resolved by the Chief Compliance Officer
    or those Trustees who are not considered to be &#147;interested
    persons,&#148; as defined in the 1940 Act (the
    &#147;&#146;Independent Directors&#148;). These policies further
    provide that no officer of the Fund or employee of the
    Investment Adviser shall communicate with the media about the
    Fund without obtaining the advance consent of the Chief
    Executive Officer, Chief Operating Officer, or General Counsel
    of the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the foregoing policies, the Fund currently may disclose
    Portfolio Holdings Information in the circumstances outlined
    below. Disclosure generally may be either on a monthly or
    quarterly basis with no time
</DIV>
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    <BR>
    22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    lag in some cases and with a time lag of up to 60&#160;days in
    other cases (with the exception of proxy voting services which
    require a regular download of data):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;To regulatory authorities in response to requests for
    such information and with the approval of the Chief Compliance
    Officer of the Fund;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;To mutual fund rating and statistical agencies and to
    persons performing similar functions where there is a legitimate
    business purpose for such disclosure and such entity has agreed
    to keep such data confidential until at least it has been made
    public by the Investment Adviser;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;To service providers of the Fund, as necessary for the
    performance of their services to the Fund and to the Board,
    where such entity has agreed to keep such data confidential
    until at least it has been made public by the Investment
    Adviser. The Fund&#146;s current service providers that may
    receive such information are its administrator,
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    custodian, independent registered public accounting firm, legal
    counsel, and financial printers;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;To firms providing proxy voting and other proxy
    services provided such entity has agreed to keep such data
    confidential until at least it has been made public by the
    Investment Adviser;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;To certain broker dealers, investment advisers, and
    other financial intermediaries for purposes of their performing
    due diligence on the Fund and not for dissemination of this
    information to their clients or use of this information to
    conduct trading for their clients. Disclosure of Portfolio
    Holdings Information in these circumstances requires the broker,
    dealer, investment adviser, or financial intermediary to agree
    to keep such information confidential until it has been made
    public by the Investment Adviser and is further subject to prior
    approval of the Chief Compliance Officer of the Fund and shall
    be reported to the Board at the next quarterly meeting;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;To consultants for purposes of performing analysis of
    the Fund, which analysis may be used by the consultant with its
    clients or disseminated to the public, provided that such entity
    shall have agreed to keep such information confidential until at
    least it has been made public by the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the date of this SAI, the Fund makes information about
    portfolio securities available to its administrator,
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    custodian, and proxy voting services on a daily basis, with no
    time lag, to its typesetter on a quarterly basis with a ten day
    time lag, to its financial printers on a quarterly basis with a
    forty-five day time lag, and its independent registered public
    accounting firm and legal counsel on an as needed basis with no
    time lag. The names of the Fund&#146;s administrator, custodian,
    independent registered public accounting firm, and legal counsel
    are set forth is this SAI. The Fund&#146;s proxy voting service
    is Broadridge Investor Communication Services. Bowne&#160;&#038;
    Co., Inc. provides typesetting services for the Fund and the
    Fund selects from a number of financial printers who have agreed
    to keep such information confidential until at least it has been
    made public by the Investment Adviser. Other than those
    arrangements with the Fund&#146;s service providers and proxy
    voting service, the Fund has no ongoing arrangements to make
    available information about the Fund&#146;s portfolio securities
    prior to such information being disclosed in a publicly
    available filing with the SEC that is required to include the
    information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Disclosures made pursuant to a confidentiality agreement are
    subject to periodic confirmation by the Chief Compliance Officer
    of the Fund that the recipient has utilized such information
    solely in accordance with the terms of the agreement. Neither
    the Fund, nor the Investment Adviser, nor any of the Investment
    Adviser&#146;s affiliates will accept on behalf of itself, its
    affiliates, or the Fund any compensation or other consideration
    in connection with the disclosure of portfolio holdings of the
    Fund. The Board will review such arrangements annually with the
    Fund&#146;s Chief Compliance Officer.
</DIV>

<A name='Y92093172'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PORTFOLIO
    TRANSACTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to policies established by the Board of Trustees of the
    Fund, the Investment Adviser is responsible for placing purchase
    and sale orders and the allocation of brokerage on behalf of the
    Fund. Transactions in equity securities are in most cases
    effected on U.S.&#160;stock exchanges and involve the payment
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    of negotiated brokerage commissions. In general, there may be no
    stated commission in the case of securities traded in
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets, but the prices of those securities may include
    undisclosed commissions or
    <FONT style="white-space: nowrap">mark-ups.</FONT>
    Principal transactions are not entered into with affiliates of
    the Fund. However, Gabelli&#160;&#038; Company, Inc. may execute
    transactions in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    markets on an agency basis and receive a stated commission
    therefrom. To the extent consistent with applicable provisions
    of the 1940 Act and the rules thereunder, and other regulatory
    requirements, the Fund&#146;s Board of Trustees have determined
    that portfolio transactions may be executed through
    Gabelli&#160;&#038; Company, Inc. and its broker-dealer
    affiliates if, in the judgment of the Investment Adviser, the
    use of those broker-dealers is likely to result in price and
    execution at least as favorable as those of other qualified
    broker-dealers, and if, in particular transactions, those
    broker-dealers charge the Fund a rate consistent with that
    charged to comparable unaffiliated customers in similar
    transactions. For the fiscal years ended December&#160;31, 2008,
    December&#160;31, 2009, and December&#160;31, 2010, the Fund
    paid a total of $16,409, $12,819, and $5,183, respectively, in
    brokerage commissions, of which Gabelli&#160;&#038; Company,
    Inc. and its affiliates received $15,054, $9,650, and $3,030,
    respectively. For 2010, the amount paid to Gabelli&#160;&#038;
    Company, Inc. and its broker-dealer affiliates represented 58.4%
    of the number of aggregate brokerage commissions paid by the
    Fund, and the dollar amount of transactions executed through
    Gabelli&#160;&#038; Company, Inc. represented 35% of the
    aggregate dollar amount of transactions involving the payment of
    commissions by the Fund. The Fund has no obligations to deal
    with any broker or group of brokers in executing transactions in
    portfolio securities. In executing transactions, the Investment
    Adviser seeks to obtain the best price and execution for the
    Fund, taking into account such factors as price, size of order,
    difficulty of execution and operational facilities of the firm
    involved and the firm&#146;s risk in positioning a block of
    securities. While the Investment Adviser generally seeks
    reasonably competitive commission rates, the Fund does not
    necessarily pay the lowest commission available.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to obtaining the best price and execution, brokers who
    provide supplemental research, market and statistical
    information, or other services (e.g., wire services) to the
    Investment Adviser or its affiliates may receive orders for
    transactions by the Fund. The term &#147;research, market and
    statistical information&#148; includes advice as to the value of
    securities, and advisability of investing in, purchasing or
    selling securities, and the availability of securities or
    purchasers or sellers of securities, and furnishing analyses and
    reports concerning issues, industries, securities, economic
    factors and trends, portfolio strategy and the performance of
    accounts. Information so received will be in addition to and not
    in lieu of the services required to be performed by the
    Investment Adviser under the Advisory Agreement and the expenses
    of the Investment Adviser will not necessarily be reduced as a
    result of the receipt of such supplemental information. Such
    information may be useful to the Investment Adviser and its
    affiliates in providing services to clients other than the Fund,
    and not all such information is used by the Investment Adviser
    in connection with the Fund. Conversely, such information
    provided to the Investment Adviser and its affiliates by brokers
    and dealers through whom other clients of the Investment Adviser
    and its affiliates effect securities transactions may be useful
    to the Investment Adviser in providing services to the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although investment decisions for the fund are made
    independently from those for the other accounts managed by the
    investment adviser and its affiliates, investments of the kind
    made by the fund may also be made for those other accounts. When
    the same securities are purchased for or sold by the fund and
    any of such other accounts, it is the policy of the investment
    adviser and its affiliates to allocate such purchases and sales
    in the manner deemed fair and equitable to all of the accounts,
    including the fund.
</DIV>

<A name='Y92093173'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PORTFOLIO
    TURNOVER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Portfolio turnover rate is calculated by dividing the lesser of
    an investment company&#146;s annual sales or purchases of
    portfolio securities by the monthly average value of securities
    in its portfolio during the year, excluding portfolio securities
    the maturities of which at the time of acquisition were one year
    or less. A high rate of portfolio turnover involves
    correspondingly greater brokerage commission expense than a
    lower rate, which expense must be borne by the Fund and
    indirectly by its shareholders. The portfolio turnover rate may
    vary from year to year and will not be a factor when the
    Investment Adviser determines that portfolio changes are
    appropriate.
</DIV>
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    <BR>
    24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For example, an increase in the Fund&#146;s participation in
    risk arbitrage situations would increase the Fund&#146;s
    portfolio turnover rate. A higher rate of portfolio turnover may
    also result in taxable gains being passed to shareholders sooner
    than would otherwise be the case. The Fund anticipates that its
    annual portfolio turnover rate will not exceed 100%. The
    Fund&#146;s portfolio turnover rates for the years ended
    December&#160;31, 2009 and December&#160;31, 2010 were 9.5% and
    7.8% respectively.
</DIV>

<A name='Y92093174'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">AUCTIONS
    FOR AUCTION RATE PREFERRED SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    of Auction Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a brief summary of the auction procedures for
    preferred shares that are auction rate preferred shares. These
    auction procedures are complicated, and there are exceptions to
    these procedures. Many of the terms in this section have a
    special meaning. Accordingly, this description does not purport
    to be complete and is qualified, in its entirety, by reference
    to the Fund&#146;s Governing Documents, including the provisions
    of the Statement of Preferences establishing any series of
    auction rate preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The auctions determine the dividend rate for auction rate
    preferred shares, but each dividend rate will not be higher than
    the maximum rate. If you own auction rate preferred shares, you
    may instruct your broker-dealer to enter one of three kinds of
    orders in the auction with respect to your shares: sell, bid and
    hold.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If you enter a sell order, you indicate that you want to sell
    auction rate preferred shares at their liquidation preference
    per share, no matter what the next dividend period&#146;s rate
    will be.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If you enter a bid (or &#147;hold at a rate&#148;) order, which
    must specify a dividend rate, you indicate that you want to sell
    auction rate preferred shares only if the next dividend
    period&#146;s rate is less than the rate you specify.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If you enter a hold order you indicate that you want to continue
    to own auction rate preferred shares, no matter what the next
    dividend period&#146;s rate will be.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may enter different types of orders for different portions
    of your auction rate preferred shares. You may also enter an
    order to buy additional auction rate preferred shares. All
    orders must be for whole shares. All orders you submit are
    irrevocable. There is a fixed number of auction rate preferred
    shares, and the dividend rate likely will vary from auction to
    auction depending on the number of bidders, the number of shares
    the bidders seek to buy, the rating of the auction rate
    preferred shares and general economic conditions including
    current interest rates. If you own auction rate preferred shares
    and submit a bid for them higher than the then-maximum rate,
    your bid will be treated as a sell order. If you do not enter an
    order, the broker-dealer will assume that you want to continue
    to hold auction rate preferred shares, but if you fail to submit
    an order and the dividend period is longer than 28&#160;days,
    the broker-dealer will treat your failure to submit a bid as a
    sell order.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you do not then own auction rate preferred shares, or want to
    buy more shares, you may instruct a broker-dealer to enter a bid
    order to buy shares in an auction at the liquidation preference
    per share at or above the dividend rate you specify. If your bid
    for shares you do not own specifies a rate higher than the
    then-maximum rate, your bid will not be considered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Broker-dealers will submit orders from existing and potential
    holders of auction rate preferred shares to the auction agent.
    Neither the Fund nor the auction agent will be responsible for a
    broker-dealer&#146;s failure to submit orders from existing or
    potential holders of auction rate preferred shares. A
    broker-dealer&#146;s failure to submit orders for auction rate
    preferred shares held by it or its customers will be treated in
    the same manner as a holder&#146;s failure to submit an order to
    the broker-dealer. A broker-dealer may submit orders to the
    auction agent for its own account. The Fund may not submit an
    order in any auction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The auction agent after each auction for the auction rate
    preferred shares will pay to each broker-dealer, from funds
    provided by the Fund, a service charge equal to, in the case
    shares of any auction immediately preceding a dividend period of
    less than 365&#160;days, the product of (i)&#160;a fraction, the
    numerator of which is the
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    number of days in such dividend period and the denominator of
    which is 365, times (ii)&#160;1/4 of 1%, times (iii)&#160;the
    liquidation preference per share, times (iv)&#160;the aggregate
    number of auction rate preferred shares placed by such
    broker-dealer at such auction or, in the case of any auction
    immediately preceding a dividend period of one year or longer, a
    percentage of the purchase price of the auction rate preferred
    shares placed by the broker-dealer at the auction agreed to by
    the Fund and the broker-dealers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the number of auction rate preferred shares subject to bid
    orders by potential holders with a dividend rate equal to or
    lower than the then-maximum rate is at least equal to the number
    of auction rate preferred shares subject to sell orders, then
    the dividend rate for the next dividend period will be the
    lowest rate submitted which, taking into account that rate and
    all lower rates submitted in order from existing and potential
    holders, would result in existing and potential holders owning
    all the auction rate preferred shares available for purchase in
    the auction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the number of auction rate preferred shares subject to bid
    orders by potential holders with a dividend rate equal to or
    lower than the then-maximum rate is less than the number of
    auction rate preferred shares subject to sell orders, then the
    auction is considered to be a failed auction, and the dividend
    rate will be the maximum rate. In that event, existing holders
    that have submitted sell orders (or are treated as having
    submitted sell orders) may not be able to sell any or all of the
    auction rate preferred shares offered for sale than there are
    buyers for those shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If broker-dealers submit or are deemed to submit hold orders for
    all outstanding auction rate preferred shares, the auction is
    considered an &#147;all hold&#148; auction and the dividend rate
    for the next dividend period will be the &#147;all hold
    rate,&#148; which is 80% of the &#147;AA&#148; Financial
    Composite Commercial Paper Rate, as determined in accordance
    with procedures set forth in the Statement of Preferences
    establishing the auction rate preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The auction procedures include a pro rata allocation of auction
    rate preferred shares for purchase and sale. This allocation
    process may result in an existing holder continuing to hold or
    selling, or a potential holder buying, fewer shares than the
    number of shares of auction rate preferred shares in its order.
    If this happens, broker-dealers will be required to make
    appropriate pro rata allocations among their respective
    customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Settlement of purchases and sales will be made on the next
    business day (which also is a dividend payment date) after the
    auction date through DTC. Purchasers will pay for their auction
    rate preferred shares through broker-dealers in
    <FONT style="white-space: nowrap">same-day</FONT>
    funds to DTC against delivery to the broker-dealers. DTC will
    make payment to the sellers&#146; broker-dealers in accordance
    with its normal procedures, which require broker-dealers to make
    payment against delivery in
    <FONT style="white-space: nowrap">same-day</FONT>
    funds. As used in this SAI, a business day is a day on which the
    NYSE is open for trading, and which is not a Saturday, Sunday or
    any other day on which banks in New York City are authorized or
    obligated by law to close.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The first auction for a series of auction rate preferred shares
    will be held on the date specified in the Prospectus Supplement
    for such series, which will be the business day preceding the
    dividend payment date for the initial dividend period.
    Thereafter, except during special dividend periods, auctions for
    such series auction rate preferred shares normally will be held
    within the frequency specified in the Prospectus Supplement for
    such series, and each subsequent dividend period for such series
    auction rate preferred shares normally will begin on the
    following day.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If an auction is not held because an unforeseen event or
    unforeseen events cause a day that otherwise would have been an
    auction date not to be a business day, then the length of the
    then-current dividend period will be extended by seven days (or
    a multiple thereof if necessary because of such unforeseen event
    or events), the applicable rate for such period will be the
    applicable rate for the then-current dividend period so extended
    and the dividend payment date for such dividend period will be
    the first business day immediately succeeding the end of such
    period.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a simplified example of how a typical auction
    works. Assume that the Fund has 1,000 outstanding shares of
    auction rate preferred shares and three current holders. The
    three current holders and three potential holders submit orders
    through broker-dealers at the auction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current Holder A
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Owns 500&#160;shares, wants to sell all 500&#160;shares if
    auction rate is less than 4.6%
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bid order at 4.6% rate for all 500&#160;shares
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current Holder B
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Owns 300&#160;shares, wants to hold
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Hold order will take the auction rate
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Current Holder C
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Owns 200&#160;shares, wants to sell all 200&#160;shares if
    auction rate is less than 4.4%
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bid order at 4.4% rate for all 200&#160;shares
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Potential Holder D
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Wants to buy 200&#160;shares
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Places order to buy at or above 4.5%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Potential Holder E
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Wants to buy 300&#160;shares
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Places order to buy at or above 4.4%
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Potential Holder F
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Wants to buy 200&#160;shares
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Places order to buy at or above 4.6%
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The lowest dividend rate that will result in all
    1,000&#160;shares of auction rate preferred shares continuing to
    be held is 4.5% (the offer by D). Therefore, the dividend rate
    will be 4.5%. Current holders B and C will continue to own their
    shares. Current holder A will sell its shares because A&#146;s
    dividend rate bid was higher than the dividend rate: Potential
    holder D will buy 200&#160;shares and potential holder E will
    buy 300&#160;shares because their bid rates were at or below the
    dividend rate. Potential holder F will not buy any shares
    because its bid rate was above the dividend rate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Secondary
    Market Trading and Transfer of Auction Rate Preferred
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters shall not be required to make a market in the
    auction rate preferred shares. The broker-dealers (including the
    underwriters) may maintain a secondary trading market for
    outside of auctions, but they are not required to do so. There
    can be no assurance that a secondary trading market for the
    auction rate preferred shares will develop or, if it does
    develop, that it will provide owners with liquidity of
    investment. The auction rate preferred shares will not be
    registered on any stock exchange. Investors who purchase auction
    rate preferred shares in an auction for a special dividend
    period should note that because the dividend rate on such shares
    will be fixed for the length of that dividend period, the value
    of such shares may fluctuate in response to the changes in
    interest rates and may be more or less than their original cost
    if sold on the open market in advance of the next auction
    thereof, depending on market conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may sell, transfer, or otherwise dispose of the auction rate
    preferred shares only in whole shares and only pursuant to a bid
    or sell order placed with the auction agent in accordance with
    the auction procedures, to the Fund or its affiliates or to or
    through a broker-dealer that has been selected by the Fund or to
    such other persons as may be permitted by the Fund. However, if
    you hold your auction rate preferred shares in the name of a
    broker-dealer, a sale or transfer of your auction rate preferred
    shares to that broker dealer, or to another customer of that
    broker-dealer, will not be considered a sale or transfer or
    purposes of the foregoing if the shares remain in the name of
    the broker-dealer immediately after your transaction. In
    addition, in the case of all transfers other than through an
    auction, the broker-dealer (or other person, if the Fund
    permits) receiving the transfer must advise the auction agent of
    the transfer.
</DIV>

<A name='Y92093175'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TAXATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion is a brief summary of certain
    U.S.&#160;federal income tax considerations affecting the Fund
    and, as the case may be, its shareholders and noteholders who
    purchase notes in this offering at the original issue price
    equal to the face amount of the Notes. Except as expressly
    provided otherwise, this discussion assumes you are a
    U.S.&#160;person (as defined for U.S.&#160;federal income tax
    purposes) and that you hold
</DIV>
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    <BR>
    27
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    your shares or notes as capital assets (generally, for
    investment). The discussion is based upon current provisions of
    the Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;), Treasury regulations, judicial authorities,
    published positions of the Internal Revenue Service (the
    &#147;IRS&#148;) and other applicable authorities, all of which
    are subject to change or differing interpretations, possibly
    with retroactive effect. No ruling has been or will be sought
    from the IRS regarding any matter discussed herein. Counsel to
    the Fund has not rendered and will not render any legal opinion
    regarding any tax consequences relating to the Fund or an
    investment in the Fund. No attempt is made to present a detailed
    explanation of all U.S.&#160;federal, state, local and foreign
    tax concerns affecting the Fund and its shareholders and
    noteholders (including shareholders and noteholders subject to
    special tax rules and shareholders owning a large position in
    the Fund).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The discussions set forth here and in the Prospectus do not
    constitute tax advice. Investors are urged to consult their own
    tax advisers with any specific questions relating to
    U.S.&#160;federal, state, local and foreign taxes.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of the Fund</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has elected to be treated and has qualified, and
    intends to continue to qualify, as a regulated investment
    company (a &#147;RIC&#148;) under Subchapter M of the Code.
    Accordingly, the Fund must, among other things,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;derive in each taxable year at least 90% of its gross
    income from (a)&#160;dividends, interest (including tax-exempt
    interest), payments with respect to certain securities loans,
    and gains from the sale or other disposition of stock,
    securities or foreign currencies, or other income (including but
    not limited to gain from options, futures and forward contracts)
    derived with respect to its business of investing in such stock,
    securities or currencies and (b)&#160;net income derived from
    interests in certain publicly traded partnerships that are
    treated as partnerships for U.S.&#160;federal income tax
    purposes and that derive less than 90% of their gross income
    from the items described in (a)&#160;above (each a
    &#147;Qualified Publicly Traded Partnership&#148;);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;diversify its holdings so that, at the end of each
    quarter of each taxable year (a)&#160;at least 50% of the market
    value of the Fund&#146;s total assets is represented by cash and
    cash items, U.S.&#160;government securities, the securities of
    other regulated investment companies and other securities, with
    such other securities limited, in respect of any one issuer, to
    an amount not greater than 5% of the value of the Fund&#146;s
    total assets and not more than 10% of the outstanding voting
    securities of such issuer and (b)&#160;not more than 25% of the
    value of the Fund&#146;s total assets is invested in the
    securities of (I)&#160;any one issuer (other than
    U.S.&#160;government securities and the securities of other
    RICs), (II)&#160;any two or more issuers (other than regulated
    investment companies) that the Fund controls and that are
    determined to be engaged in the same business or similar or
    related trades or businesses or (III)&#160;any one or more
    Qualified Publicly Traded Partnerships.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a RIC, the Fund generally is not subject to U.S.&#160;federal
    income tax on income and gains that it distributes each taxable
    year to shareholders, provided that it distributes at least 90%
    of the sum of the Fund&#146;s (i)&#160;investment company
    taxable income (which includes, among other items, dividends,
    interest and the excess of any net short-term capital gain over
    net long-term capital loss and other taxable income, other than
    any net long-term capital gain, reduced by deductible expenses)
    determined without regard to the deduction for dividends and
    distributions paid and (ii)&#160;net tax-exempt interest income
    (the excess of its gross tax-exempt interest income over certain
    disallowed deductions). The Fund intends to distribute at least
    annually substantially all of such income. The Fund will be
    subject to income tax at regular corporate rates on any taxable
    income or gains that it does not distribute to its shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Amounts not distributed on a timely basis in accordance with a
    calendar year distribution requirement are subject to a
    nondeductible 4% federal excise tax at the Fund level. To avoid
    the tax, the Fund must distribute during each calendar year an
    amount at least equal to the sum of (i)&#160;98% of its ordinary
    income (not taking into account any capital gains or losses) for
    the calendar year, (ii)&#160;98.2% of its capital gain in excess
    of its capital loss (adjusted for certain ordinary losses) for a
    one-year period generally ending on October 31 of the
</DIV>
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    <BR>
    28
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    calendar year (unless an election is made to use the Fund&#146;s
    fiscal year), and (iii)&#160;certain undistributed amounts from
    previous years on which the Fund paid no U.S.&#160;federal
    income tax. While the Fund intends to distribute any income and
    capital gain in the manner necessary to minimize imposition of
    the 4% federal excise tax, there can be no assurance that
    sufficient amounts of the Fund&#146;s ordinary income and
    capital gain will be distributed to avoid entirely the
    imposition of the tax. In that event, the Fund will be liable
    for the tax only on the amount by which it does not meet the
    foregoing distribution requirement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A distribution will be treated as paid during the calendar year
    if it is paid during the calendar year or declared by the Fund
    in October, November or December of the year, payable to
    shareholders of record on a date during such a month and paid by
    the Fund during January of the following year. Any such
    distributions paid during January of the following year will be
    deemed to be received by the Fund&#146;s shareholders on
    December 31 of the year the distributions are declared, rather
    than when the distributions are actually received.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund were unable to satisfy the 90% distribution
    requirement or otherwise were to fail to qualify as a RIC in any
    year, it would be taxed on all of its taxable income in the same
    manner as an ordinary corporation and distributions to the
    Fund&#146;s shareholders would not be deductible by the Fund in
    computing its taxable income. Such distributions would be
    taxable to the shareholders as ordinary dividends to the extent
    of the Fund&#146;s current or accumulated earnings and profits.
    Provided that certain holding period and other requirements are
    met, such dividends would be eligible (i)&#160;to be treated as
    qualified dividend income in the case of shareholders taxed as
    individuals with respect to taxable years beginning on or before
    December&#160;31, 2012 (but not for taxable years beginning
    thereafter, unless the relevant provisions are extended by
    legislation) and (ii)&#160;for the dividends received deduction
    in the case of corporate shareholders to the extent that the
    Fund&#146;s income consists of dividend income from
    U.S.&#160;corporations. To qualify again to be taxed as a RIC in
    a subsequent year, the Fund would be required to distribute to
    its shareholders its earnings and profits attributable to
    non-RIC years. In addition, if the Fund failed to qualify as a
    RIC for a period greater than two taxable years, then the Fund
    would be required to recognize and pay tax on any net built-in
    gain (the excess of aggregate gain, including items of income,
    over aggregate loss that would have been realized if the Fund
    had been liquidated) or, alternatively, to elect to be subject
    to taxation on such built-in gain recognized for a period of ten
    years, in order to qualify as a RIC in a subsequent year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Gain or loss on the sales of securities by the Fund will
    generally be long-term capital gain or loss if the securities
    have been held by the Fund for more than one year. Gain or loss
    on the sale of securities held for one year or less will be
    short-term capital gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain of the Fund&#146;s investment practices are subject to
    special and complex U.S.&#160;federal income tax provisions that
    may, among other things, (i)&#160;disallow, suspend or otherwise
    limit the allowance of certain losses or deductions,
    (ii)&#160;convert lower taxed long-term capital gains and
    qualified dividend income into higher taxed short-term capital
    gains or ordinary income, (iii)&#160;convert ordinary loss or a
    deduction into capital loss (the deductibility of which is more
    limited), (iv)&#160;cause the Fund to recognize income or gain
    without a corresponding receipt of cash, (v)&#160;adversely
    affect the time as to when a purchase or sale of stock or
    securities is deemed to occur, (vi)&#160;adversely alter the
    characterization of certain complex financial transactions and
    (vii)&#160;produce income that will not qualify as good income
    for purposes of the 90% annual gross income requirement
    described above. The Fund will monitor its transactions and may
    make certain tax elections and may be required to borrow money
    or dispose of securities to mitigate the effect of these rules
    and prevent disqualification of the Fund as a regulated
    investment company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Foreign currency gain or loss on
    <FONT style="white-space: nowrap">non-U.S.&#160;dollar-denominated</FONT>
    securities and on any
    <FONT style="white-space: nowrap">non-U.S.&#160;dollar-denominated</FONT>
    futures contracts, options and forward contracts that are not
    section&#160;1256 contracts (as defined below) generally will be
    treated as ordinary income and loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The premium received by the Fund for writing a call option is
    not included in income at the time of receipt. If the option
    expires, the premium is short-term capital gain to the Fund. If
    the Fund enters into a closing transaction, the difference
    between the amount paid to close out its position and the
    premium received is short-term capital gain or loss. If a call
    option written by the Fund is exercised, thereby requiring the
    Fund
</DIV>
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    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    to sell the underlying security, the premium will increase the
    amount realized upon the sale of the security and any resulting
    gain or loss will be long-term or short-term, depending upon the
    holding period of the security. The Fund does not have control
    over the exercise of the call options it writes and thus does
    not control the timing of such taxable events.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    With respect to a put or call option that is purchased by the
    Fund, if the option is sold, any resulting gain or loss will be
    a capital gain or loss, and will be short-term or long-term,
    depending upon the holding period for the option. If the option
    expires, the resulting loss is a capital loss and is short-term
    or long-term, depending upon the holding period for the option.
    If the option is exercised, the cost of the option, in the case
    of a call option, is added to the basis of the purchased
    security and, in the case of a put option, reduces the amount
    realized on the underlying security in determining gain or loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund&#146;s investment in so-called &#147;section&#160;1256
    contracts,&#148; such as regulated futures contracts, most
    foreign currency forward contracts traded in the interbank
    market, options on most stock indices and any non-equity
    options, are subject to special tax rules. All section&#160;1256
    contracts held by the Fund at the end of its taxable year are
    required to be marked to their market value, and any unrealized
    gain or loss on those positions will be included in the
    Fund&#146;s income as if each position had been sold for its
    fair market value at the end of the taxable year. The resulting
    gain or loss will be combined with any gain or loss realized by
    the Fund from positions in section&#160;1256 contracts closed
    during the taxable year. Provided such positions were held as
    capital assets and were not part of a &#147;hedging
    transaction&#148; nor part of a &#147;straddle,&#148; 60% of the
    resulting net gain or loss will be treated as long-term capital
    gain or loss, and 40% of such net gain or loss will be treated
    as short-term capital gain or loss, regardless of the period of
    time the positions were actually held by the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Investments by the Fund in certain &#147;passive foreign
    investment companies&#148; (&#147;PFICs&#148;) could subject the
    Fund to U.S.&#160;federal income tax (including interest
    charges) on certain distributions or dispositions with respect
    to those investments which cannot be eliminated by making
    distributions to shareholders. Elections may be available to the
    Fund to mitigate the effect of the PFIC rules, but such
    elections generally accelerate the recognition of income without
    the receipt of cash. Dividends paid by PFICs will not qualify
    for the reduced tax rates discussed below under &#147;Taxation
    of Shareholders.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may invest in debt obligations purchased at a discount
    with the result that the Fund may be required to accrue income
    for U.S.&#160;federal income tax purposes before amounts due
    under the obligations are paid. The Fund may also invest in
    securities rated in the medium to lower rating categories of
    nationally recognized rating organizations, and in unrated
    securities (&#147;high yield securities&#148;). A portion of the
    interest payments on such high yield securities may be treated
    as dividends for certain U.S.&#160;federal income tax purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a result of investing in stock of PFICs or securities
    purchased at a discount or any other investment that produces
    income that is not matched by a corresponding cash distribution
    to the Fund, the Fund could be required to include in current
    income, income it has not yet received. Any such income would be
    treated as income earned by the Fund and therefore would be
    subject to the distribution requirements of the Code. This might
    prevent the Fund from distributing 90% of its investment company
    taxable income as is required in order to avoid
    Fund-level&#160;U.S.&#160;federal income tax on all of its
    income, or might prevent the Fund from distributing enough
    ordinary income and capital gain net income to avoid the
    imposition of the excise tax. To avoid this result, the Fund may
    be required to borrow money or dispose of securities to be able
    to make distributions to its shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the Fund does not meet the asset coverage requirements of the
    1940 Act and the Statements of Preferences, the Fund will be
    required to suspend distributions to the holders of the common
    shares until the asset coverage is restored. Such a suspension
    of distributions might prevent the Fund from distributing 90% of
    its investment company taxable income as is required in order to
    avoid Fund-level&#160;U.S.&#160;federal income taxation on all
    of its income, or might prevent the Fund from distributing
    enough income and capital gain net income to avoid imposition of
    the excise tax.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Foreign
    Taxes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because the Fund may invest in foreign securities, its income
    from such securities may be subject to
    <FONT style="white-space: nowrap">non-U.S.&#160;taxes.</FONT>
    The Fund may invest more or less than 50% of its total assets in
    foreign securities. If less than 50% of the Fund&#146;s total
    assets at the close of its taxable year consists of stock or
    securities of foreign securities, it will not be eligible to
    elect to &#147;pass-through&#148; to its shareholders the
    ability to use the foreign tax deduction or foreign tax credit
    for foreign taxes paid with respect to qualifying taxes. If more
    than 50% of the Fund&#146;s total assets at the close of its
    taxable year consists of stock or securities of foreign
    corporations, the Fund may elect for U.S.&#160;federal income
    tax purposes to treat foreign income taxes paid by it as paid by
    its shareholders. The Fund may qualify for and make this
    election in some, but not necessarily all, of its taxable years.
    If the Fund were to make such an election, shareholders of the
    Fund would be required to take into account an amount equal to
    their pro rata portions of such foreign taxes in computing their
    taxable income and then treat an amount equal to those foreign
    taxes as a U.S.&#160;federal income tax deduction or as a
    foreign tax credit against their U.S.&#160;federal income
    liability. Shortly after any year for which it makes such an
    election, the Fund will report to its shareholders the amount
    per share of such foreign income tax that must be included in
    each shareholder&#146;s gross income and the amount that may be
    available for the deduction or credit.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund will either distribute or retain for reinvestment all
    or part of its net capital gain (i.e., the excess of net
    long-term capital gain over net short-term capital loss). If any
    such gain is retained, the Fund will be subject to regular
    corporate income tax such amount. In that event, the Fund
    expects to designate the retained amount as undistributed
    capital gain in a notice to its shareholders, each of whom
    (i)&#160;will be required to include in income for tax purposes
    as long-term capital gain its share of such undistributed
    amounts, (ii)&#160;will be entitled to credit its proportionate
    share of the tax paid by the Fund against its U.S.&#160;federal
    income tax liability and to claim refunds to the extent that the
    credit exceeds such liability and (iii)&#160;will increase its
    basis in its shares of the Fund by an amount equal to 65% of the
    amount of undistributed capital gain included in such
    shareholder&#146;s gross income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions paid by the Fund from its investment company
    taxable income, which includes net short-term capital gain,
    generally are taxable as ordinary income to the extent of the
    Fund&#146;s earnings and profits. Provided that certain holding
    period and other requirements are met, such distributions (if
    reported by the Fund) may qualify (i)&#160;for the dividends
    received deduction available to corporations, but only to the
    extent that the Fund&#146;s income consists of dividend income
    from U.S.&#160;corporations and (ii)&#160;in the case of
    individual shareholders, as qualified dividend income eligible
    to be taxed at long-term capital gain rates to the extent that
    the Fund receives qualified dividend income. These special rules
    relating to the taxation of ordinary income dividends paid by
    RICs to individual taxpayers generally apply to taxable years
    beginning on or before December&#160;31, 2012. Thereafter, the
    Fund&#146;s dividends, other than capital gains dividends, will
    be fully taxable at ordinary income rates unless further
    Congressional action is taken. In general, a shareholder of the
    Fund may only include as qualified dividend income that portion
    of the dividends that may be and are so reported by the Fund as
    qualified dividend income. There can be no assurance as to what
    portion of the Fund&#146;s distributions will qualify for
    favorable treatment as qualified dividend income or whether
    Congress will extend such treatment to taxable years beginning
    after December&#160;31, 2012.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Qualified dividend income is, in general, dividend income from
    taxable domestic corporations and certain qualified foreign
    corporations (e.g., generally, foreign corporations incorporated
    in a possession of the United States or in certain countries
    with a qualifying comprehensive tax treaty with the United
    States, or whose stock with respect to which such dividend is
    paid is readily tradable on an established securities market in
    the United States). A qualified foreign corporation does not
    include a foreign corporation that for the taxable year of the
    corporation in which the dividend was paid, or the preceding
    taxable year, is a &#147;passive foreign investment
    company,&#148; as defined in the Code. If the Fund lends
    portfolio securities, the amount received by the Fund that is
    the equivalent of the dividends paid by the issuer on the
    securities loaned will not be eligible for qualified dividend
    income treatment.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions of net capital gain reported as capital gain
    distributions, if any, are taxable to shareholders at rates
    applicable to long-term capital gain, whether paid in cash or in
    shares, and regardless of how long the shareholder has held the
    Fund&#146;s shares. Capital gain distributions are not eligible
    for the dividends received deduction. The maximum tax rate on
    net long-term capital gain of individuals generally is 15% for
    taxable years beginning before January&#160;1, 2013.
    Distributions in excess of the Fund&#146;s earnings and profits
    will first reduce the adjusted tax basis of a holder&#146;s
    shares and, after such adjusted tax basis is reduced to zero,
    will constitute capital gain to such holder (assuming the shares
    are held as a capital asset).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The IRS currently requires that a regulated investment company
    that has two or more classes of stock allocate to each such
    class proportionate amounts of each type of its income (such as
    ordinary income, capital gains, dividends qualifying for the
    dividends received deduction (&#147;DRD&#148;) and qualified
    dividend income) based upon the percentage of total dividends
    paid to each class for the tax year. Accordingly, the Fund
    intends each year to allocate capital gain dividends, dividends
    qualifying for the DRD and dividends that constitute qualified
    dividend income, if any, between its common shares and preferred
    shares in proportion to the total dividends paid to each class
    with respect to such tax year. Distributions in excess of the
    Fund&#146;s current and accumulated earnings and profits, if
    any, however, will not be allocated proportionately among the
    common shares and preferred shares. Since the Fund&#146;s
    current and accumulated earnings and profits will first be used
    to pay dividends on its preferred shares, distributions in
    excess of such earnings and profits, if any, will be made
    disproportionately to holders of common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If, for any calendar year, the total distributions exceed both
    current earnings and profits and accumulated earnings and
    profits, the excess will generally be treated as a tax-free
    return of capital up to the amount of a shareholder&#146;s tax
    basis in the shares. The amount treated as a tax-free return of
    capital will reduce a shareholder&#146;s tax basis in the
    shares, thereby increasing such shareholder&#146;s potential
    taxable gain or reducing his or her potential taxable loss on
    the sale of the shares. Any amounts distributed to a shareholder
    in excess of his or her basis in the shares will be taxable to
    the shareholder as capital gain (assuming the shares are held as
    a capital asset). Distributions that constitute a return of
    capital should not be considered as dividend yield or the total
    return from an investment in the Fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholders may be entitled to offset their capital gain
    distributions (but not distributions eligible for qualified
    dividend income treatment) with capital loss. There are a number
    of statutory provisions affecting when capital loss may be
    offset against capital gain, and limiting the use of loss from
    certain investments and activities. Accordingly, shareholders
    with capital loss are urged to consult their tax advisers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The price of shares purchased at any time may reflect the amount
    of a forthcoming distribution. Those purchasing shares just
    prior to a distribution will receive a distribution which will
    be taxable to them even though it represents in part a return of
    invested capital.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon a sale, exchange or other disposition of shares, a
    shareholder will generally realize a taxable gain or loss equal
    to the difference between the amount of cash and the fair market
    value of other property received and the shareholder&#146;s
    adjusted tax basis in the shares. Such gain or loss will be
    treated as long-term capital gain or loss if the shares have
    been held for more than one year. Any loss realized on a sale or
    exchange will be disallowed to the extent the shares disposed of
    are replaced by substantially identical shares within a
    <FONT style="white-space: nowrap">61-day</FONT>
    period beginning 30&#160;days before and ending 30&#160;days
    after the date that the shares are disposed of. In such a case,
    the basis of the shares acquired will be adjusted to reflect the
    disallowed loss.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any loss realized by a shareholder on the sale of Fund shares
    held by the shareholder for six months or less will be treated
    for tax purposes as a long-term capital loss to the extent of
    any capital gain distributions received by the shareholder (or
    amounts credited to the shareholder as an undistributed capital
    gain) with respect to such shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Ordinary income distributions and capital gain distributions
    also may be subject to state and local taxes. Shareholders are
    urged to consult their own tax advisers regarding specific
    questions about U.S.&#160;federal (including the application of
    the alternative minimum tax rules), state, local or foreign tax
    consequences to them of investing in the Fund.
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A shareholder that is a nonresident alien individual or a
    foreign corporation (a &#147;foreign investor&#148;) generally
    will be subject to U.S.&#160;withholding tax at the rate of 30%
    (or possibly a lower rate provided by an applicable tax treaty)
    on ordinary income dividends. Assuming applicable disclosure and
    certification requirements are met, U.S.&#160;federal
    withholding tax will generally not apply to any gain or income
    realized by a foreign investor in respect of any distributions
    of net capital gain (including net capital gain retained by the
    fund but deemed distributed to shareholders) or upon the sale or
    other disposition of shares of the Fund. Different tax
    consequences may result if the foreign investor is engaged in a
    trade or business in the United States, or in the case of an
    individual, if the foreign investor is present in the United
    States for 183&#160;days or more during a taxable year and
    certain other conditions are met.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, after December&#160;31, 2012, the Fund will be
    required to withhold at a rate of 30&#160;percent on dividends
    in respect of, and gross proceeds from the sale of, the
    Fund&#146;s shares held by or through certain foreign financial
    institutions (including investment funds), unless such
    institution enters into an agreement with the Secretary of the
    Treasury to report, on an annual basis, information with respect
    to shares in, and accounts maintained by, the institution to the
    extent such shares or accounts are held by certain
    U.S.&#160;persons or by certain
    <FONT style="white-space: nowrap">non-U.S.&#160;entities</FONT>
    that are wholly or partially owned by U.S.&#160;persons.
    Accordingly, the entity through which the Fund&#146;s shares are
    held will affect the determination of whether such withholding
    is required. Similarly, dividends in respect of, and gross
    proceeds from the sale of, the Fund&#146;s shares held by an
    investor that is a non-financial
    <FONT style="white-space: nowrap">non-U.S.&#160;entity</FONT>
    will be subject to withholding at a rate of 30&#160;percent,
    unless such entity either (i)&#160;certifies to the Fund that
    such entity does not have any &#147;substantial United States
    owners&#148; or (ii)&#160;provides certain information regarding
    the entity&#146;s &#147;substantial United States owners,&#148;
    which the Fund will in turn provide to the Secretary of the
    Treasury. Foreign investors are encouraged to consult with their
    tax advisers regarding the possible implications of the
    legislation on their investment in the Fund&#146;s shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, for taxable years of the Fund beginning before
    January&#160;1, 2012, properly reported dividends are generally
    exempt from U.S.&#160;federal withholding tax where they
    (i)&#160;are paid in respect of the Fund&#146;s &#147;qualified
    net interest income&#148; (generally, the Fund&#146;s
    <FONT style="white-space: nowrap">U.S.-source</FONT>
    interest income, other than certain contingent interest and
    interest from obligations of a corporation or partnership in
    which the Fund is at least a 10% shareholder, reduced by
    expenses that are allocable to such income) or (ii)&#160;are
    paid in respect of the Fund&#146;s &#147;qualified short-term
    capital gains&#148; (generally, the excess of the Fund&#146;s
    net short-term capital gain over the Fund&#146;s long-term
    capital loss for such taxable year). Depending on its
    circumstances, however, the Fund may report all, some or none of
    its potentially eligible dividends as such qualified net
    interest income or as qualified short-term capital gains,
    <FONT style="white-space: nowrap">and/or</FONT> treat
    such dividends, in whole or in part, as ineligible for this
    exemption from withholding. In order to qualify for this
    exemption from withholding, a foreign investor will need to
    comply with applicable certification requirements relating to
    its
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    (including, in general, furnishing an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or substitute Form). In the case of shares held through an
    intermediary, the intermediary may withhold even if the Fund
    reports the payment as qualified net interest income or
    qualified short-term capital gain. Foreign investors should
    contact their intermediaries with respect to the application of
    these rules to their accounts. There can be no assurance as to
    what portion of the Fund&#146;s distributions will qualify for
    favorable treatment as qualified net interest income or
    qualified short-term capital gains.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Foreign investors should consult their tax advisers regarding
    the tax consequences of investing in the Fund&#146;s shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund may be required to withhold U.S.&#160;federal income
    tax on all taxable distributions and redemption proceeds payable
    to non-corporate shareholders who fail to provide the Fund (or
    its agent) with their correct taxpayer identification number or
    to make required certifications, or who have been notified by
    the IRS that they are subject to backup withholding. Backup
    withholding is not an additional tax. Any amounts withheld may
    be refunded or credited against such shareholder&#146;s
    U.S.&#160;federal income tax liability, if any, provided that
    the required information is furnished to the IRS.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Noteholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This discussion assumes that the notes will not be issued with
    original issue discount for U.S.&#160;federal income tax
    purposes. Accordingly, noteholders will be required to include
    payments of interest on the notes in their gross income in
    accordance with their method of accounting for U.S.&#160;federal
    income tax purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any gain or loss from the disposition of the notes will be
    treated as capital gain for noteholders who hold the notes as
    capital assets and as long-term capital gain or loss if the
    notes have been held for more than one year as of the date of
    disposition. However, a portion of such gain may be required to
    be treated as ordinary income under special rules of the Code
    governing the treatment of market discount. A noteholder who
    acquires a note at a market discount (i.e., at a price less than
    the principal amount or the &#147;adjusted issue price&#148; as
    determined for tax purposes, if relevant), such as a subsequent
    purchaser of the notes, will be required to treat as ordinary
    income a portion of any gain realized upon a disposition of the
    note equal to the amount of market discount deemed to have been
    accrued as of the date of disposition unless an election is made
    to include such discount in income on a current basis. A
    noteholder who acquires a note at a market discount and does not
    elect to include such discount in income on a current basis will
    be required to defer deduction of a portion of interest paid or
    accrued on debt incurred or continue to purchase or carry the
    note until the noteholder disposes of the note. These rules may
    have an effect on the price that can be obtained upon the sale
    of a note. Amounts received upon a sale or redemption of the
    notes will be subject to tax as ordinary income to the extent of
    any accrued and unpaid interest on the notes as of the date of
    redemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you are a foreign investor, the payment of interest on the
    notes generally will be considered &#147;portfolio
    interest&#148; and thus generally will be exempt from
    U.S.&#160;withholding tax and U.S.&#160;federal income tax. This
    exemption will apply to a noteholder provided that
    (1)&#160;interest paid on the notes is not effectively connected
    with your conduct of a trade or business in the United States,
    (2)&#160;the noteholder is not a bank whose receipt of interest
    on the notes is described in Section&#160;881(c)(3)(A) of the
    Code, (3)&#160;the noteholder does not actually or
    constructively own 10&#160;percent or more of the combined
    voting power of all classes of the Fund&#146;s stock entitled to
    vote, (4)&#160;the noteholder is not a controlled foreign
    corporation that is related, directly or indirectly, to the Fund
    through stock ownership, and (5)&#160;the noteholder satisfies
    the certification requirements described below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To satisfy the certification requirements, either (1)&#160;the
    noteholder must certify, under penalties of perjury, that such
    holder is a
    <FONT style="white-space: nowrap">non-U.S.&#160;person</FONT>
    and must provide such owner&#146;s name, address and taxpayer
    identification number, if any, on IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN,</FONT>
    or (2)&#160;a securities clearing organization, bank or other
    financial institution that holds customer securities in the
    ordinary course of its trade or business and holds the notes on
    behalf of the holder thereof must certify, under penalties of
    perjury, that it has received a valid and properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    from the beneficial holder and comply with certain other
    requirements. Special certification rules apply for notes held
    by a foreign partnership and other intermediaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest on notes received by a foreign investor that is not
    excluded from U.S.&#160;federal withholding tax under the
    portfolio interest exemption as described above generally will
    be subject to 30% U.S.&#160;withholding tax, unless a reduced
    rate of withholding or a withholding exemption is provided under
    applicable treaty law. In order to obtain such a reduced rate of
    withholding, a foreign investor will be required to provide an
    IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    certifying its entitlement to benefits under a treaty. Interest
    effectively connected with a
    <FONT style="white-space: nowrap">non-U.S.&#160;noteholder&#146;s</FONT>
    conduct of a U.S.&#160;trade or business would not, however, be
    subject to a 30% withholding tax so long as the holder provides
    the Fund (or its agent) an adequate certification (currently an
    IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI),</FONT>
    such interest generally would be subject to U.S.&#160;federal
    income tax on a net basis at the rates applicable to
    U.S.&#160;persons generally.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any capital gain that a foreign investor realizes on a sale,
    exchange or other disposition of notes generally will be exempt
    from United States federal income tax, including withholding
    tax. Different tax consequences may result (i)&#160;if the
    foreign investor is engaged in a trade or business in the United
    States, (ii)&#160;in the case of an individual, if the foreign
    investor is present in the United States for 183&#160;days or
    more during a taxable year and certain other conditions are met,
    or (iii)&#160;for distributions or sale proceeds received after
    December&#160;31, 2012, if the holder is a foreign entity that
    fails to satisfy applicable disclosure and certification
    requirements regarding its owners and account holders.
</DIV>
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    <BR>
    34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Noteholders may be subject to backup withholding with respect to
    interest paid to non-corporate holders of the Fund&#146;s notes
    and amounts realized on the disposition of the Fund&#146;s
    notes, unless the noteholder furnishes the Fund with their
    correct taxpayer identification number (in the case of
    individuals, their social security number) and certain
    certifications, or who are otherwise subject to backup
    withholding. Backup withholding is not an additional tax. Any
    amounts withheld from payments made to you may be refunded or
    credited against your U.S.&#160;federal income tax liability, if
    any, provided that the required information is furnished to the
    IRS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Subscription Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As described more fully below, the distribution of subscription
    rights may be a taxable or non-taxable distribution. Subject to
    certain exceptions (which may apply), distributions of
    subscription rights to common shareholders are generally
    non-taxable distributions and distributions of subscription
    rights to preferred shareholders (subject to certain exceptions
    not applicable to the Fund) are generally taxable distributions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Holders
    of Common Shares</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The U.S.&#160;federal income tax consequences to a holder of
    common shares on the receipt of subscription rights should, as a
    general matter, be as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the subscription rights are offered to common shareholders,
    the value of a subscription right will not be includible in the
    income of such shareholders at the time the subscription right
    is issued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The basis of a subscription right issued to common shareholders
    will be zero, and the basis of the share with respect to which
    the subscription right was issued (the old share) will remain
    unchanged, unless either (a)&#160;the fair market value of the
    subscription right on the date of distribution is at least 15%
    of the fair market value of the old share, or (b)&#160;such
    shareholder affirmatively elects (in the manner set out in
    Treasury regulations under the Code) to allocate to the
    subscription right a portion of the basis of the old share. If
    either (a)&#160;or (b)&#160;applies, a common shareholder must
    allocate basis between the old share and the subscription right
    in proportion to their fair market values on the date of
    distribution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The basis of a subscription right purchased in the market will
    generally be its purchase price.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holding period of a subscription right issued to a common
    shareholder will include the holding period of the old share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No loss will be recognized by a common shareholder if a
    subscription right distributed to such shareholder expires
    unexercised because the basis of the old share may be allocated
    to a subscription right only if the subscription right is
    exercised. If a subscription right that has been purchased in
    the market expires unexercised, there will be a recognized loss
    equal to the basis of the subscription right.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any gain or loss on the sale of a subscription right will be a
    capital gain or loss if the subscription right is held as a
    capital asset (which in the case of subscription rights issued
    to shareholders will depend on whether the old share is held as
    a capital asset), and will be a long-term capital gain or loss
    if the holding period is deemed to exceed one year. Capital
    losses are deductible only to the extent of capital gains
    (subject to an exception for individuals under which $3,000 of
    capital losses may be offset against ordinary income).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No gain or loss will be recognized by a common shareholder upon
    the exercise of a subscription right, and the basis of any
    preferred share acquired upon exercise (the new preferred share)
    will equal the sum of the basis, if any, of the subscription
    right and the price of the subscription right for the new
    preferred share. The holding period for the new preferred share
    will begin on the date when the subscription right is exercised.
</DIV>
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    <BR>
    35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Holders
    of Preferred Shares</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The U.S.&#160;federal income tax consequences to a holder of
    preferred shares on the receipt of subscription rights should,
    as a general matter, be as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As more fully described below, if the subscription rights are
    offered to preferred shareholders, upon receipt of a
    subscription right, a preferred shareholder generally will be
    treated as receiving a taxable distribution in an amount equal
    to the fair market value of the subscription right the preferred
    shareholder receives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent that the distribution is made out of the
    Fund&#146;s earnings and profits, the subscription right will be
    a taxable dividend to the preferred shareholder. If the amount
    of the distribution received by the preferred shareholder
    exceeds such shareholder&#146;s proportionate share of the
    Fund&#146;s earnings and profits, the excess will reduce the
    preferred shareholder&#146;s tax basis in the preferred shares
    with respect to which the subscription right was issued (the old
    share). To the extent that the excess is greater than the
    preferred shareholder&#146;s tax basis in the old shares, such
    excess will be treated as gain from the sale of the old shares.
    If the preferred shareholder held the old shares for more than
    one year, such gain will be treated as long-term capital gain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A preferred shareholder&#146;s tax basis in the subscription
    rights received will equal the fair market value of the
    subscription rights on the date of the distribution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A preferred shareholder who allows the subscription rights
    received to expire generally will recognize a short-term capital
    loss. Capital losses are deductible only to the extent of
    capital gains (subject to an exception for individuals under
    which $3,000 of capital losses may be offset against ordinary
    income).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A preferred shareholder who sells the subscription rights will
    recognize a gain or loss equal to the difference between the
    amount realized on the sale and the preferred shareholder&#146;s
    tax basis in the subscription rights as described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A preferred shareholder will not recognize any gain or loss upon
    the exercise of the subscription rights received in the rights
    offering. The tax basis of the shares acquired through exercise
    of the subscription rights (the new shares) will equal the sum
    of the subscription price for the new shares and the preferred
    shareholder&#146;s tax basis in the subscription rights as
    described above. The holding period for the new shares acquired
    through exercise of the subscription rights will begin on the
    day following the date on which the subscription rights are
    exercised.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><I>THE FOREGOING IS A GENERAL AND ABBREVIATED SUMMARY OF THE
    APPLICABLE PROVISIONS OF THE CODE AND TREASURY REGULATIONS
    PRESENTLY IN EFFECT. FOR THE COMPLETE PROVISIONS, REFERENCE
    SHOULD BE MADE TO THE PERTINENT CODE SECTIONS&#160;AND THE
    TREASURY REGULATIONS PROMULGATED THEREUNDER. THE CODE AND THE
    TREASURY REGULATIONS ARE SUBJECT TO CHANGE BY LEGISLATIVE,
    JUDICIAL OR ADMINISTRATIVE ACTION, EITHER PROSPECTIVELY OR
    RETROACTIVELY. PERSONS CONSIDERING AN INVESTMENT IN OUR
    SHARES&#160;OR NOTES&#160;SHOULD CONSULT THEIR OWN TAX ADVISERS
    REGARDING THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR
    SHARES&#160;OR NOTES.</I></B>
</DIV>

<A name='Y92093126'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">NET ASSET
    VALUE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The net asset value of the Fund&#146;s shares is computed based
    on the market value of the securities it holds and determined
    daily as of the close of the regular trading day on the NYSE.
    For purposes of determining the Fund&#146;s net asset value per
    share, portfolio securities listed or traded on a nationally
    recognized securities exchange or traded in the
    <FONT style="white-space: nowrap">U.S.&#160;over-the-counter</FONT>
    market for which market quotations are readily available are
    valued at the last quoted sale price or a market&#146;s official
    closing price as of the close of business on the day the
    securities are being valued. If there were no sales that day,
    the security is valued at the average of the closing bid and
    asked prices or, if there were no asked prices quoted on that
    day, then the security is valued at
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the closing bid price on that day. If no bid or asked prices are
    quoted on such day, the security is valued at the most recently
    available price or, if the Board so determines, by such other
    method as the Board shall determine in good faith to reflect its
    fair market value. Portfolio securities traded on more than one
    national securities exchange or market are valued according to
    the broadest and most representative market, as determined by
    the Investment Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Portfolio securities primarily traded on a foreign market are
    generally valued at the preceding closing values of such
    securities on the relevant market, but may be fair valued
    pursuant to procedures established by the Board if market
    conditions change significantly after the close of the foreign
    market but prior to the close of business on the day the
    securities are being valued. Debt instruments with remaining
    maturities of 60&#160;days or less that are not credit impaired
    are valued at amortized cost, unless the Board determines such
    amount does not reflect the securities&#146; fair value, in
    which case these securities will be fair valued as determined by
    the Board. Debt instruments having a maturity greater than
    60&#160;days for which market quotations are readily available
    are valued at the average of the latest bid and asked prices. If
    there were no asked prices quoted on such day, the security is
    valued using the closing bid price. Futures contracts are valued
    at the closing settlement price of the exchange or board of
    trade on which the applicable contract is traded.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Securities and assets for which market quotations are not
    readily available are fair valued as determined by the Board.
    Fair valuation methodologies and procedures may include, but are
    not limited to: analysis and review of available financial and
    non-financial information about the company; comparisons to the
    valuation and changes in valuation of similar securities,
    including a comparison of foreign securities to the equivalent
    U.S.&#160;dollar value ADR securities at the close of the
    U.S.&#160;exchange; and evaluation of any other information that
    could be indicative of the value of the security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund obtains valuations on the basis of prices provided by
    one or more pricing services approved by the Board. All other
    investment assets, including restricted and not readily
    marketable securities, are valued in good faith at fair value
    under procedures established by and under the general
    supervision and responsibility of the Fund&#146;s Board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, whenever developments in one or more securities
    markets after the close of the principal markets for one or more
    portfolio securities and before the time as of which the Fund
    determines its net asset value would, if such developments had
    been reflected in such principal markets, likely have more than
    a minimal effect on the Fund&#146;s net asset value per share,
    the Fund may fair value such portfolio securities based on
    available market information as of the time the Fund determines
    its net asset value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>NYSE Amex Closings.</I>&#160;&#160;The holidays (as observed)
    on which the NYSE Amex is closed, and therefore days upon which
    shareholders cannot purchase or sell shares, currently are: New
    Year&#146;s Day, Martin Luther King,&#160;Jr. Day,
    Presidents&#146; Day, Good Friday, Memorial Day, Independence
    Day, Labor Day, Thanksgiving Day and Christmas Day and on the
    preceding Friday or subsequent Monday when a holiday falls on a
    Saturday or Sunday, respectively.
</DIV>

<A name='Y92093127'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">BENEFICIAL
    OWNERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of June&#160;30, 2011, the following person was known to the
    Fund to be beneficial owners of more than 5% of the Fund&#146;s
    outstanding common shares; Mr.&#160;Mario J. Gabelli and
    affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of June&#160;30, 2010, the Trustees and Officers of the Fund
    as a group beneficially owned less than 1% of the Fund&#146;s
    outstanding common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    *Mr.&#160;Gabelli and his affiliates owned 5.6% of the
    outstanding common shares of the Fund as of June&#160;30, 2011.
    This amount is comprised of 171,491&#160;shares owned by GAMCO
    Investors, Inc. or its affiliates. Mr.&#160;Gabelli disclaims
    beneficial ownership of the shares held by the discretionary
    accounts and by the entities named except to the extent of his
    interest in such entities.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='Y92093128'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GENERAL
    INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Book-Entry-Only
    Issuance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Depository Trust&#160;Company (&#147;DTC&#148;) will act as
    securities depository for the securities offered pursuant to the
    Prospectus. The information in this section concerning DTC and
    DTC&#146;s book-entry system is based upon information obtained
    from DTC. The securities offered hereby initially will be issued
    only as fully-registered securities registered in the name of
    Cede&#160;&#038; Co. (as nominee for DTC). One or more
    fully-registered global security certificates initially will be
    issued, representing in the aggregate the total number of
    securities, and deposited with DTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC is a limited-purpose trust company organized under the New
    York Banking Law, a &#147;banking organization&#148; within the
    meaning of the New York Banking Law, a member of the Federal
    Reserve System, a &#147;clearing corporation&#148; within the
    meaning of the New York Uniform Commercial Code and a
    &#147;clearing agency&#148; registered pursuant to the
    provisions of Section&#160;17A of the Securities Exchange Act of
    1934. DTC holds securities that its participants deposit with
    DTC. DTC also facilities the settlement among participants of
    securities transactions, such as transfers and pledges, in
    deposited securities through electronic computerized book-entry
    changes in participants&#146; accounts, thereby eliminating the
    need for physical movement of securities certificates. Direct
    DTC participants include securities brokers and dealers, banks,
    trust companies, clearing corporations and certain other
    organizations. Access to the DTC system is also available to
    others such as securities brokers and dealers, banks and trust
    companies that clear through or maintain a custodial
    relationship with a direct participant, either directly or
    indirectly through other entities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Purchases of securities within the DTC system must be made by or
    through direct participants, which will receive a credit for the
    securities on DTC&#146;s records. The ownership interest of each
    actual purchaser of a security, a beneficial owner, is in turn
    to be recorded on the direct or indirect participants&#146;
    records. Beneficial owners will not receive written confirmation
    from DTC of their purchases, but beneficial owners are expected
    to receive written confirmations providing details of the
    transactions, as well as periodic statements of their holdings,
    from the direct or indirect participants through which the
    beneficial owners purchased securities. Transfers of ownership
    interests in securities are to be accomplished by entries made
    on the books of participants acting on behalf of beneficial
    owners. Beneficial owners will not receive certificates
    representing their ownership interests in securities, except as
    provided herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has no knowledge of the actual beneficial owners of the
    securities being offered pursuant to the prospectus; DTC&#146;s
    records reflect only the identity of the direct participants to
    whose accounts such securities are credited, which may or may
    not be the beneficial owners. The participants will remain
    responsible for keeping account of their holdings on behalf of
    their customers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Conveyance of notices and other communications by DTC to direct
    participants, by direct participants to indirect participants,
    and by direct participants and indirect participants to
    beneficial owners will be governed by arrangements among them,
    subject to any statutory or regulatory requirements as may be in
    effect from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments on the securities will be made to DTC. DTC&#146;s
    practice is to credit direct participants&#146; accounts on the
    relevant payment date in accordance with their respective
    holdings shown on DTC&#146;s records unless DTC has reason to
    believe that it will not receive payments on such payment date.
    Payments by participants to beneficial owners will be governed
    by standing instructions and customary practices and will be the
    responsibility of such participant and not of DTC or the Fund,
    subject to any statutory or regulatory requirements as may be in
    effect from time to time. Payment of distributions to DTC is the
    responsibility of the Fund, disbursement of such payments to
    direct participants is the responsibility of DTC, and
    disbursement of such payments to the beneficial owners is the
    responsibility of direct and indirect participants. Furthermore
    each beneficial owner must rely on the procedures of DTC to
    exercise any rights under the securities.
</DIV>
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    <BR>
    38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC may discontinue providing its services as securities
    depository with respect to the securities at any time by giving
    reasonable notice to the Fund. Under such circumstances, in the
    event that a successor securities depository is not obtained,
    certificates representing the securities will be printed and
    delivered.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Proxy
    Voting Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund has adopted the proxy voting procedures of the
    Investment Adviser and has directed the Investment Adviser to
    vote all proxies relating to the Fund&#146;s voting securities
    in accordance with such procedures. The proxy voting procedures
    are attached. They are also on file with the Securities and
    Exchange Commission and can be reviewed and copied at the
    Securities and Exchange Commission&#146;s Public Reference Room
    in Washington,&#160;D.C., and information on the operation of
    the Public Reference Room may be obtained by calling the
    Securities and Exchange Commission at
    <FONT style="white-space: nowrap">202-551-8090.</FONT>
    The proxy voting procedures are also available on the EDGAR
    Database on the Securities and Exchange Commission&#146;s
    internet site
    (<I><FONT style="white-space: nowrap">http://www.sec.gov</FONT></I>)
    and copies of the proxy voting procedures may be obtained, after
    paying a duplicating fee, by electronic request at the follow
    <FONT style="white-space: nowrap">E-mail</FONT>
    address: <I>publicinfo@sec.gov</I>, or by writing the Securities
    and Exchange Commission&#146;s Public Reference Section,
    Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20549-0102.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Code of
    Ethics</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund and the Investment Adviser have adopted a code of
    ethics. This code of ethics sets forth restrictions on the
    trading activities of Trustees/directors, officers and employees
    of the Fund, the Investment Adviser and their affiliates. For
    example, such persons may not purchase any security for which
    the Fund has a purchase or sale order pending, or for which such
    trade is under consideration. In addition, those
    trustees/directors, officers and employees that are principally
    involved in investment decisions for client accounts are
    prohibited from purchasing or selling for their own account for
    a period of seven days a security that has been traded for a
    client&#146;s account, unless such trade is executed on more
    favorable terms for the client&#146;s account and it is
    determined that such trade will not adversely affect the
    client&#146;s account. Short-term trading by such
    Trustee/directors, officers and employees for their own accounts
    in securities held by a Fund client&#146;s account is also
    restricted. The above examples are subject to certain exceptions
    and they do not represent all of the trading restrictions and
    policies set forth by the code of ethics. The code of ethics is
    on file with the SEC and can be reviewed and copied at the
    SEC&#146;s Public Reference Room in Washington,&#160;D.C., and
    information on the operation of the Public Reference Room may be
    obtained by calling the SEC at
    <FONT style="white-space: nowrap">(202)&#160;942-8090.</FONT>
    The code of ethics is also available on the EDGAR Database on
    the SEC&#146;s Internet site at
    <I><FONT style="white-space: nowrap">http://www.sec.gov</FONT>
    </I>and copies of the code of ethics may be obtained, after
    paying a duplicating fee, by electronic request at the following
    <FONT style="white-space: nowrap">E-mail</FONT>
    address: <I>publicinfo@sec.gov</I>, or by writing the SEC&#146;s
    Public Reference Section,
    <FONT style="white-space: nowrap">Washington,&#160;D.C.&#160;20549-0102.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Joint
    Code of Ethics for Chief Executive and Senior Financial
    Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Fund and the Investment Adviser have adopted a joint Code of
    Ethics that serves as a code of conduct. The Code of Ethics sets
    forth policies to guide the chief executive and senior financial
    officers in the performance of their duties. The Code of Ethics
    is on file with the SEC and can be reviewed and copied at the
    SEC&#146;s Public Reference Room in Washington,&#160;D.C., and
    information on the operation of the Public Reference Room may be
    obtained by calling the SEC at
    <FONT style="white-space: nowrap">202-551-8090.</FONT>
    The Code of Ethics is also available on the EDGAR Database on
    the SEC&#146;s Internet site
    (<I><FONT style="white-space: nowrap">http://www.sec.gov</FONT></I>),
    and copies of the Code of Ethics may be obtained, after paying a
    duplicating fee, by electronic request at the following
    <FONT style="white-space: nowrap">E-mail</FONT>
    address: <I>publicinfo@sec.gov</I>, or by writing the SEC&#146;s
    Public Reference Section, Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20549-0102.</FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">FINANCIAL
    STATEMENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The audited financial statements included in the annual report
    to the Fund&#146;s shareholders for the year ended
    December&#160;31, 2010, together with the report of
    PricewaterhouseCoopers LLP are incorporated herein by reference
    to the Fund&#146;s annual report to shareholders. All other
    portions of the annual report to shareholders are not
    incorporated herein by reference and are not part of the
    registration statement.
</DIV>
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    <BR>
    39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">GAMCO
    INVESTORS, INC. and AFFILIATES<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Voting of Proxies on Behalf of Clients</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">Rules&#160;204(4)-2</FONT>
    and <FONT style="white-space: nowrap">204-2</FONT>
    under the Investment Advisers Act of 1940 and
    <FONT style="white-space: nowrap">Rule&#160;30b1-4</FONT>
    under the Investment Company Act of 1940 require investment
    advisers to adopt written policies and procedures governing the
    voting of proxies on behalf of their clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These procedures will be used by GAMCO Asset Management Inc.,
    Gabelli Funds, LLC, Gabelli Securities, Inc., and Teton
    Advisors, Inc. (collectively, the &#147;Advisers&#148;) to
    determine how to vote proxies relating to portfolio securities
    held by their clients, including the procedures that the
    Advisers use when a vote presents a conflict between the
    interests of the shareholders of an investment company managed
    by one of the Advisers, on the one hand, and those of the
    Advisers; the principal underwriter; or any affiliated person of
    the investment company, the Advisers, or the principal
    underwriter. These procedures will not apply where the Advisers
    do not have voting discretion or where the Advisers have agreed
    to with a client to vote the client&#146;s proxies in accordance
    with specific guidelines or procedures supplied by the client
    (to the extent permitted by ERISA).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">I.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Proxy
    Voting Committee</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Proxy Voting Committee was originally formed in April 1989
    for the purpose of formulating guidelines and reviewing proxy
    statements within the parameters set by the substantive proxy
    voting guidelines originally published in 1988 and updated
    periodically, a copy of which are appended as Exhibit&#160;A.
    The Committee will include representatives of Research,
    Administration, Legal, and the Advisers. Additional or
    replacement members of the Committee will be nominated by the
    Chairman and voted upon by the entire Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Meetings are held as needed basis to form views on the manner in
    which the Advisers should vote proxies on behalf of their
    clients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, the Director of Proxy Voting Services, using the
    Proxy Guidelines, recommendations of Institutional Shareholder
    Corporate Governance Service (&#147;ISS&#148;), other
    third-party services and the analysts of Gabelli&#160;&#038;
    Company, Inc., will determine how to vote on each issue. For
    non-controversial matters, the Director of Proxy Voting Services
    may vote the proxy if the vote is: (1)&#160;consistent with the
    recommendations of the issuer&#146;s Board of Directors and not
    contrary to the Proxy Guidelines; (2)&#160;consistent with the
    recommendations of the issuer&#146;s Board of Directors and is a
    non-controversial issue not covered by the Proxy Guidelines; or
    (3)&#160;the vote is contrary to the recommendations of the
    Board of Directors but is consistent with the Proxy Guidelines.
    In those instances, the Director of Proxy Voting Services or the
    Chairman of the Committee may sign and date the proxy statement
    indicating how each issue will be voted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All matters identified by the Chairman of the Committee, the
    Director of Proxy Voting Services or the Legal Department as
    controversial, taking into account the recommendations of ISS or
    other third party services and the analysts of
    Gabelli&#160;&#038; Company, Inc., will be presented to the
    Proxy Voting Committee. If the Chairman of the Committee, the
    Director of Proxy Voting Services or the Legal Department has
    identified the matter as one that (1)&#160;is controversial;
    (2)&#160;would benefit from deliberation by the Proxy Voting
    Committee; or (3)&#160;may give rise to a conflict of interest
    between the Advisers and their clients, the Chairman of the
    Committee will initially determine what vote to recommend that
    the Advisers should cast and the matter will go before the
    Committee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>A.&#160;Conflicts of Interest.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Advisers have implemented these proxy voting procedures in
    order to prevent conflicts of interest from influencing their
    proxy voting decisions. By following the Proxy Guidelines, as
    well as the recommendations of ISS, other third-party services
    and the analysts of Gabelli&#160;&#038; Company, the Advisers
</DIV>
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    <BR>
    A-1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    are able to avoid, wherever possible, the influence of potential
    conflicts of interest. Nevertheless, circumstances may arise in
    which one or more of the Advisers are faced with a conflict of
    interest or the appearance of a conflict of interest in
    connection with its vote. In general, a conflict of interest may
    arise when an Adviser knowingly does business with an issuer,
    and may appear to have a material conflict between its own
    interests and the interests of the shareholders of an investment
    company managed by one of the Advisers regarding how the proxy
    is to be voted. A conflict also may exist when an Adviser has
    actual knowledge of a material business arrangement between an
    issuer and an affiliate of the Adviser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In practical terms, a conflict of interest may arise, for
    example, when a proxy is voted for a company that is a client of
    one of the Advisers, such as GAMCO Asset Management Inc. A
    conflict also may arise when a client of one of the Advisers has
    made a shareholder proposal in a proxy to be voted upon by one
    or more of the Advisers. The Director of Proxy Voting Services,
    together with the Legal Department, will scrutinize all proxies
    for these or other situations that may give rise to a conflict
    of interest with respect to the voting of proxies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>B.&#160;Operation of Proxy Voting Committee</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For matters submitted to the Committee, each member of the
    Committee will receive, prior to the meeting, a copy of the
    proxy statement, any relevant third party research, a summary of
    any views provided by the Chief Investment Officer and any
    recommendations by Gabelli&#160;&#038; Company, Inc. analysts.
    The Chief Investment Officer or the Gabelli&#160;&#038; Company,
    Inc. analysts may be invited to present their viewpoints. If the
    Director of Proxy Voting Services or the Legal Department
    believe that the matter before the committee is one with respect
    to which a conflict of interest may exist between the Advisers
    and their clients, counsel will provide an opinion to the
    Committee concerning the conflict. If the matter is one in which
    the interests of the clients of one or more of Advisers may
    diverge, counsel will so advise and the Committee may make
    different recommendations as to different clients. For any
    matters where the recommendation may trigger appraisal rights,
    counsel will provide an opinion concerning the likely risks and
    merits of such an appraisal action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each matter submitted to the Committee will be determined by the
    vote of a majority of the members present at the meeting. Should
    the vote concerning one or more recommendations be tied in a
    vote of the Committee, the Chairman of the Committee will cast
    the deciding vote. The Committee will notify the proxy
    department of its decisions and the proxies will be voted
    accordingly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although the Proxy Guidelines express the normal preferences for
    the voting of any shares not covered by a contrary investment
    guideline provided by the client, the Committee is not bound by
    the preferences set forth in the Proxy Guidelines and will
    review each matter on its own merits. Written minutes of all
    Proxy Voting Committee meetings will be maintained. The Advisers
    subscribe to ISS, which supplies current information on
    companies, matters being voted on, regulations, trends in proxy
    voting and information on corporate governance issues.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the vote cast either by the analyst or as a result of the
    deliberations of the Proxy Voting Committee runs contrary to the
    recommendation of the Board of Directors of the issuer, the
    matter will be referred to legal counsel to determine whether an
    amendment to the most recently filed Schedule&#160;13D is
    appropriate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">II.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Social
    Issues and Other Client Guidelines</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a client has provided special instructions relating to the
    voting of proxies, they should be noted in the client&#146;s
    account file and forwarded to the proxy department. This is the
    responsibility of the investment professional or sales assistant
    for the client. In accordance with Department of Labor
    guidelines, the Advisers&#146; policy is to vote on behalf of
    ERISA accounts in the best interest of the plan participants
    with regard to social issues that carry an economic impact.
    Where an account is not governed by ERISA, the Advisers will
    vote shares held on behalf of the client in a manner consistent
    with any individual investment/voting guidelines provided by the
    client. Otherwise the Advisers will abstain with respect to
    those shares.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">III.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Client
    Retention of Voting Rights</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a client chooses to retain the right to vote proxies or if
    there is any change in voting authority, the following should be
    notified by the investment professional or sales assistant for
    the client.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Operations
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Proxy Department
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Investment professional assigned to the account
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that the Board of Directors (or a Committee
    thereof) of one or more of the investment companies managed by
    one of the Advisers has retained direct voting control over any
    security, the Proxy Voting Department will provide each Board
    Member (or Committee member) with a copy of the proxy statement
    together with any other relevant information including
    recommendations of ISS or other third-party services.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">IV.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Proxies
    of Certain
    <FONT style="white-space: nowrap">Non-U.S.&#160;Issuers</FONT></FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Proxy voting in certain countries requires
    &#147;share-blocking.&#148; Shareholders wishing to vote their
    proxies must deposit their shares shortly before the date of the
    meeting with a designated depository. During the period in which
    the shares are held with a depository, shares that will be voted
    at the meeting cannot be sold until the meeting had taken place
    and the shares are returned to the clients&#146; custodian.
    Absent a compelling reason to the contrary, the Advisers believe
    that the benefit to the client of exercising the vote is
    outweighed by the cost of voting and therefore, the Advisers
    will not typically vote the securities of
    <FONT style="white-space: nowrap">non-U.S.&#160;issuers</FONT>
    that require share-blocking.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, voting proxies of issuers in non-US markets may
    also give rise to a number of administrative issues to prevent
    the Advisers from voting such proxies. For example, the Advisers
    may receive the notices for shareholder meetings without
    adequate time to consider the proposals in the proxy or after
    the cut-off date for voting. Other markets require the Advisers
    to provide local agents with power of attorney prior to
    implementing their respective voting instructions on the proxy.
    Although it is the Advisers&#146; policies to vote the proxies
    for its clients for which they have proxy voting authority, in
    the case of issuers in non-US markets, we vote client proxies on
    a best efforts basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">V.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Records</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Proxy Voting Department will retain a record of matters
    voted upon by the Advisers for their clients. The Advisers will
    supply information on how they voted a client&#146;s proxy upon
    request from the client.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The complete voting records for each registered investment
    company (the &#147;Fund&#148;) that is managed by the Advisers
    will be filed on
    <FONT style="white-space: nowrap">Form&#160;N-PX</FONT>
    for the twelve months ended June&#160;30th, no later than
    August&#160;31st&#160;of each year. A description of the
    Fund&#146;s proxy voting policies, procedures, and how the Fund
    voted proxies relating to portfolio securities is available
    without charge, upon request, by (i)&#160;calling 800-GABELLI
    <FONT style="white-space: nowrap">(800-422-3554);</FONT>
    (ii)&#160;writing to Gabelli Funds, LLC at One Corporate Center,
    Rye, NY
    <FONT style="white-space: nowrap">10580-1422;</FONT>
    or (iii)&#160;visiting the SEC&#146;s website at
    <U>www.sec.gov</U>. Question should we post the proxy voting
    records for the funds on the website.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Advisers&#146; proxy voting records will be retained in
    compliance with
    <FONT style="white-space: nowrap">Rule&#160;204-2</FONT>
    under the Investment Advisers Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">VI.&#160;&#160;</FONT></B>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Voting
    Procedures</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;Custodian banks, outside brokerage firms and clearing
    firms are responsible for forwarding proxies directly to the
    Advisers.
</DIV>
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    <BR>
    A-3
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Proxies are received in one of two forms:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Shareholder Vote Instruction&#160;Forms
    (&#147;VIFs&#148;)&#151;Issued by Broadridge Financial
    Solutions, Inc. (&#147;Broadridge&#148;). Broadridge is an
    outside service contracted by the various institutions to issue
    proxy materials.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Proxy cards which may be voted directly.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;Upon receipt of the proxy, the number of shares each
    form represents is logged into the proxy system, electronically
    or manually, according to security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;Upon receipt of instructions from the proxy committee
    (see Administrative), the votes are cast and recorded for each
    account on an individual basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Records have been maintained on the Proxy Edge system.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Proxy Edge records include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Security Name and Cusip Number<BR>
    Date and Type of Meeting (Annual, Special, Contest)<BR>
    Client Name<BR>
    Adviser or Fund&#160;Account Number<BR>
    Directors&#146; Recommendation<BR>
    How the Adviser voted for the client on item
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;VIFs are kept alphabetically by security. Records for
    the current proxy season are located in the Proxy Voting
    Department office. In preparation for the upcoming season, files
    are transferred to an offsite storage facility during
    January/February.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;If a proxy card or VIF is received too late to be voted
    in the conventional matter, every attempt is made to vote
    including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    When a solicitor has been retained, the solicitor is called. At
    the solicitor&#146;s direction, the proxy is faxed.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    In some circumstances VIFs can be faxed to Broadridge up until
    the time of the meeting.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;In the case of a proxy contest, records are maintained
    for each opposing entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.&#160;Voting in Person
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a)&#160;At times it may be necessary to vote the shares in
    person. In this case, a &#147;legal proxy&#148; is obtained in
    the following manner:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Banks and brokerage firms using the services at Broadridge:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Broadridge is notified that we wish to vote in person.
    Broadridge issues individual legal proxies and sends them back
    via email or overnight (or the Adviser can pay messenger
    charges). A lead-time of at least two weeks prior to the meeting
    is needed to do this. Alternatively, the procedures detailed
    below for banks not using Broadridge may be implemented.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Banks and brokerage firms issuing proxies directly:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The bank is called
    <FONT style="white-space: nowrap">and/or</FONT> faxed
    and a legal proxy is requested.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All legal proxies should appoint:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>&#147;Representative of [Adviser name] with full power of
    substitution.&#148;</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    b)&#160;The legal proxies are given to the person attending the
    meeting along with the limited power of attorney.
</DIV>
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    <BR>
    A-4
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Appendix&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Proxy
    Guidelines</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROXY
    VOTING GUIDELINES</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">General
    Policy Statement</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    It is the policy of GAMCO Investors, Inc, and its affiliated
    advisers (collectively &#147;the Advisers&#148;) to vote in the
    best economic interests of our clients. As we state in our Magna
    Carta of Shareholders Rights, established in May 1988, we are
    neither <I>for </I>nor <I>against </I>management. We are for
    shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At our first proxy committee meeting in 1989, it was decided
    that each proxy statement should be evaluated on its own merits
    within the framework first established by our Magna Carta of
    Shareholders Rights. The attached guidelines serve to enhance
    that broad framework.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not consider any issue routine. We take into consideration
    all of our research on the company, its directors, and their
    short and long-term goals for the company. In cases where issues
    that we generally do not approve of are combined with other
    issues, the negative aspects of the issues will be factored into
    the evaluation of the overall proposals but will not necessitate
    a vote in opposition to the overall proposals.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Board
    of Directors</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not consider the election of the Board of Directors a
    routine issue. Each slate of directors is evaluated on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Factors taken into consideration include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Historical responsiveness to shareholders
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This may include such areas as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Paying greenmail
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Failure to adopt shareholder resolutions receiving a majority of
    shareholder votes
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Qualifications
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Nominating committee in place
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Number of outside directors on the board
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Attendance at meetings
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Overall performance
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Selection
    of Auditors</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, we support the Board of Directors&#146;
    recommendation for auditors.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Blank
    Check Preferred Stock</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We oppose the issuance of blank check preferred stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Blank check preferred stock allows the company to issue stock
    and establish dividends, voting rights, etc. without further
    shareholder approval.
</DIV>
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    <BR>
    A-5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Classified
    Board</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A classified board is one where the directors are divided into
    classes with overlapping terms. A different class is elected at
    each annual meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    While a classified board promotes continuity of directors
    facilitating long range planning, we feel directors should be
    accountable to shareholders on an annual basis. We will look at
    this proposal on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis taking into consideration the board&#146;s historical
    responsiveness to the rights of shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Where a classified board is in place we will generally not
    support attempts to change to an annually elected board.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    When an annually elected board is in place, we generally will
    not support attempts to classify the board.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Increase
    Authorized Common Stock</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The request to increase the amount of outstanding shares is
    considered on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Factors taken into consideration include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Future use of additional shares
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Stock split
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Stock option or other executive compensation plan
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Finance growth of company/strengthen balance sheet
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Aid in restructuring
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Improve credit rating
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#151;&#160;
</TD>
    <TD align="left">
    Implement a poison pill or other takeover defense
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Amount of stock currently authorized but not yet issued or
    reserved for stock option plans
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Amount of additional stock to be authorized and its dilutive
    effect
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will support this proposal if a detailed and verifiable plan
    for the use of the additional shares is contained in the proxy
    statement.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Confidential
    Ballot</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support the idea that a shareholder&#146;s identity and vote
    should be treated with confidentiality.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, we look at this issue on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to promote confidentiality in the voting process, we
    endorse the use of independent Inspectors of Election.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Cumulative
    Voting</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, we support cumulative voting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Cumulative voting is a process by which a shareholder may
    multiply the number of directors being elected by the number of
    shares held on record date and cast the total number for one
    candidate or allocate the voting among two or more candidates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Where cumulative voting is in place, we will vote against any
    proposal to rescind this shareholder right. Cumulative voting
    may result in a minority block of stock gaining representation
    on the board. When a proposal is made to institute cumulative
    voting, the proposal will be reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis. While
</DIV>
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    <BR>
    A-6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    we feel that each board member should represent all
    shareholders, cumulative voting provides minority shareholders
    an opportunity to have their views represented.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Director
    Liability and Indemnification</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support efforts to attract the best possible directors by
    limiting the liability and increasing the indemnification of
    directors, except in the case of insider dealing.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Equal
    Access to the Proxy</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The SEC&#146;s rules provide for shareholder
    resolutions.</I>&#160;&#160;However, the resolutions are limited
    in scope and there is a 500 word limit on proponents&#146;
    written arguments. Management has no such limitations. While we
    support equal access to the proxy, we would look at such
    variables as length of time required to respond, percentage of
    ownership, etc.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Fair
    Price Provisions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Charter provisions requiring a bidder to pay all shareholders a
    fair price are intended to prevent two-tier tender offers that
    may be abusive. Typically, these provisions do not apply to
    board-approved transactions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support fair price provisions because we feel all
    shareholders should be entitled to receive the same benefits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Golden
    Parachutes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Golden parachutes are severance payments to top executives who
    are terminated or demoted after a takeover.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support any proposal that would assure management of its own
    welfare so that they may continue to make decisions in the best
    interest of the company and shareholders even if the decision
    results in them losing their job. We do not, however, support
    excessive golden parachutes. Therefore, each proposal will be
    decided on a case-by- case basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Note:&#160;&#160;Congress has imposed a tax on any parachute
    that is more than three times the executive&#146;s average
    annual compensation</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Anti-Greenmail
    Proposals</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not support greenmail. An offer extended to one
    shareholder should be extended to all shareholders equally
    across the board
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limit
    Shareholders&#146; Rights to Call Special Meetings</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We support the right of shareholders to call a special meeting.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Consideration
    of Nonfinancial Effects of a Merger</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This proposal releases the directors from only looking at the
    financial effects of a merger and allows them the opportunity to
    consider the merger&#146;s effects on employees, the community,
    and consumers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a fiduciary, we are obligated to vote in the best economic
    interests of our clients. In general, this proposal does not
    allow us to do that. Therefore, we generally cannot support this
    proposal.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Mergers,
    Buyouts, Spin-Offs, Restructurings</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the above is considered on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis. According to the Department of Labor, we are not required
    to vote for a proposal simply because the offering price is at a
    premium to the current market price. We may take into
    consideration the long term interests of the shareholders.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Military
    Issues</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholder proposals regarding military production must be
    evaluated on a purely economic set of criteria for our ERISA
    clients. As such, decisions will be made on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In voting on this proposal for our non-ERISA clients, we will
    vote according to the client&#146;s direction when applicable.
    Where no direction has been given, we will vote in the best
    economic interests of our clients. It is not our duty to impose
    our social judgment on others.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Northern
    Ireland</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Shareholder proposals requesting the signing of the MacBride
    principles for the purpose of countering the discrimination of
    Catholics in hiring practices must be evaluated on a purely
    economic set of criteria for our ERISA clients. As such,
    decisions will be made on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In voting on this proposal for our non-ERISA clients, we will
    vote according to client direction when applicable. Where no
    direction has been given, we will vote in the best economic
    interests of our clients. It is not our duty to impose our
    social judgment on others.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Opt
    Out of State Anti-Takeover Law</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This shareholder proposal requests that a company opt out of the
    coverage of the state&#146;s takeover statutes. Example:
    Delaware law requires that a buyer must acquire at least 85% of
    the company&#146;s stock before the buyer can exercise control
    unless the board approves.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We consider this on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis. Our decision will be based on the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    State of Incorporation
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Management history of responsiveness to shareholders
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Other mitigating factors
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Poison
    Pill</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, we do not endorse poison pills.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In certain cases where management has a history of being
    responsive to the needs of shareholders and the stock is very
    liquid, we will reconsider this position.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Reincorporation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, we support reincorporation for well-defined business
    reasons. We oppose reincorporation if proposed solely for the
    purpose of reincorporating in a state with more stringent
    anti-takeover statutes that may negatively impact the value of
    the stock.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    A-8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Stock
    Incentive Plans</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Director and Employee Stock incentive plans are an excellent way
    to attract, hold and motivate directors and employees. However,
    each incentive plan must be evaluated on its own merits, taking
    into consideration the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Dilution of voting power or earnings per share by more than 10%.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Kind of stock to be awarded, to whom, when and how much.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Method of payment.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Amount of stock already authorized but not yet issued under
    existing stock plans.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The successful steps taken by management to maximize shareholder
    value.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Supermajority
    Vote Requirements</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Supermajority vote requirements in a company&#146;s charter or
    bylaws require a level of voting approval in excess of a simple
    majority of the outstanding shares. In general, we oppose
    supermajority-voting requirements. Supermajority requirements
    often exceed the average level of shareholder participation. We
    support proposals&#146; approvals by a simple majority of the
    shares voting.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limit
    Shareholders Right to Act by Written Consent</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Written consent allows shareholders to initiate and carry on a
    shareholder action without having to wait until the next annual
    meeting or to call a special meeting. It permits action to be
    taken by the written consent of the same percentage of the
    shares that would be required to effect proposed action at a
    shareholder meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Reviewed on a
    <FONT style="white-space: nowrap">case-by-case</FONT>
    basis.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Say on
    Pay and Say When on Pay</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will generally abstain from advisory votes on executive
    compensation (Say on Pay) and will also abstain from votes on
    the frequency of voting on executive compensation (Say When on
    Pay). In those instances when we believe that it is in our
    clients&#146; best interest, we may cast a vote for or against
    executive compensation
    <FONT style="white-space: nowrap">and/or</FONT> the
    frequency of votes on executive compensation.
</DIV>
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    <BR>
    A-9
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<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;C<BR>
    OTHER INFORMATION</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;25.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Financial
    Statements and Exhibits</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Financial Statements
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Part&#160;A
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Part&#160;B
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Statement of Assets and Liabilities as of December&#160;31, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Statement of Operations for the Year Ended December&#160;31, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Statement of Changes in Net Assets
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 8%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Report of Independent Registered Public Accounting Firm
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;Exhibits
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-left: 4%; margin-right: 0%">
<TABLE border="0" width="96%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="93%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (a)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Second Amended and Restated Agreement and Declaration of Trust
    of Registrant (3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Preferences for the
    [&#160;&#160;&#160;&#160;&#160;] Preferred Shares (4)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Amended and Restated By-Laws of Registrant (3)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;Not applicable
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-left: 4%; margin-right: 0%">
<TABLE border="0" width="96%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="90%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (d)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Specimen Common Share Certificate (1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Specimen Share Certificate for the
    [&#160;&#160;&#160;&#160;&#160;]% Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Cumulative Preferred Shares (3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (iii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Specimen Share Certificate for the Series
    [&#160;&#160;&#160;&#160;&#160;] Auction Rate Preferred Shares
    (3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (iv)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Subscription Certificate for Common Shares (4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (v)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Subscription Certificate for
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]%
    Series___ Cumulative Preferred Shares (4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (vi)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indenture (3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (vii)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="white-space: nowrap">Form&#160;T-1</FONT>
    (4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (e)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Automatic Dividend Reinvestment and Voluntary Cash Purchase Plan
    of Registrant (5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (f)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Not applicable
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (g)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Form of Investment Advisory Agreement between Registrant and
    Gabelli Funds, LLC (1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (h)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Form of Underwriting Agreement (4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (i)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Not applicable
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (j)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Form of Custodian Agreement (1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (k)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Registrar, Transfer Agency and Service Agreement (1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Rights Agent Agreement (4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (l)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Opinion and Consent of Skadden, Arps, Slate, Meagher &#038; Flom
    LLP with respect to legality (3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (m)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Not applicable
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (n)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Independent Registered Public Accounting Firm (3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (o)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Not applicable
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (p)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Form of Initial Subscription Agreement (1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (q)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Not applicable
</TD>
</TR>
</TABLE>
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->
<DIV style="margin-left: 4%; margin-right: 0%">
<TABLE border="0" width="96%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="90%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (r)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Code of Ethics of the Fund and the Investment Adviser (1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    (ii)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Joint Code of Ethics for Chief Executive and Senior Financial
    Officers (1)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with Pre-Effective Amendment No.&#160;2 to the
    Registrant&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    filed on May&#160;25, 2004
    <FONT style="white-space: nowrap">(333-113621).</FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed with the Registrant&#146;s Registration
    Statement on
    <FONT style="white-space: nowrap">Form&#160;N-2</FONT>
    filed November&#160;21, 2007
    <FONT style="white-space: nowrap">(333-147575).</FONT></TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by Amendment.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Included in Prospectus</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;26.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Marketing
    Arrangements</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information contained under the heading &#147;Plan of
    Distribution&#148; on page&#160;69 of the Prospectus is
    incorporated by reference, and any information concerning any
    underwriters will be contained in the accompanying Prospectus
    Supplement, if any.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;27.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth the estimated expenses to be
    incurred in connection with the offering described in this
    Registration Statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="91%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SEC registration fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,540
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    NYSE Amex LLC listing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    40,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Rating Agency fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing/engraving expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    200,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Auditing fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    FINRA fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    -
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    116,460
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    675,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;28.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Persons
    Controlled by or Under Common Control with
    Registrant</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;29.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Number
    of Holders of Securities as of June&#160;30, 2011:</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="85%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Class of Shares</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Record Holders</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common Shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;30.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <U>Article&#160;IV of the Registrant&#146;s Agreement and
    Declaration of Trust provides as follows</U>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.1&#160;No personal Liability of Shareholders, Trustees, etc.
    No Shareholder of the Trust shall be subject in such capacity to
    any personal liability whatsoever to any Person in connection
    with Trust&#160;Property or the acts, obligations or affairs of
    the Trust. Shareholders shall have the same limitation of
    personal liability as is extended to stockholders of a private
    corporation for profit incorporated under the general
    corporation law of the State of Delaware. No Trustee or officer
    of the Trust shall be subject in such capacity to any personal
    liability whatsoever to any Person, other than the Trust or its
    Shareholders, in connection with Trust&#160;Property or the
    affairs of the Trust, save only liability to the Trust or its
    Shareholders arising from bad faith, willful misfeasance, gross
    negligence or reckless disregard for his duty to such Person;
    and, subject to the foregoing exception, all such Persons shall
    look solely to the Trust&#160;Property for satisfaction of
    claims of any nature arising in connection with the affairs of
    the Trust. If any Shareholder, Trustee or officer, as such, of
    the Trust, is made a party to any suit or proceeding to enforce
    any such liability, subject to the foregoing exception, he shall
    not, on account thereof, be held to any personal liability.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.2&#160;Mandatory Indemnification. (a)&#160;The Trust shall
    indemnify the Trustees and officers of the Trust (each such
    person being an &#147;indemnitee&#148;) against any liabilities
    and expenses, including amounts paid in satisfaction of
    judgments, in compromise or as fines and penalties, and
    reasonable counsel fees reasonably incurred by such indemnitee
    in connection with the defense or disposition of any action,
    suit or other proceeding, whether civil or criminal, before any
    court or administrative or investigative body in which he may be
    or may have been involved as a party or otherwise (other than,
    except as authorized by the Trustees, as the plaintiff or
    complainant) or with which he may be or may have been
    threatened, while acting in any capacity set forth above in this
    Section&#160;4.2 by reason of his having acted in any such
    capacity, except with respect to any matter as to which he shall
    not have acted in good faith in the reasonable belief that his
    action was in the best interest of the Trust or, in the case of
    any criminal proceeding, as to which he shall have had
    reasonable cause to believe that the conduct was unlawful,
    provided, however, that no indemnitee shall be indemnified
    hereunder against any liability to any person or any expense of
    such indemnitee arising by reason of (i)&#160;willful
    misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence
    (negligence in the case of Affiliated Indemnitees), or
    (iv)&#160;being sometimes referred to herein as &#147;disabling
    conduct&#148;). Notwithstanding the foregoing, with respect to
    any action, suit or other proceeding voluntarily prosecuted by
    any indemnitee as plaintiff, indemnification shall be mandatory
    only if the prosecution of such action, suit or other proceeding
    by such indemnitee was authorized by a majority of the Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;Notwithstanding the foregoing, no indemnification shall
    be made hereunder unless there has been a determination
    (1)&#160;by a final decision on the merits by a court or other
    body of competent jurisdiction before whom the issue of
    entitlement to indemnification hereunder was brought that such
    indemnitee is entitled to indemnification hereunder or,
    (2)&#160;in the absence of such a decision by (i)&#160;a
    majority vote of a quorum of those Trustees who are neither
    Interested Persons of the Trust nor parties to the proceeding
    (&#147;Disinterested Non-Party Trustees&#148;), that the
    indemnitee is entitled to indemnification hereunder, or
    (ii)&#160;if such quorum is not obtainable or even if
    obtainable, if such majority so directs, independent legal
    counsel in a written opinion conclude that the indemnitee should
    be entitled to indemnification hereunder. All determinations to
    make advance payments in connection with the expense of
    defending any proceeding shall be authorized and made in
    accordance with the immediately succeeding paragraph
    (c)&#160;below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;The Trust shall make advance payments in connection
    with the expenses of defending any action with respect to which
    indemnification might be sought hereunder if the Trust receives
    a written affirmation by the indemnitee of the indemnitee&#146;s
    good faith belief that the standards of conduct necessary for
    indemnification have been met and a written undertaking to
    reimburse the Trust unless it is subsequently determined that he
    is entitled to such indemnification and if a majority of the
    Trustees determine that the applicable standards of conduct
    necessary for indemnification appear to have been met. In
    addition, at least one of the following conditions must be met.
    (1)&#160;the indemnitee shall provide adequate security for his
    undertaking, (2)&#160;the Trust shall be insured against losses
    arising by reason of any lawful advances, or (3)&#160;a majority
    of a quorum of the Disinterested Non-Party Trustees, or if a
    majority vote of such quorum so direct, independent legal
    counsel in a written opinion, shall conclude, based on a review
    of readily available facts (as opposed to a full trial-type
    inquiry), that there is substantial reason to believe that the
    indemnitee ultimately will be found entitled to indemnification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;The rights accruing to any indemnitee under these
    provisions shall not exclude any other right to which he may be
    lawfully entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;Notwithstanding the foregoing, subject to any
    limitations provided by the 1940 Act and this Declaration, the
    Trust shall have the power and authority to indemnify Persons
    providing services to the Trust to the full extent provided by
    law as if the Trust were a corporation organized under the
    Delaware General Corporation Law provided that such
    indemnification has been approved by a majority of the Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.3&#160;No Duty of Investigation; Notice in
    Trust&#160;Instruments, etc. No purchaser, lender, transfer
    agent or other person dealing with the Trustees or with any
    officer, employee or agent of the Trust shall be bound to make
    any inquiry concerning the validity of any transaction
    purporting to be made by the Trustees or by said officer,
    employee or agent or be liable for the application of money or
    property paid, loaned, or delivered to or on the order of the
    Trustees or of said officer, employee or agent. Every
    obligation, contract, undertaking, instrument, certificate,
    Share, other security of the Trust and every other act or thing
    whatsoever executed in
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    connection with the Trust shall be conclusively taken to have
    been executed or done by the executors thereof only in their
    capacity as Trustees under this Declaration or in their capacity
    as officers, employees or agents of the Trust. The Trustees may
    maintain insurance for the protection of the
    Trust&#160;Property, its Shareholders, Trustees, officers,
    employees and agents in such amount as the Trustees shall deem
    adequate to cover possible liability, and such other insurance
    as the Trustees in their sole judgment shall deem advisable or
    is required by the 1940 Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.4&#160;Reliance on experts, etc. Each Trustee and officer or
    employee of the Trust shall, in the performance of its duties,
    be fully and completely justified and protected with regard to
    any act or any failure to act resulting from reliance in good
    faith upon the books of account or other records of the Trust,
    upon an opinion of counsel, or upon reports made to the Trust by
    any of the Trust&#146;s officers or employees or by any advisor,
    administrator, manager, distributor selected dealer, accountant,
    appraiser or other expert or consultant selected with reasonable
    care by the Trustees, officers or employees of the Trust,
    regardless of whether such counsel or other person may also be a
    Trustee.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <U>Section&#160;9 of the Investment Advisory Agreement provides
    as follows</U>:
</DIV>

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    (a)&#160;The Fund hereby agrees to indemnify the Adviser and
    each of the Adviser&#146;s trustees, officers, employees, and
    agents (including any individual who serves at the
    Adviser&#146;s request as director, officer, partner, trustee or
    the like of another corporation) and controlling persons (each
    such person being an &#147;indemnitee&#146;&#146;) against any
    liabilities and expenses, including amounts paid in satisfaction
    of judgments, in compromise or as fines and penalties, and
    counsel fees (all as provided in accordance with applicable
    corporate law) reasonably incurred by such indemnitee in
    connection with the defense or disposition of any action, suit
    or other proceeding, whether civil or criminal, before any court
    or administrative or investigative body in which he may be or
    may have been involved as a party or otherwise or with which he
    may be or may have been threatened, while acting in any capacity
    set forth above in this paragraph or thereafter by reason of his
    having acted in any such capacity, except with respect to any
    matter as to which he shall have been adjudicated not to have
    acted in good faith in the reasonable belief that his action was
    in the best interest of the Fund and furthermore, in the case of
    any criminal proceeding, so long as he had no reasonable cause
    to believe that the conduct was unlawful, provided, however,
    that (1)&#160;no indemnitee shall be indemnified hereunder
    against any liability to the Fund or its shareholders or any
    expense of such indemnitee arising by reason of (i)&#160;willful
    misfeasance, (ii)&#160;bad faith, (iii)&#160;gross negligence,
    (iv)&#160;reckless disregard of the duties involved in the
    conduct of his position (the conduct referred to in such
    clauses&#160;(i) through (iv)&#160;being sometimes referred to
    herein as &#147;disabling conduct&#148;), (2)&#160;as to any
    matter disposed of by settlement or a compromise payment by such
    indemnitee, pursuant to a consent decree or otherwise, no
    indemnification either for said payment or for any other
    expenses shall be provided unless there has been a determination
    that such settlement or compromise is in the best interests of
    the Fund and that such indemnitee appears to have acted in good
    faith in the reasonable belief that his action was in the best
    interest of the Fund and did not involve disabling conduct by
    such indemnitee and (3)&#160;with respect to any action, suit or
    other proceeding voluntarily prosecuted by any indemnitee as
    plaintiff, indemnification shall be mandatory only if the
    prosecution of such action, suit or other proceeding by such
    indemnitee was authorized by a majority of the full Board of the
    Fund. Notwithstanding the foregoing the Fund shall not be
    obligated to provide any such indemnification to the extent such
    provision would waive any right which the Fund cannot lawfully
    waive.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;The Fund shall make advance payments in connection with
    the expenses of defending any action with respect to which
    indemnification might be sought hereunder if the Fund receives a
    written affirmation of the indemnitee&#146;s good faith belief
    that the standard of conduct necessary for indemnification has
    been met and a written undertaking to reimburse the Fund unless
    it is subsequently determined that he is entitled to such
    indemnification and if the trustees of the Fund determine that
    the facts then known to them would not preclude indemnification.
    In addition, at least one of the following conditions must be
    met: (A)&#160;the indemnitee shall provide a security for his
    undertaking, (B)&#160;the Fund shall be insured against losses
    arising by reason of any lawful advances, or (C)&#160;a majority
    of a quorum of trustees of the Fund who are neither
    &#147;interested persons&#148; of the Fund (as defined in
    Section&#160;2(a)(19) of the Act) nor parties to the proceeding
    (&#147;Disinterested Non-Party Trustees&#148;) or an independent
    legal counsel in a written opinion, shall determine, based on a
    review of readily available facts (as opposed to a full
    trial-type inquiry), that there is reason to believe that the
    indemnitee ultimately will be found entitled to indemnification.
</DIV>
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    (c)&#160;All determinations with respect to indemnification
    hereunder shall be made (1)&#160;by a final decision on the
    merits by a court or other body before whom the proceeding was
    brought that such indemnitee is not liable by reason of
    disabling conduct or, (2)&#160;in the absence of such a
    decision, by (i)&#160;a majority vote of a quorum of the
    Disinterested Non-Party Trustees of the Fund, or (ii)&#160;if
    such a quorum is not obtainable or even, if obtainable, if a
    majority vote of such quorum so directs, independent legal
    counsel in a written opinion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The rights accruing to any indemnitee under these provisions
    shall not exclude any other right to which he may be lawfully
    entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <U>Underwriter indemnification provisions to be filed by
    Amendment</U>.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;31.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Business
    and Other Connections of Investment Adviser</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Investment Adviser, a limited liability company organized
    under the laws of the State of New York, acts as investment
    adviser to the Registrant. The Registrant is fulfilling the
    requirement of this Item&#160;31 to provide a list of the
    officers and directors of the Investment Adviser, together with
    information as to any other business, profession, vocation or
    employment of a substantial nature engaged in by the Investment
    Adviser or those officers and directors during the past two
    years, by incorporating by reference the information contained
    in the Form&#160;ADV of the Investment Adviser filed with the
    SEC pursuant to the 1940 Act (Commission File
    <FONT style="white-space: nowrap">No.&#160;801-26202).</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;32.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Location
    of Accounts and Records</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The accounts and records of the Registrant are maintained in
    part at the office of the Investment Adviser at One Corporate
    Center, Rye, New York
    <FONT style="white-space: nowrap">10580-1422,</FONT>
    in part at the offices of the Registrant&#146;s custodian, State
    Street Bank and Trust, 225 Franklin Street, Boston,
    Massachusetts 02110, in part at the offices of the
    Registrant&#146;s
    <FONT style="white-space: nowrap">sub-administrator,</FONT>
    PFPC Inc., 400 Bellevue Parkway, Wilmington, Delaware, 19809,
    and in part at the offices of Computershare Trust&#160;Company,
    N.A., P.O.&#160;Box&#160;43025, Providence, RI
    <FONT style="white-space: nowrap">02940-3025.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;33.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Management
    Services</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Not applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;34.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;Registrant undertakes to suspend the offering of shares
    until the prospectus is amended, if subsequent to the effective
    date of this registration statement, its net asset value
    declines more than ten percent from its net asset value as of
    the effective date of the registration statement or its net
    asset value increases to an amount greater than its net proceeds
    as stated in the prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;Not applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;Not applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;Registrant undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;to file, during any period in which offers or sales are
    being made, a post-effective amendment to this Registration
    Statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;to include any prospectus required by
    Section&#160;10(a) (3)&#160;of the Securities Act;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;to reflect in the prospectus any facts or events after
    the effective date of the Registration Statement (or the most
    recent post-effective amendment thereof) which, individually or
    in the aggregate, represent a fundamental change in the
    information set forth in the Registration Statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;to include any material information with respect to the
    plan of distribution not previously disclosed in the
    Registration Statement or any material change to such
    information in the Registration Statement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;if it determines to conduct a rights offering while the
    Registration Statement is effective;&#160;and
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;if (i)&#160;it determines to conduct one or more
    offerings of the Fund&#146;s common shares (including rights to
    purchase its common shares) at a price below its net asset value
    per common share at the date the offering is commenced, and
    (ii)&#160;such offering or offerings will result in greater than
    a 15% dilution to the Fund&#146;s net asset value per common
    share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;that for the purpose of determining any liability under
    the Securities Act, each post-effective amendment shall be
    deemed to be a new registration statement relating to the
    securities offered therein, and the offering of such securities
    at that time shall be deemed to be the initial bona fide
    offering thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (c)&#160;to remove from registration by means of a
    post-effective amendment any of the securities being registered
    which remain unsold at the termination of the offering;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (d)&#160;that, for the purpose of determining liability under
    the Securities Act to any purchaser, if the Registrant is
    subject to Rule&#160;430C: Each prospectus filed pursuant to
    Rule&#160;497(b), (c), (d)&#160;or (e)&#160;under the Securities
    Act as part of a registration statement relating to an offering,
    other than prospectuses filed in reliance on Rule 430A under the
    Securities Act shall be deemed to be part of and included in the
    registration statement as of the date it is first used after
    effectiveness. Provided, however, that no statement made in a
    registration statement or prospectus that is part of the
    registration or made in a document incorporated or deemed
    incorporated by reference into the registration statement or
    prospectus that is part of the registration statement will, as
    to a purchaser with a time of contract of sale prior to such
    first use, supersede or modify any statement that was made in
    the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such date of first use.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (e)&#160;that for the purpose of determining liability of the
    Registrant under the Securities Act to any purchaser in the
    initial distribution of securities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The undersigned Registrant undertakes that in a primary offering
    of securities of the undersigned Registrant pursuant to this
    registration statement, regardless of the underwriting method
    used to sell the securities to the purchaser, if the securities
    are offered or sold to such purchaser by means of any of the
    following communications, the undersigned Registrant will be a
    seller to the purchaser and will be considered to offer or sell
    such securities to the purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;any preliminary prospectus or prospectus of the
    undersigned Registrant relating to the offering required to be
    filed pursuant to Rule&#160;497 under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the portion of any advertisement pursuant to
    Rule&#160;482 under the Securities Act relating to the offering
    containing material information about the undersigned Registrant
    or its securities provided by or on behalf of the undersigned
    Registrant;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;any other communication that is an offer in the
    offering made by the undersigned Registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;Registrant undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;that, for the purpose of determining any liability
    under the Securities Act the information omitted from the form
    of prospectus filed as part of the Registration Statement in
    reliance upon Rule&#160;430A and contained in the form of
    prospectus filed by the Registrant pursuant to Rule&#160;497(h)
    will be deemed to be a part of the Registration Statement as of
    the time it was declared effective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;that, for the purpose of determining any liability
    under the Securities Act, each post-effective amendment that
    contains a form of prospectus will be deemed to be a new
    Registration Statement relating to the securities offered
    therein, and the offering of such securities at that time will
    be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;Registrant undertakes to send by first class mail or
    other means designed to ensure equally prompt delivery, within
    two business days of receipt of a written or oral request, any
    Statement of Additional Information constituting Part&#160;B of
    this Registration Statement.
</DIV>
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</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As required by the Securities Act of 1933 and the Investment
    Company Act of 1940, this Registrant&#146;s Registration
    Statement has been signed on behalf of the Registrant, in the
    City of Rye, State of New York, on the 19th&#160;day of
    September, 2011.
</DIV>

<DIV style="margin-top: 14pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    THE GABELLI GLOBAL UTILITY&#160;&#038; INCOME TRUST
</DIV>

<DIV style="margin-top: 28pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;<FONT style="font-variant: SMALL-CAPS">Bruce
    N. Alpert</FONT></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Bruce N. Alpert
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    President and Principal Executive Officer
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to the requirements of the Securities Act of 1933, this
    Registration Statement has been signed below by the following
    persons in the capacities and on the 19th&#160;day of September,
    2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="56%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>NAME</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>TITLE</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-variant: SMALL-CAPS">*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Anthony
    J. Colavita
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-variant: SMALL-CAPS">*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>James
    P. Conn
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-variant: SMALL-CAPS">*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Mario
    d&#146;Urso
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-variant: SMALL-CAPS">*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Vincent
    D. Enright
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-variant: SMALL-CAPS">*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Michael
    J. Melarkey
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-variant: SMALL-CAPS">*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Salvatore
    M. Salibello
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-variant: SMALL-CAPS">*</FONT></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Salvatore
    J. Zizza
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Trustee
</TD>
</TR>
<TR valign="bottom" style="line-height: 8pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Bruce
    N. Alpert</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>Bruce
    N. Alpert
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="white-space: nowrap">Attorney-in-Fact</FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to Powers of Attorney</TD>
</TR>

</TABLE>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#Y92093tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="12%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="86%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description of Exhibit</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ex-99(a)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Agreement and Declaration of Trust
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ex-99(b)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated
    <FONT style="white-space: nowrap">By-Laws</FONT> of
    Registrant
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ex-99(d)(ii)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Specimen Share Certificate for the
    [&#160;&#160;&#160;&#160;&#160;]% Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Cumulative Preferred Shares
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ex-99(d)(iii)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Specimen Share Certificate for the Series
    [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]
    Auction Rate Preferred Shares
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ex-99(d)(vi)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indenture
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ex-99(l)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion and Consent of Skadden, Arps, Slate, Meagher &#038; Flom
    LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ex-99(n)(i)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Independent Registered Public Accounting Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ex-99(n)(ii)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
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</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>y92093a1exv99wa.htm
<DESCRIPTION>EX-99.A
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wa</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit (a)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE GABELLI GLOBAL UTILITY &#038; INCOME TRUST</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECOND AMENDED AND RESTATED<BR>
AGREEMENT AND DECLARATION OF TRUST</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>TABLE OF CONTENTS</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE I<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">The Trust<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1.1 Name</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1.2 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE II<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">Trustees<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2.1 Number and Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2.2 Term and Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2.3 Resignation and Removal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2.4 Vacancies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2.5 Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2.6 Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE III<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">Powers and Duties of Trustees<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.1 General</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.2 Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.3 Legal Title</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.4 Issuance and Repurchase of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.5 Borrow Money or Utilize Leverage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.6 Collection and Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.7 Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.8 By-Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.9 Miscellaneous Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.10 Delegation; Committees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.11 Further Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE IV<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">Limitations of Liability and Indemnification<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.1 No Personal Liability of Shareholders, Trustees, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.2 Mandatory Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.3 No Duty of Investigation; Notice in Trust Instruments, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.4 Reliance on Experts, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE V<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">Shares of Beneficial Interest<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.1 Beneficial Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.2 Classes and Series</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.3 Issuance of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.4 Rights of Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.5 Trust Only</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.6 Register of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.7 Transfer Agent and Registrar</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.8 Transfer of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.9 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.10 Net Asset Value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.11 Distributions to Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VI<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">Shareholders<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.1 Meetings of Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.2 Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.3 Notice of Meeting, Shareholder Proposals and Record Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.4 Quorum and Required Vote</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.5 Proxies, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.6 Reports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.7 Inspection of Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.8 Shareholder Action by Written Consent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VII<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">Duration: Termination of Trust; Amendment; Mergers, Etc.<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.1 Duration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.2 Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.3 Amendment Procedure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.4 Merger, Consolidation and Sale of Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.5 Redemption; Conversion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.6 Certain Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VIII<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">Miscellaneous<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.1 Filing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.2 Resident Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.3 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="5%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

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    <TD><DIV style="margin-left:15px; text-indent:-15px">8.4 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.5 Reliance by Third Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">8.6 Provisions in Conflict with Law or Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>THE GABELLI GLOBAL UTILITY &#038; INCOME TRUST</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>SECOND AMENDED AND RESTATED</U><BR>
<U>AGREEMENT AND DECLARATION OF TRUST</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made as of the 16<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>
day of February&nbsp;2011, by the Trustees hereunder, and by the holders of shares of beneficial
interest issued hereunder as hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trustees desire to amend and restate the Amended and Restated Agreement and
Declaration of Trust last amended the 26th day of February&nbsp;2009 in its entirety pursuant to its
Section&nbsp;7.3;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Trust has been formed to carry on business as set forth more particularly
hereinafter;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, this Trust is authorized to issue an unlimited number of its shares of beneficial
interest all in accordance with the provisions hereinafter set forth;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trustees have agreed to manage all property coming into their hands as Trustees
of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties hereto intend that the Trust created by this Declaration and the
Certificate of Trust filed with the Secretary of State of the State of Delaware on August&nbsp;20, 2003
shall constitute a statutory trust under the Delaware Statutory Trust Statute and that this
Declaration shall constitute the governing instrument of such statutory trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and
other assets which they may from time to time acquire in any manner as Trustees hereunder IN TRUST
to manage and dispose of the same upon the following terms and conditions for the benefit of the
holders from time to time of shares of beneficial interest in this Trust as hereinafter set forth.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Name</U>. This Trust shall be known as the &#147;THE GABELLI GLOBAL UTILITY &#038; INCOME TRUST &#147; and the Trustees
shall conduct the business of the Trust under that name or any other name or names as they may from
time to time determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <U>Definitions</U>. As used in this Declaration, the following terms shall have the following meanings:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms &#147;<U>Affiliated Person</U>&#148;, &#147;<U>Assignment</U>&#148;, &#147;<U>Commission</U>&#148;,
&#147;<U>Interested Person</U>&#148; and &#147;<U>Principal Underwriter</U>&#148; shall have the meanings given them
in the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>By-Laws</U>&#148; shall mean the By-Laws of the Trust as amended from time to time by the
Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Code</U>&#148; shall mean the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Commission</U>&#148; shall mean the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Declaration</U>&#148; shall mean this Second Amended and Restated Agreement and Declaration of
Trust, as amended or amended and restated from time to time, including by way of any classifying or
reclassifying Shares of any class or any series of any such class or determining any designations,
powers, preferences, voting, conversion and other rights, limitations, qualifications and terms and
conditions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Delaware Statutory Trust Statute</U>&#148; shall mean the provisions of the Delaware Statutory
Trust Act, 12 Del. C. &#167;3801, <U>et</U>. <U>seq</U>., as such Act may be amended from time to
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Person</U>&#148; shall mean and include natural persons, corporations, partnerships, trusts,
limited liability companies, associations, joint ventures and other entities, whether or not legal
entities, and governments and agencies and political subdivisions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Prospectus</U>&#148; shall mean the currently effective Prospectus of the Trust, if any, under
the Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Shareholders</U>&#148; shall mean as of any particular time the holders of record of
outstanding Shares of the Trust at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Shares</U>&#148; shall mean the transferable units of beneficial interest into which the
beneficial interest in the Trust shall be divided from time to time and includes fractions of
Shares as well as whole Shares. All references to Shares shall be deemed to be Shares of any or all
or series thereof as the context may require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Trust</U>&#148; shall mean the trust established by this Declaration, as amended from time to
time, inclusive of each such amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Trustees</U>&#148; shall mean the signatory to this Declaration, so long as he shall continue
in office in accordance with the terms hereof, and all other persons who at the time in question
have been duly elected or appointed and have qualified as trustees in accordance with the
provisions hereof and are then in office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Trust Property</U>&#148; shall mean as of any particular time any and all property, real or
personal, tangible or intangible, which at such time is owned or held by or for the account of the
Trust or the Trustees in such capacity.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#147;<U>1933 Act</U>&#148; refers to the Securities Act of 1933 and the rules and regulations
promulgated thereunder and applicable exemptions therefrom covering the Trust and its affiliated
persons, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#147;<U>1940 Act</U>&#148; refers to the Investment Company Act of 1940 and the rules and
regulations promulgated thereunder and applicable exemptions granted therefrom, as amended from
time to time.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>TRUSTEES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <U>Number and Qualification</U>. Prior to a public offering of Shares, there may be a sole Trustee and thereafter the number of
Trustees shall be such number, not less than three, as shall be set forth in a written instrument
signed or adopted by a majority of the Trustees then in office. No reduction in the number of
Trustees shall have the effect of removing any Trustee from office prior to the expiration of his
term. An individual nominated as a Trustee shall be at least 21&nbsp;years of age and not older than
such age as shall be set forth in a written instrument signed or adopted by not less than
two-thirds of the Trustees then in office, shall not be under legal disability and shall meet any
additional qualifications as may be provided for in the By-Laws. Trustees need not own Shares and
may succeed themselves in office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <U>Term and Election</U>. The Board of Trustees shall be divided into three classes. Within the limits specified in
Section&nbsp;2.1, the number of the Trustees in each class shall be determined by resolution of the
Board of Trustees. The initial term of office of the first class shall expire on the date of the
first annual meeting of Shareholders or special meeting in lieu thereof. The initial term of office
of the second class shall expire on the date of the second annual meeting of Shareholders or
special meeting in lieu thereof. The initial term of office of the third class shall expire on the
date of the third annual meeting of Shareholders or special meeting in lieu thereof. Upon
expiration of the initial term of office of each class as set forth above and the expiration of
each subsequent term of office of such class, the term of Trustees of such class shall be three
years and until his or her successor shall have been elected and shall have qualified or until his
or her earlier resignation, removal, incompetence, incapacitation or death.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <U>Resignation and Removal</U>. Any Trustee may resign his trust (without need for prior or subsequent accounting) by an
instrument in writing signed by him and delivered or mailed to the Chairman, if any, the President
or the Secretary and such resignation shall be effective upon such delivery, or at a later date
provided in such instrument. Any Trustee may be removed (provided the aggregate number of Trustees
after such removal shall not be less than the number required by Section&nbsp;2.1 hereof) for cause at
any time by written instrument, signed by a majority of the remaining Trustees, specifying the date
when such removal shall become effective. Any Trustee may be removed (provided the aggregate number
of Trustees after such removal shall not be less than the minimum number required by Section&nbsp;2.1
hereof) without cause at any time by a written instrument, signed or adopted by two-thirds of the
remaining Trustees or by vote of Shares having not less than two-thirds of the aggregate number of
Shares entitled to vote in the election of such Trustee, specifying the date when such removal
shall
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">become effective. Upon the resignation or removal of a Trustee, or such persons otherwise
ceasing to be a Trustee, such persons shall execute and deliver such documents as the remaining
Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any
Trust Property held in the name of the resigning or removed Trustee. Upon the incapacity or death
of any Trustee, such Trustee&#146;s legal representative shall execute and deliver on such Trustee&#146;s
behalf such documents as the remaining Trustees shall require as provided in the preceding
sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <U>Vacancies</U>. The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the
removal, resignation, incompetence or other incapacity to perform the duties of the office, or
death, of a Trustee. Whenever a vacancy in the Board of Trustees shall occur, the remaining
Trustees may fill such vacancy by appointing an individual having the qualifications described in
this Article by a written instrument signed or adopted by a majority of the Trustees then in office
or by election by the Shareholders, or may leave such vacancy unfilled or may reduce the number of
Trustees (provided the aggregate number of Trustees after such reduction shall not be less than the
minimum number required by Section&nbsp;2.1 hereof). Any vacancy created by an increase in Trustees may
be filled by the appointment of an individual having the qualifications described in this Article
by a majority of the Trustees then in office or by election by the Shareholders. No vacancy shall
operate to annul this Declaration or to revoke any existing agency created pursuant to the terms of
this Declaration. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is
filled as provided herein, the Trustees in office, regardless of their number, shall have all the
powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this
Declaration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <U>Meetings</U>. Meetings of the Trustees shall be held from time to time upon the call of the Chairman, if any,
the President, the Secretary or any two Trustees. Regular meetings of the Trustees may be held
without call or notice at a time and place fixed by the By-Laws or by resolution of the Trustees.
Notice of any other meeting shall be mailed or, to the extent permitted by applicable law,
transmitted by electronic mail or other form of legally permissible electronic transmission not
less than 48 hours before the meeting or otherwise actually delivered orally or in writing not less
than 24 hours before the meeting, but may be waived in writing by any Trustee either before or
after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of
such meeting except where a Trustee attends a meeting for the express purpose of objecting to the
transaction of any business on the ground that the meeting has not been lawfully called or
convened. The Trustees may act with or without a meeting. A quorum for all meetings of the Trustees
shall be one-third of the Trustees then in office. Unless provided otherwise in this Declaration of
Trust, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees
present (a quorum being present) or without a meeting by written consent of a majority of the
Trustees or such other proportion as shall be specified herein for action at a meeting at which all
Trustees then in office are present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any committee of the Trustees, including an executive committee, if any, may act with or
without a meeting. A quorum for all meetings of any such committee shall be a majority of the
members thereof. Unless provided otherwise in this Declaration, any action of any such committee
may be taken at a meeting by vote of a majority of the members present (a quorum being present) or
without a meeting by written consent of a majority of the members or such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other proportion as shall
be specified herein for action at a meeting at which all committee members are present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to actions of the Trustees and any committee of the Trustees, Trustees who are
Interested Persons in any action to be taken may be counted for quorum purposes under this Section
and shall be entitled to vote to the extent not prohibited by the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All or any one or more Trustees may participate in a meeting of the Trustees or any committee
thereof by means of a conference telephone or similar communications equipment by means of which
all persons participating in the meeting can hear each other; participation in a meeting pursuant
to any such communications system shall constitute presence in person at such meeting except as
otherwise provided by the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustees may elect a Chairman of the Board of Trustees, who shall not, in his or her
capacity as such, be an officer of the Trust and who shall serve at the pleasure of the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <U>Officers</U>. The Trustees shall elect a President, a Secretary and a Treasurer who shall serve at the
pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint
or may authorize the Chairman, if any, or President to appoint such other officers or agents with
such other titles and powers as the Trustees may deem to be advisable. A Chairman shall, and the
President, Secretary and Treasurer may, but need not, be a Trustee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>POWERS AND DUTIES OF TRUSTEES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>General</U>. The Trustees shall owe to the Trust and its Shareholders the same fiduciary duties as owed by
directors of corporations to such corporations and their stockholders under the general corporation
law of the State of Delaware. The Trustees shall have exclusive and absolute control over the Trust
Property and over the business of the Trust to the same extent as if the Trustees were the sole
owners of the Trust Property and business in their own right, but with such powers of delegation as
may be permitted by this Declaration. The Trustees shall have power to engage in any activity not
prohibited by Delaware law. The enumeration of any specific power herein shall not be construed as
limiting the aforesaid power. The Trustees may perform such acts as in their sole discretion are
proper for conducting the business of the Trust. The powers of the Trustees may be exercised
without order of or resort to any court. No Trustee shall be obligated to give any bond or other
security for the performance of any of his duties or powers hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <U>Investments</U>. The Trustees shall have power to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;manage, conduct, operate and carry on the business of an investment company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell,
assign, transfer, exchange, distribute or otherwise deal in or dispose of any and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">all sorts of
property, tangible or intangible, including but not limited to securities of any type whatsoever,
whether equity or non-equity, of any issuer, evidences of indebtedness of any person and any other
rights, interests, instruments or property of any sort and to exercise any and all rights, powers
and privileges of ownership or interest in respect of any and all such investments of every kind
and description, including, without limitation, the right to consent and otherwise act with respect
thereto, with power to designate one or more Persons to exercise any of said rights, powers and
privileges in respect of any of said investments. The Trustees shall not be limited by any law
limiting the investments which may be made by fiduciaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <U>Legal Title</U>. Legal title to all the Trust Property shall be vested in the Trustees as joint tenants except
that the Trustees shall have power to cause legal title to any Trust Property to be held by or in
the name of one or more of the Trustees, or in the name of the Trust, or in the name of any other
Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that
the interest of the Trust therein is appropriately protected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The right, title and interest of the Trustees in the Trust Property shall vest automatically
in each person who may hereafter become a Trustee upon his due election and qualification. Upon the
ceasing of any person to be a Trustee for any reason, such person shall automatically cease to have
any right, title or interest in any of the Trust Property, and the right, title and interest of
such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting
and cessation shall be effective whether or not conveyancing documents have been executed and
delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <U>Issuance and Repurchase of Shares</U>. Subject to the provisions of this Declaration and applicable law, the Trustees shall have the
power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose
of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and to
apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any
funds or property whether capital or surplus or otherwise, to the full extent now or hereafter not
prohibited by the laws of the State of Delaware governing statutory trusts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <U>Borrow Money or Utilize Leverage</U>. The Trustees shall have the power to borrow money or otherwise obtain credit or utilize leverage
in connection with the activities of the Trust to the maximum extent permitted by law, including by
regulation or order, and to secure the same by mortgaging, pledging or otherwise subjecting as
security the assets of the Trust, including the lending of portfolio securities, and to endorse,
guarantee, or undertake the performance of any obligation, contract or engagement of any other
person, firm, association or corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <U>Collection and Payment</U>. The Trustees shall have power to collect all property due to the Trust; to pay all claims,
including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or
agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust
Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose
any security interest securing any obligations, by virtue of which any property is owed to the
Trust; and to enter into releases, agreements and other instruments. Except to the extent required
for a Delaware business corporation, the Shareholders shall have no power to vote as to whether or
not a court action,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">legal proceeding or claim should or should not be brought or maintained
derivatively or as a class action on behalf of the Trust or the Shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <U>Expenses</U>. The Trustees shall have power to incur and pay out of the assets or income of the Trust any
expenses which in the opinion of the Trustees are necessary or appropriate to carry out any of the
purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation
from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of
all officers, employees and Trustees. The Trustees may pay themselves such compensation for special
services, including legal, underwriting, syndicating and brokerage services, as they in good faith
may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of
the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <U>By-Laws</U>. The Trustees may adopt and from time to time amend or repeal By-Laws for the conduct of the
business of the Trust. Such By-Laws shall be binding on the Trust and the Shareholders unless
inconsistent with the provisions of this Declaration. The Shareholders shall not have authority to
adopt, amend or repeal By-Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <U>Miscellaneous Powers</U>. The Trustees shall have the power to: (a)&nbsp;employ or contract with such Persons as the Trustees
may deem desirable for the transaction of the business of the Trust, including investment advisors,
administrators, custodians, transfer agents, shareholder services providers, accountants, counsel,
brokers, dealers and others, and to delegate or grant to such persons all such power and authority
as the Trustees may determine; (b)&nbsp;enter into joint ventures, partnerships and any other
combinations or associations; (c)&nbsp;purchase, and pay for out of Trust Property, insurance policies
insuring the Shareholders, Trustees, officers, employees, agents, investment advisors,
distributors, selected dealers or independent contractors of the Trust against all claims arising
by reason of holding any such position or by reason of any action taken or omitted by any such
Person in such capacity, whether or not constituting negligence, or whether or not the Trust would
have the power to indemnify such Person against such liability; (d)&nbsp;establish pension,
profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees,
officers, employees and agents of the Trust; (e)&nbsp;make donations, irrespective of benefit to the
Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f)&nbsp;to the
extent permitted by applicable law, indemnify any Person with whom the Trust has dealings,
including without limitation any investment adviser, administrator, manager, transfer agent,
custodian, distributor or selected dealer, or any other person as the Trustees may see fit to such
extent as the Trustees shall determine; (g)&nbsp;guarantee indebtedness or contractual obligations of
others; (h)&nbsp;determine and change the fiscal year of the Trust and the method in which its accounts
shall be kept; and (i)&nbsp;adopt a seal for the Trust but the absence of such seal shall not impair the
validity of any instrument executed on behalf of the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <U>Delegation; Committees</U>. The Trustees shall have the power, consistent with their continuing exclusive authority over the
management of the Trust and the Trust Property, to delegate from time to time to such of their
number or to officers, employees or agents of the Trust the doing of such things and the execution
of such instruments either in the name of the Trust or the names of the Trustees or otherwise as
the Trustees may deem expedient. The Trustees may designate one or more committees each of which
shall have all or such lesser portion of the power and authority of the entire Board of Trustees as
the Trustees shall determine
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">from time to time, except to the extent action by the entire Board of
Trustees or particular Trustees is required by the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <U>Further Powers</U>. The Trustees shall have the power to conduct the business of the Trust and carry on its
operations in any and all of its branches and maintain offices both within and without the State of
Delaware, in any and all states of the United States of America, in the District of Columbia, and
in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or
instrumentalities of the United States of America and of foreign governments, and to do all such
other things and execute all such instruments as they deem necessary, proper or desirable in order
to promote the interests of the Trust although such things are not herein specifically mentioned.
Any determination as to what is in the interests of the Trust made by the Trustees in good faith
shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in
favor of a grant of power to the Trustees.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>LIMITATIONS OF LIABILITY AND INDEMNIFICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>No Personal Liability of Shareholders, Trustees, etc.</U> No Shareholder of the Trust shall be subject in such capacity to any personal liability
whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of
the Trust. Shareholders shall have the same limitation of personal liability as is extended to
stockholders of a private corporation for profit incorporated under the general corporation law of
the State of Delaware. No Trustee or officer of the Trust shall be subject in such capacity to any
personal liability whatsoever to any Person, other than the Trust or its Shareholders, in
connection with Trust Property or the affairs of the Trust, save only liability to the Trust or its
Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard
for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look
solely to the Trust Property for satisfaction of claims of any nature arising in connection with
the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a
party to any suit or proceeding to enforce any such liability, subject to the foregoing exception,
he shall not, on account thereof, be held to any personal liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>Mandatory Indemnification</U>. (a)&nbsp;The Trust shall indemnify the Trustees and officers of the Trust (each such person being an
&#147;<U>indemnitee</U>&#148;) against any liabilities and expenses, including amounts paid in satisfaction
of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably
incurred by such indemnitee in connection with the defense or disposition of any action, suit or
other proceeding, whether civil or criminal, before any court or administrative or investigative
body in which he may be or may have been involved as a party or otherwise (other than, except as
authorized by the Trustees, as the plaintiff or complainant) or with which he may be or may have
been threatened, while acting in any capacity set forth above in this Section&nbsp;4.2 by reason of his
having acted in any such capacity, except with respect to any matter as to which he shall not have
acted in good faith in the reasonable belief that his action was in the best interest of the Trust
or, in the case of any criminal proceeding, as to which he shall have had reasonable cause to
believe that the conduct was unlawful, provided, however, that no indemnitee shall be indemnified
hereunder against any
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liability to any person or any expense of such indemnitee arising by reason
of (i)&nbsp;willful misfeasance, (ii)&nbsp;bad faith, (iii)&nbsp;gross negligence (negligence in the case of
Affiliated Indemnitees), or (iv)&nbsp;reckless disregard of the duties involved in the conduct of his
position (the conduct referred to in such clauses (i)&nbsp;through (iv)&nbsp;being sometimes referred to
herein as &#147;<U>disabling conduct</U>&#148;). Notwithstanding the foregoing, with respect to any action,
suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification
shall be mandatory only if the prosecution of such action, suit or other proceeding by such
indemnitee was authorized by a majority of the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has
been a determination (1)&nbsp;by a final decision on the merits by a court or other body of competent
jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that
such indemnitee is entitled to indemnification hereunder or, (2)&nbsp;in the absence of such a decision,
by (i)&nbsp;a majority vote of a quorum of those Trustees who are neither Interested Persons of the
Trust nor parties to the proceeding (&#147;<U>Disinterested Non-Party Trustees</U>&#148;), that the
indemnitee is entitled to indemnification hereunder, or (ii)&nbsp;if such quorum is not obtainable or
even if obtainable, if such majority so directs, independent legal counsel in a written opinion
conclude that the indemnitee should be entitled to indemnification hereunder. All determinations to
make advance payments in connection with the expense of defending any proceeding shall be
authorized and made in accordance with the immediately succeeding paragraph (c)&nbsp;below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trust shall make advance payments in connection with the expenses of defending any
action with respect to which indemnification might be sought hereunder if the Trust receives a
written affirmation by the indemnitee of the indemnitee&#146;s good faith belief that the standards of
conduct necessary for indemnification have been met and a written undertaking to reimburse the
Trust unless it is subsequently determined that he is entitled to such indemnification and if a
majority of the Trustees determine that the applicable standards of conduct necessary for
indemnification appear to have been met. In addition, at least one of the following conditions must
be met: (1)&nbsp;the indemnitee shall provide adequate security for his undertaking, (2)&nbsp;the Trust shall
be insured against losses arising by reason of any lawful advances, or (3)&nbsp;a majority of a quorum
of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct,
independent legal counsel in a written opinion, shall conclude, based on a review of readily
available facts (as opposed to a full trial-type inquiry), that there is substantial reason to
believe that the indemnitee ultimately will be found entitled to indemnification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The rights accruing to any indemnitee under these provisions shall not exclude any other
right to which he may be lawfully entitled.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Notwithstanding the foregoing, subject to any limitations provided by the 1940 Act and
this Declaration, the Trust shall have the power and authority to indemnify Persons providing
services to the Trust to the full extent provided by law as if the Trust were a corporation
organized under the Delaware General Corporation Law provided that such indemnification has been
approved by a majority of the Trustees.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <U>No Duty of Investigation; Notice in Trust Instruments, etc.</U> No purchaser, lender, transfer agent or other person dealing with the Trustees or with any
officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity
of any transaction purporting to be made by the Trustees or by said officer, employee or agent or
be liable for the application of money or property paid, loaned, or delivered to or on the order of
the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking,
instrument, certificate, Share, other security of the Trust, and every other act or thing
whatsoever executed in connection with the Trust shall be conclusively taken to have been executed
or done by the executors thereof only in their capacity as Trustees under this Declaration or in
their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance
for the protection of the Trust Property, its Shareholders, Trustees, officers, employees and
agents in such amount as the Trustees shall deem adequate to cover possible liability, and such
other insurance as the Trustees in their sole judgment shall deem advisable or is required by the
1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <U>Reliance on Experts, etc.</U> Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be
fully and completely justified and protected with regard to any act or any failure to act resulting
from reliance in good faith upon the books of account or other records of the Trust, upon an
opinion of counsel, or upon reports made to the Trust by any of the Trust&#146;s officers or employees
or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or
other expert or consultant selected with reasonable care by the Trustees, officers or employees of
the Trust, regardless of whether such counsel or other person may also be a Trustee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SHARES OF BENEFICIAL INTEREST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <U>Beneficial Interest</U>. The interest of the beneficiaries hereunder shall be divided into an unlimited number of shares
of beneficial interest, par value $.001 per share. All Shares issued in accordance with the terms
hereof, including, without limitation, Shares issued in connection with a dividend in Shares or a
split of Shares, shall be fully paid and nonassessable when the consideration determined by the
Trustees (if any) therefor shall have been received by the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <U>Classes and Series</U>. The Trustees shall have the authority, without the approval of the holders of any Shares of the
Trust, to classify and reclassify issued and unissued Shares into one or more classes and one or
more series of any or all of such classes, each of which classes and series thereof shall have such
designations, powers, preferences, voting, conversion and other rights, limitations, qualifications
and terms and conditions as the Trustees shall determine from time to time with respect to each
such class or series; provided, however, that no reclassification of any issued and outstanding
Shares and no modifications of any of the designations, powers, preferences, voting, conversion or
other rights, limitations, qualifications and terms and conditions of any issued and outstanding
Shares may be made by the Trustees without the affirmative vote of the holders of Shares specified
in Section&nbsp;7.3(a) to the extent required thereby. The initial class of Shares of the Trust shall be
designated as &#147;<U>Common Shares</U>&#148;, subject to redesignation as aforesaid. To the extent
expressly determined by the Trustees as aforesaid, all consideration received by the Trust for the
issue or sale of Shares of a class,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">together with all income, earnings, profits and proceeds
thereof, including any proceeds derived from the sale, exchange or liquidation thereof, and any
funds or payments derived from any reinvestment of such proceeds in whatever form the same may be,
shall irrevocably belong to such class subject only to the rights of the creditors, and all
liabilities allocable to such class shall be charged thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <U>Issuance of Shares</U>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue
Shares of any class or any series of any such class to such party or parties and for such amount
and type of consideration, including cash or property, at such time or times, and on such terms as
the Trustees may determine, and may in such manner acquire other assets (including the acquisition
of assets subject to, and in connection with the assumption of, liabilities) and businesses. The
Trustees may from time to time divide or combine the Shares of any class or any series of any such
class into a greater or lesser number without thereby changing the proportionate beneficial
interest in such Shares. Issuances and repurchases of Shares maybe made in whole Shares and/or
l/l,000ths of a Share or multiples thereof as the Trustees may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <U>Rights of Shareholders</U>. The Shares shall be personal property giving only the rights in this Declaration specifically
set forth. The ownership of the Trust Property of every description and the right to conduct any
business are vested exclusively in the Trustees, and the Shareholders shall have no interest
therein other than the beneficial interest conferred by their Shares, and they shall have no right
to call for any partition or division of any property, profits, rights or interests of the Trust
nor can they be called upon to share or assume any losses of the Trust suffer an assessment of any
kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference,
preemptive, appraisal, conversion or exchange rights (except as specified in this Section&nbsp;5.4, in
Section&nbsp;7.4 or as specified by the Trustees in the designation or redesignation of any class or
series thereof of the Shares).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <U>Trust Only</U>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary
between the Trustees and each Shareholder from time to time. It is not the intention of the
Trustees to create a general partnership, limited partnership, joint stock association,
corporation, bailment or any form of legal relationship other than a trust. Nothing in this
Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees,
partners or members of a joint stock association.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <U>Register of Shares</U>. A register shall be kept at the Trust or any transfer agent duly appointed by the Trustees under
the direction of the Trustees which shall contain the names and addresses of the Shareholders and
the number of Shares held by them respectively and a record of all transfers thereof. Separate
registers shall be established and maintained for each class and each series of each class. Each
such register shall be conclusive as to who are the holders of the Shares of the applicable class
and series and who shall be entitled to receive dividends or distributions or otherwise to exercise
or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any
dividend or distribution, nor to have notice given to him as herein provided, until he has given
his address to a transfer agent or such other officer or agent of the Trustees as shall keep the
register for entry thereon. It is not contemplated that certificates will be issued for the Shares;
however, the Trustees, in their
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">discretion, may authorize the issuance of share certificates and
promulgate appropriate fees therefore and rules and regulations as to their use.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <U>Transfer Agent and Registrar</U>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or
registrars, with respect to the Shares. The transfer agent or transfer agents may keep the
applicable register and record therein, the original issues and transfers, if any, of the said
Shares. Any such transfer agent and registrar shall perform the duties usually performed by
transfer agents and registrars of stock in a corporation, as modified by the Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <U>Transfer of Shares</U>. Shares shall be transferable on the records of the Trust only by the record holder thereof or by
its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of
the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness
of each such execution and authorization and of other matters as may reasonably be required. Upon
such delivery the transfer shall be recorded on the applicable register of the Trust. Until such
record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all
purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer,
employee or agent of the Trust shall be affected by any notice of the proposed transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or
incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the
applicable register of Shares as the holder of such Shares upon production of the proper evidence
thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the
Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither
the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be
affected by any notice of such death, bankruptcy or incompetence, or other operation of law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <U>Notices</U>. Any and all notices to which any Shareholder hereunder may be entitled and any and all
communications to any Shareholder shall be deemed duly given or made if transmitted by electronic
mail or other form of legally permissible electronic transmission, or if mailed, postage prepaid,
addressed to any Shareholder of record at his last known address as recorded on the applicable
register of the Trust and may be sent together with any such notice or other communication to
another Shareholder at the same address. To the extent consistent with applicable law, including
any regulation or order, or consented to by any Shareholder, any such notice or other communication
may be given or made in any other manner. Notice directed to a Shareholder by electronic mail or
other form of legally permissible electronic transmission shall be transmitted to any address at
which the Shareholder receives electronic mail or other electronic transmissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <U>Net Asset Value</U>. The value of the assets of the Trust, the amount of liabilities of the Trust and the net asset
value of each outstanding Common Share of the Trust shall be determined at such time or times on
such days as the Trustees may determine, in accordance with the 1940 Act. The method of
determination of net asset value shall be determined by the Trustees. The power and duty to make
net asset value determinations and calculations may be delegated by the Trustees.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <U>Distributions to Shareholders</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustees shall from time to time distribute among the Shares (or one or more classes
or series thereof) such portion of the net profits, surplus (including paid-in surplus), capital,
or assets held by the Trustees as they may deem proper or as may otherwise be determined in the
instrument setting forth the terms of such Shares or such class or series of Shares, which need not
be ratable with respect to distributions in respect of Shares of any other class or series thereof
of the Trust. Such distributions may be made in cash or property (including without limitation any
type of obligations of the Trust or any assets thereof) or any combination thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Distributions may be made to the Shareholders of record entitled to such distribution at
the time such distribution is declared or at such later date as shall be determined by the Trust
prior to the date of payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustees may always retain from any source such amount as they may deem necessary to
pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise
may deem desirable to use in the conduct of its affairs or to retain for future requirements or
extensions of the business of the Trust.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SHAREHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <U>Meetings of Shareholders</U>. The Trust may, but shall not be required to, hold annual meetings of the holders of any class or
series of Shares. An annual or special meeting of Shareholders may be called at any time only by
the Trustees; provided, however, that if May&nbsp;31 of any year shall have passed and the Trustees
shall not have called an annual meeting of Shareholders for such year, the Trustees shall call a
meeting for the purpose of voting on the removal of one or more Trustees or the termination of any
investment advisory agreement or independent accountants, upon written request of holders of Shares
of the Trust having in the aggregate not less than a majority of the votes of the outstanding
Shares of the Trust entitled to vote on the matter or matters in question, such request specifying
the purpose or purposes for which such meeting is to be called. Any meeting of Shareholders shall
be held within or without the State of Delaware on such day and at such time as the Trustees shall
designate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <U>Voting</U>. Shareholders shall have no power to vote on any matter (including matters as to which the
Delaware Statutory Trust Statute specifies a voting requirement in the absence of a provision in
the Declaration, it being the intention of this Declaration that Shareholders shall have no power
to vote on any such matter except as described herein) except matters on which a vote of Shares is
required by or pursuant to the 1940 Act, this Declaration, the By-Laws or resolution of the
Trustees. Any matter required to be submitted for approval of any of the Shares and affecting one
or more classes or series shall require approval by the required vote of Shares of the affected
class or classes and series voting together as a single class and, if such matter affects one or
more classes or series thereof differently from one or more other classes or series thereof or from
one or more series of the same class, approval by the required vote of Shares of such other class
or classes or series or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">series voting as a separate class shall be required in order to be approved
with respect to such other class or classes or series or series; provided, however, that except to
the extent required by the 1940 Act, there shall be no separate class votes on the election or
removal of Trustees or the selection of auditors for the Trust. Shareholders of a particular class
or series thereof shall not be entitled to vote on any matter that affects the rights or interests
of only one or more other classes or series of such other class or classes or only one or more
other series of the same class. There shall be no cumulative voting in the election or removal of
Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <U>Notice of Meeting, Shareholder Proposals and Record Date</U>. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting,
shall be given by the Trustees by mail or, to the extent permitted by applicable law or consented
to by the shareholder, transmitted by electronic mail or other form of electronic transmission to
each Shareholder of record entitled to vote thereat at its registered address or electronic
address, mailed or transmitted at least 10&nbsp;days before the meeting or otherwise in compliance with
applicable law. Except with respect to an annual meeting, at which any business required by the
1940 Act may be conducted, only the business stated in the notice of the meeting shall be
considered at such meeting. Subject to the provisions of applicable law, any Shareholder wishing to
include a proposal to be considered at an annual meeting must submit such proposal to the Trust in
accordance with the provisions of the By-Laws. Any adjourned meeting may be held as adjourned one
or more times without further notice not later than 130&nbsp;days after the record date. For the
purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting
the Trustees may, without closing the transfer books, fix a date not more than 100&nbsp;days prior to
the date of such meeting of Shareholders as a record date for the determination of the Persons to
be treated as Shareholders of record for such purposes. Notice directed to a Shareholder by
electronic mail or other form of electronic transmission may be transmitted to any address at which
the Shareholder receives electronic mail or other electronic transmissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <U>Quorum and Required Vote</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The holders of one-third of the outstanding Shares of the Trust on the record date present
in person or by proxy shall constitute a quorum at any meeting of the Shareholders for purposes of
conducting business on which a vote of all Shareholders of the Trust is being taken. The holders of
one-third of the outstanding Shares of a class or classes on the record date present in person or
by proxy shall constitute a quorum at any meeting of the Shareholders of such class or classes for
purposes of conducting business on which a vote of Shareholders of such class or classes is being
taken. The holders of one-third of the outstanding Shares of a series or series on the record date
present in person or by proxy shall constitute a quorum at any meeting of the Shareholders of such
series or series for purposes of conducting business on which a vote of Shareholders of such series
or series is being taken. Shares underlying a proxy as to which a broker or other intermediary
states its absence of authority to vote with respect to one or more matters shall be treated as
present for purposes of establishing a quorum for taking action on any such matter only to the
extent so determined by the Trustees at or prior to the meeting of Shareholders at which such
matter is to be considered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subject to any provision of the 1940 Act or this Declaration specifying or requiring a
greater or lesser vote requirement for the transaction of any matter of business at any meeting of
Shareholders or, in the absence of any such provision of the 1940 Act
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or this Declaration, subject
to any provision of the By-Laws or resolution of the Trustees specifying or requiring a greater or
lesser vote requirement, (i)&nbsp;the affirmative vote of a plurality (or, if provided by the By-Laws, a
majority) of the Shares present in person or represented by proxy and entitled to vote for the
election of any Trustee or Trustees shall be the act of such Shareholders with respect to the
election of such Trustee or Trustees, (ii)&nbsp;the affirmative vote of a majority of the Shares present
in person or represented by proxy and entitled to vote on any other matter shall be the act of the
Shareholders with respect to such matter, and (iii)&nbsp;where a separate vote of one or more classes or
series is required on any matter, the affirmative vote of a majority of the Shares of such class or
classes or series or series present in person or represented by proxy and entitled to vote on such
matter shall be the act of the Shareholders of such class or classes or series or series with
respect to such matter. Except to the extent otherwise required by the 1940 Act, a majority of the
Shares of any series or class shall mean the lesser of a majority of the outstanding Shares of such
class or series and at least 67% of a quorum of at least 50% of the Shares held of record on the
relevant record date present in person or by proxy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <U>Proxies, etc.</U> At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by
proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on
file with the Secretary, or with such other officer or agent of the Trust as the Secretary may
direct, for verification prior to the time at which such vote shall be taken. Pursuant to a
resolution of a majority of the Trustees, proxies may be solicited in the name of one or more
Trustees or one or more of the officers or employees of the Trust. Only Shareholders of record
shall be entitled to vote. Each full Share shall be entitled to one vote and each fractional Share
shall be entitled to a vote equal to its fraction of a full Share. When any Share is held jointly
by several persons, any one of them may vote at any meeting in person or by proxy in respect of
such Share, but if more than one of them shall be present at such meeting in person or by proxy,
and such joint owners or their proxies so present disagree as to any vote to be cast, such vote
shall not be received in respect of such Share. A proxy purporting to be given by or on behalf of a
Shareholder of record on the record date for a meeting shall be deemed valid unless challenged at
or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. If the
holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to
the legal control of any other person as regards the charge or management of such Share, he may
vote by his guardian or such other person appointed or having such control, and such vote may be
given in person or by proxy. The Trustees shall have the authority to make and modify from time to
time regulations regarding the validity of proxies. In addition to signed proxies, such regulations
may authorize facsimile, telephonic, Internet and other methods of appointing a proxy that are
subject to such supervision by or under the direction of the Trustees as the Trustees shall
determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <U>Reports</U>. The Trustees shall cause to be prepared and sent to Shareholders at least annually and more
frequently to the extent and in the form required by law or any exchange on which Shares are listed
a report of operations containing financial statements of the Trust prepared in conformity with
generally accepted accounting principles and applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <U>Inspection of Records</U>. The records of the Trust shall be open to inspection by Persons who have been holders of record
of at least $25,000 (or such higher amount as may be authorized by law) in net asset value or
liquidation reference of Shares for a continuous period of not less than six months to the same
extent and for the same purposes as is
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">preference of Shares for a continuous period of not less
than six months to the same extent and for the same purposes as is permitted under the Delaware
General Business Corporation Law to shareholders of a Delaware business corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <U>Shareholder Action by Written Consent</U>. Any action which may be taken by Shareholders by vote may be taken without a meeting if the
holders of all of the Shares entitled to vote thereon consent to the action in writing and the
written consents are filed with the records of the meetings of Shareholders. Such consent shall be
treated for all purposes as a vote taken at a meeting of Shareholders.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DURATION: TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Duration</U>. Subject to termination in accordance with the provisions of Section&nbsp;7.2 hereof, the Trust
created hereby shall have perpetual existence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <U>Termination</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trust may be dissolved, after two thirds of the Trustees then in office have approved
a resolution therefor, upon approval by Shares having at least 75% of the votes of all of the
Shares outstanding on the record date for such meeting, voting as a single class except to the
extent required by the 1940 Act. Upon the dissolution of the Trust:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The Trust shall carry on no business except for the purpose of winding up its affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of
the Trustees under this Declaration shall continue until the affairs of the Trust shall have been
wound up, including the power to fulfill or discharge the contracts of the Trust, collect its
assets, sell, convey, assign, exchange, merger where the Trust is not the survivor, transfer or
otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at
public or private sale for consideration which may consist in whole or in part in cash, securities
or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate
to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger in
which the Trust is not the survivor, transfer or other disposition of all or substantially all the
Trust Property of the Trust shall require approval of the principal terms of the transaction and
the nature and amount of the consideration with the same vote as required for dissolution pursuant
to paragraph (a)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;After paying or adequately providing for the payment of all liabilities, and upon
receipt of such releases, indemnities and refunding agreements, as they deem necessary for their
protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly
each, among the Shareholders according to their respective rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;After the winding up and termination of the Trust and distribution to the Shareholders as
herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust
an instrument in writing setting forth the fact of such termination and
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall execute and file a
certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination
of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties
hereunder, and the rights and interests of all Shareholders shall thereupon cease.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <U>Amendment Procedure</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as required by applicable law or this Declaration, the Trustees may amend this
Declaration without any vote of Shareholders, including to change the name of the Trust or any
class or series, to make any change that does not adversely affect the relative rights or
preferences of any class or series of Shares or to conform this Declaration to the requirements of
the 1940 Act or any other applicable law, but the Trustees shall not be liable for failing to do
so. If a vote of Shareholders is required by applicable law or this Declaration, or if the Trustees
determine to submit an amendment to a vote of Shareholders, then, other than with respect to
amendments of Sections&nbsp;2.2, 2.3, 3.8, 6.1, 6.2, 6.4, 6.8, 7.1, 7.2, 7.3, 7.4, 7.5 and 7.6, this
Declaration may be amended, after a majority of the Trustees then in office have approved a
resolution therefor, by the affirmative vote set forth in Section&nbsp;6.4(b)(ii). Sections&nbsp;2.2, 2.3,
3.8, 6.1, 6.2, 6.4, 6.8, 7.1, 7.2, 7.3, 7.4, 7.5 and 7.6 may only be amended, after a majority of
the Trustees then in office have approved a resolution therefor, by the affirmative vote of the
holders of not less than 75% of the affected Shares outstanding on the record date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Nothing contained in this Declaration shall permit the amendment of this Declaration to
impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and
agents of the Trust or to permit assessments upon Shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;An amendment duly adopted by the requisite vote of the Board of Trustees and, if required,
Shareholders as aforesaid, shall become effective at the time of such adoption or at such other
time as may be designated by the Board of Trustees or Shareholders, as the case may be. A
certification signed by a majority of the Trustees setting forth an amendment and reciting that it
was duly adopted by the Trustees and, if required, Shareholders as aforesaid, or a copy of the
Declaration, as amended, and executed by a majority of the Trustees, shall be conclusive evidence
of such amendment when lodged among the records of the Trust or at such other time designated by
the Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision hereof, until such time as Shares are issued and
outstanding, this Declaration may be terminated or amended in any respect by the affirmative vote
of a majority of the Trustees or by an instrument signed by a majority of the Trustees then in
office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <U>Merger, Consolidation and Sale of Assets</U>. Subject to Section&nbsp;7.6, the Trust may merge or consolidate with any other corporation,
association, trust or other organization or may sell, lease or exchange all or substantially all of
the Trust Property or the property, including its good will or may convert into another form of
organization, upon such terms and conditions and for such consideration when and as authorized by
two-thirds of the Trustees then in office and thereafter approved by the affirmative vote of the
holders of not less than 75% (a majority (as defined in Section&nbsp;6.4(b)) in the event the provisions
of the governing instruments of the entity resulting from such transaction or, in the case of a
sale or exchange of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">assets, the acquiring entity contain substantially the same provisions as
Sections&nbsp;2.2, 2.3, 3.8, 6.1, 6.2, 6.4, 6.8, 7.1, 7.2, 7.3, 7.4, 7.5, and 7.6, of this Declaration)
of the affected Shares outstanding on the record date for the meeting of Shareholders to approve
such transaction, and any such merger, consolidation, sale, lease, exchange or conversion shall be
determined for all purposes to have been accomplished under and pursuant to the statutes of the
State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <U>Redemption; Conversion</U>. No holder of Shares of any class or series, other than in accordance with the provisions of
Section 23(c) (excluding Rule&nbsp;23c-3 thereunder) of the 1940 Act and other than to the extent
expressly determined by the Trustees with respect to Shares qualifying as preferred stock pursuant
to Section 18(a) of the 1940 Act, shall have any right to require the Trust or any person
controlled by the Trust to purchase any of such holder&#146;s Shares. The Trust may be converted at any
time from a &#147;closed-end investment company&#148; to an &#147;open-end investment company&#148; as those terms are
defined by the 1940 Act or a company obligated to repurchase shares under Rule&nbsp;23c-3 of the 1940
Act (an &#147;<U>interval company</U>&#148;), upon the approval of such a proposal, together with the
necessary amendments to this Declaration to permit such a conversion, by two-thirds of the Trustees
then in office, by the holders of not less than 75% of the Trust&#146;s outstanding Shares entitled to
vote thereon and by such vote or votes of the holders of any class or classes or series of Shares
as may be required by the 1940 Act. From time to time, the Trustees may consider recommending to
the Shareholders a proposal to convert the Trust from a &#147;closed-end company&#148; to an &#147;open-end
company&#148; or &#147;interval company.&#148; Upon the recommendation and subsequent adoption of such a proposal
and the necessary amendments to this Declaration to permit such a conversion by the requisite
proportion of the Trust&#146;s outstanding Shares entitled to vote, the Trust shall, upon complying with
any requirements of the 1940 Act and state law, become an &#147;open-end investment company&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <U>Certain Transactions</U>. (a)&nbsp;Subject to the exceptions provided in paragraph (d)&nbsp;of this Section, the types of
transactions described in paragraph (c)&nbsp;of this Section shall, following the completion of the
initial public offering of the common Shares, require the affirmative vote or consent of the
holders of 80% of the Shares of each class outstanding and entitled to vote, voting as a separate
class, when a Principal Shareholder (as defined in paragraph (b)&nbsp;of this Section) is a party to the
transaction. Such affirmative vote or consent shall be in addition to the vote or consent of the
holders of Shares otherwise required by or pursuant to the 1940 Act, this Declaration, the Bylaws
or resolution of the Board of Trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The term &#147;<U>Principal Shareholder</U>&#148; shall mean any Person which is the beneficial
owner, directly or indirectly, of five percent (5%) or more of the outstanding Shares and shall
include any affiliate or associate, as such terms are defined in clause (ii)&nbsp;below, of such Person.
For the purposes of this Section, in addition to the Shares which a Person beneficially owns
directly, (a)&nbsp;any Person shall be deemed to be the beneficial owner of any Shares (i)&nbsp;which it has
the right to acquire pursuant to any agreement or upon exercise of conversion rights or warrants,
or otherwise (but excluding share options granted by the Trust) or (ii)&nbsp;which are beneficially
owned, directly or indirectly (including Shares deemed owned through application of clause (i)
above), by any other Person with which its &#147;affiliate&#148; or &#147;associate&#148; (as defined below) has any
agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing
of Shares, or which is its &#147;affiliate&#148; or &#147;associate&#148; as those terms are defined in Rule&nbsp;12b-2 of
the General Rules and Regulations under the Securities Exchange Act of 1934 as in effect on the
date of initial adoption of this Declaration, and (b)&nbsp;the outstanding
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares shall include Shares
deemed owned through application of clauses (i)&nbsp;and (ii)&nbsp;above but shall not include any other
Shares which may be assumable pursuant to any agreement, or upon exercise of conversion rights or
warrants, or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;This Section shall apply to the following transactions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The merger or consolidation of the Trust or any subsidiary of the Trust with or into any
Principal Shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The issuance of any securities of the Trust to any Principal Shareholder for cash (other
than pursuant to any automatic dividend reinvestment plan or pursuant to any offering in which such
Principal Shareholder acquires securities that represent no greater a percentage of any class or
series of securities being offered than the percentage of the same class or series of securities
beneficially owned by such Principal Shareholder immediately prior to such offering or, in the case
of a class or series not then owned beneficially by such Principal Shareholder, the percentage of
Common Shares beneficially owned by such Principal Shareholder immediately prior to such offering).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;The sale, lease or exchange of all or any substantial part of the assets of the Trust to
any Principal Shareholder (except assets having an aggregate fair market value of less than
$5,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in
any series of similar transactions within a twelve-month period).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;The sale, lease or exchange to the Trust or any subsidiary thereof, in exchange for
securities of the Trust of any assets of any Principal Shareholder (except assets having an
aggregate fair market value of less than $5,000,000, aggregating for the purposes of such
computation all assets sold, leased or exchanged in any series of similar transactions within a
twelve-month period).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;The purchase by the Trust or any Person controlled by the Trust of any Common Shares of
the Trust from such Principal Shareholder or any person to whom such Principal Shareholder shall
have knowingly transferred such Common Shares other than pursuant to a tender offer available to
all Shareholders of the same class or series in which such Principal Shareholder or transferee
tenders no greater percentage of the Shares of such class or series than are tendered by all other
Shareholders of such class or series in the aggregate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The provisions of this Section shall not be applicable to (i)&nbsp;any of the transactions
described in paragraph (c)&nbsp;of this Section if two-thirds of the Board of Trustees then in office
shall by resolution have approved a memorandum of understanding or agreement with such Principal
Shareholder with respect to and substantially consistent with such transaction prior to the time
such Person shall have become a Principal Shareholder, or (ii)&nbsp;any such transaction with any
corporation of which a majority of the outstanding shares of all classes of a stock normally
entitled to vote in elections of directors is owned of record or beneficially by the Trust and its
subsidiaries and of which such Person is not a Principal Shareholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Board of Trustees shall have the power and duty to determine for the purposes of this
Section on the basis of information known to the Trust whether (i)&nbsp;a Person beneficially owns five
percent (5%) or more of the outstanding Shares, (ii)&nbsp;a Person is an
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;affiliate&#148; or &#147;associate&#148; (as
defined above) of another, (iii)&nbsp;the assets being acquired or leased to or by the Trust or any
subsidiary thereof constitute a substantial part of the assets of the Trust and have an aggregate
fair market value of less than $5,000,000, and (iv)&nbsp;the memorandum of understanding or agreement
referred to in paragraph (d)&nbsp;hereof is substantially consistent with the transaction covered
thereby. Any such determination shall be conclusive and binding for all purposes of this Section.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MISCELLANEOUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <U>Filing</U>. This Declaration and any amendment (including any supplement) hereto shall be filed in such
places as may be required or as the Trustees deem appropriate. Each amendment shall be accompanied
by a certificate signed and acknowledged by a Trustee stating that such action was duly taken in a
manner provided herein, and shall, upon insertion in the Trust&#146;s minute book, be conclusive
evidence of all amendments contained therein. A restated Declaration, containing the original
Declaration as amended by all amendments theretofore made, may be executed from time to time by a
majority of the Trustees and shall, upon insertion in the Trust&#146;s minute book, be conclusive
evidence of all amendments contained therein and may thereafter be referred to in lieu of the
original Declaration and the various amendments thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <U>Resident Agent</U>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially
be The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801. The Trustees may
designate a successor resident agent, provided, however, that such appointment shall not become
effective until written notice thereof is delivered to the office of the Secretary of the State.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <U>Governing Law</U>. This Declaration is executed by a majority of the Trustees and delivered in the State of Delaware
and with reference to the laws thereof, and the rights of all parties and the validity and
construction of every provision hereof shall be subject to and construed according to the laws of
said State and reference shall be specifically made to the business corporation law of the State of
Delaware as to the construction of matters not specifically covered herein or as to which an
ambiguity exists, although such law shall not be viewed as limiting the powers otherwise granted to
the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <U>Counterparts</U>. This Declaration may be simultaneously executed in several counterparts, each of which shall be
deemed to be an original, and such counterparts, together, shall constitute one and the same
instrument, which shall be sufficiently evidenced by any such original counterpart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <U>Reliance by Third Parties</U>. Any certificate executed by an individual who, according to the records of the Trust, or of any
recording office in which this Declaration may be recorded, appears to be a Trustee hereunder,
certifying to: (a)&nbsp;the number or identity of Trustees or Shareholders, (b)&nbsp;the name of the Trust,
(c)&nbsp;the due authorization of the execution of any instrument or writing, (d)&nbsp;the form of any vote
passed at a meeting of Trustees or Shareholders, (e)&nbsp;the fact that the number of Trustees or
Shareholders present at any meeting or executing any
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">written instrument satisfies the requirements
of this Declaration, (f)&nbsp;the form of any By Laws adopted by or the identity of any officers elected
by the Trustees, or (g)&nbsp;the existence of any fact or facts which in any manner relate to the
affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any
person dealing with the Trustees and their successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <U>Provisions in Conflict with Law or Regulation</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The provisions of this Declaration are severable, and if the Trustees shall determine,
with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the
regulated investment company provisions of the Code or with other applicable laws and regulations,
the conflicting provision shall be deemed never to have constituted a part of this Declaration to
the extent of such conflict; provided, however, that such determination shall not affect any of the
remaining provisions of this Declaration or render invalid or improper any action taken or omitted
prior to such determination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any provision of this Declaration shall be held invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall attach only to such provision in such
jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any
other provision of this Declaration in any jurisdiction.
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned have caused these presents to be executed as of the day
and year first above written.
</DIV>
<DIV align="center">
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    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
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<TR></TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Anthony J. Colavita
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Anthony J. Colavita
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James P. Conn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">James P. Conn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mario d&#146;Urso</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Mario d&#146;Urso</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Vincent D. Enright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Vincent D. Enright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael J. Melarkey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Michael J. Melarkey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Salvatore M. Salibello</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Salvatore M. Salibello</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Salvatore J. Zizza</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Salvatore J. Zizza</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
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</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.B
<SEQUENCE>3
<FILENAME>y92093a1exv99wb.htm
<DESCRIPTION>EX-99.B
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wb</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;(b)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AMENDED &#038; RESTATED BY-LAWS
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">OF
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"> THE GABELLI GLOBAL UTILITY  &#038; INCOME TRUST
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I Shareholder Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.1 Chairman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.2 Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.3 Fixing Record Dates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.4 Inspectors of Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.5 Special Meetings of Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.6 Place of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.7 Notice of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.8 Nature of Business at Annual Meetings of Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.9 Nomination of Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.10 Conduct of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.11 Postponements; Adjournments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II Trustees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.1 Annual and Regular Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.2 Chairman; Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.3 Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.4 Governance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.1 Officers of the Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.2 Election and Tenure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.3 Removal of Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.4 Bonds and Surety</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.5 Chairman, President, and Vice Presidents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.6 Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.7 Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.8 Other Officers and Duties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.1 Depositories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.2 Signatures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.3 Seal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.4 Disclosure of Holdings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.5 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.6 Provisions in Conflict with Law or Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<tr style="font-size: 10pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V SHARE Transfers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.1 Transfer Agents, Registrars and the Like</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.2 Transfer of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.3 Registered Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI Amendment of By-Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.1 Amendment and Repeal of By-Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE GABELLI GLOBAL UTILITY  &#038; INCOME TRUST</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDED &#038; RESTATED BY-LAWS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These By-Laws are made and adopted pursuant to Section&nbsp;3.8 of the Amended and Restated
Declaration of Trust establishing The Gabelli Global Utility  &#038; Income Trust (the &#147;<U>Fund</U>&#148;)
dated as of February 16, 2011 as from time to time amended (hereinafter called the
&#147;<U>Declaration</U>&#148;). All words and terms capitalized in these By-Laws and not defined herein
shall have the meaning or meanings set forth for such words or terms in the Declaration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. As used in these By-Laws, the following terms shall have the meanings
ascribed to them:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>12(d) Holder</U>&#148; shall have the meaning set forth in Section&nbsp;2.3(a)(xiii) of Article&nbsp;II
of these By-Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>1940 Act</U>&#148; shall mean the Investment Company Act of 1940 and the rules and regulations
promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>5% Holder</U>&#148; shall have the meaning set forth in Section&nbsp;2.3(a)(ix) of Article&nbsp;II of
these By-Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>beneficial owner</U>&#148; of a security shall mean any person who, directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise (A)&nbsp;has or shares: (1)
voting power which includes the power to vote, or to direct the voting of, such security; and/or,
(2)&nbsp;investment power which includes the power to dispose, or to direct the disposition, of such
security or (B)&nbsp;owns, controls or holds with power to vote such security. A person shall be deemed
to be the beneficial owner of shares if that person has the right to acquire beneficial ownership
of such shares at any time whether or not within sixty days. &#147;Beneficially own,&#148; &#147;own beneficially&#148;
and related terms shall have correlative meaning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>By-Laws</U>&#148; shall mean these By-Laws of the Fund as amended or restated from time to
time by the Trustees.<SUP style="FONT-size: 85%; vertical-align: text-top"> </SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Code</U>&#148; shall mean the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>control</U>&#148; shall mean the power to exercise a controlling influence over a person,
which in the case of a company means the power to exercise a controlling influence over the
management or policies of such company, unless such power is solely the result of an official
position with such company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>control relationship</U>&#148; with respect to any person shall mean control over such person,
being controlled by such person or being under common control with such person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>director</U>&#148; shall mean any director of a corporation or any person performing similar
functions with respect to any organization, whether incorporated or unincorporated,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">including any
natural person who is a member of a board of trustees of any organization that is a statutory or
common-law trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Disclosable Relationship</U>&#148; with respect to another person means (A)&nbsp;the existence at
any time during the current calendar year or at any time within the two most recently completed
calendar years of any agreement, arrangement, understanding or practice, including the sharing of
information, decisions or actions, of a person with such other person with respect to the Fund or
Shares, (B)&nbsp;the beneficial ownership of securities of any person known by such person to
beneficially own Shares and of which such person knows such other person also beneficially owns any
securities, (C)&nbsp;sharing beneficial ownership of any securities with such other Person, (D)&nbsp;being an
immediate family member of such other person, (E)&nbsp;the existence at any time during the current
calendar year or at any time within the two most recently completed calendar years of a material
business or professional relationship with such other person or with any person of which such other
person is a 5% Holder, officer, director, general partner, managing member or employee or (F)
controlling, being controlled by or being under common control with such other person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934 and the rules and
regulations promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>immediate family member</U>&#148; shall mean any parent, child, spouse, spouse of a parent,
spouse of a child, brother or sister (including step and adoptive relationships).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Independent Trustee</U>&#148; shall mean a Trustee that is not an &#147;interested person,&#148; as
defined in Section&nbsp;2(a)(19) of the 1940 Act, of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>investment fund</U>&#148; shall have the meaning set forth in Section&nbsp;2.3(a)(iii) of Article
II of these By-Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>nominated or seated</U>&#148; shall have the meaning set forth in Section&nbsp;2.3(a) of Article&nbsp;II
of these By-Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>person</U>&#148; shall mean and include natural persons, corporations, partnerships, trusts,
limited liability companies, associations, joint ventures and other entities, whether or not legal
entities, and governments and agencies and political subdivisions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Prohibited Conduct</U>&#148; shall have the meaning set forth in Section&nbsp;2.3(a)(v) of Article
II of these By-Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Proposed Nominee</U>&#148; shall have the meaning set forth in Section&nbsp;1.9(d)(i) of Article&nbsp;I
of these By-Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Proposed Nominee Associate</U>&#148; of any Proposed Nominee shall mean any person who has a
Disclosable Relationship with such Proposed Nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>proxy access rules</U>&#148; shall have the meaning set forth in Section&nbsp;1.9(g) of Article&nbsp;I
of these By-Laws.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>SEC</U>&#148; shall mean the U.S. Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Shareholder Associate</U>&#148; of any beneficial or record shareholder of Shares shall mean
any person who has a Disclosable Relationship with such beneficial or record shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Shares</U>&#148; shall mean the units of beneficial interest into which the beneficial
interests in the Fund shall be divided from time to time, including any preferred units of
beneficial interest, which may be issued from time to time, as described herein. All references to
Shares shall be deemed to be Shares of any or all series or classes as the context may require.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>special meeting in lieu of an annual meeting</U>&#148; shall mean a special meeting called by
Trustees for the purpose of removing Trustees or terminating the Fund&#146;s investment advisory
agreement in the event that an annual meeting of shareholders is not held on or before such date as
may be required by Section&nbsp;6.1 of the Declaration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Special Meeting Request</U>&#148; shall have the meaning set forth in Section&nbsp;1.5(b) of
Article&nbsp;I of these By-Laws.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>SHAREHOLDER MEETINGS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1 <U>Chairman</U> . Except as otherwise provided in Section&nbsp;1.10 of these Bylaws, the Chairman, if any, shall act as
chairman at all meetings of the shareholders; in the Chairman&#146;s absence, the Trustee or Trustees
present at each meeting may elect a temporary chairman for the meeting, who may be one of
themselves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.2 <U>Voting</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;As provided in the Declaration, shareholders shall have no power to vote on any matter
except as provided in or pursuant to Section&nbsp;6.2 of the Declaration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;As provided in Section&nbsp;6.4(b) of the Declaration, where a separate vote of one or more
classes or series of Shares is required on any matter: (i)&nbsp;if the vote is for the election of one
or more Trustees, the affirmative vote of a plurality of the Shares of such class or classes or
series or series present in person or represented by proxy and entitled to vote for such Trustee or
the Trustees shall be the act of the shareholders of such class or classes or series or series with
respect to the election of such Trustee or Trustees; and (ii)&nbsp;if the vote is for any other matter,
the affirmative vote of a majority of the Shares of such class or classes or series or series
present in person or represented by proxy and entitled to vote on such other matter shall be the
act of the shareholders of such class or classes or series or series with respect to such other
matter, in each case at any meeting at which a quorum is present with respect to the vote on the
election of such Trustee(s) or such other matter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Shareholders may vote either in person or by duly executed proxy and each full share
represented at the meeting shall have one vote, all as provided in Article&nbsp;6 of the Declaration.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.3 <U>Fixing Record Dates</U>. For the purpose of determining the shareholders who are entitled to notice of or to vote or act
at any meeting, including any adjournment thereof, or who are entitled to participate in any
dividends, or for any other proper purpose, the Trustees may from time to time, without closing the
transfer books, fix a record date in the manner provided in Section&nbsp;6.3 of the Declaration. If the
Trustees do not prior to any meeting of shareholders so fix a record date or close the transfer
books, then the date on which mailing of notice of the meeting is commenced or the date upon which
the dividend resolution is adopted, as the case may be, shall be the record date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.4 <U>Inspectors of Election</U>. In advance of any meeting of shareholders, the Trustees may appoint inspectors of election to
act at the meeting or any adjournment thereof. If inspectors of election are not so appointed, the
Chairman, if any, of any meeting of shareholders may appoint inspectors of election of the meeting.
The number of inspectors shall be either one or three. In case any person appointed as inspector
fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the
Trustees in advance of the convening of the meeting or at the meeting by the person acting as
chairman. The inspectors of election shall determine the number of Shares outstanding, the Shares
represented at the meeting, the existence of a quorum, the authenticity, validity and effect of
proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and
questions in any way arising in connection with the right to vote, shall count and tabulate all
votes or consents, determine the results, and do such other acts as may be proper to conduct the
election or vote with fairness to all shareholders. If there are three inspectors of election, the
decision, act or certificate of a majority is effective in all respects as the decision, act or
certificate of all. On request of the Chairman, if any, of the meeting, the inspectors of election
shall make a report in writing of any challenge or question or matter determined by them and shall
execute a certificate of any facts found by them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.5 <U>Special Meetings of Shareholders</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Special meetings of shareholders may be called only by the Board of Trustees (or any duly
authorized committee), except a special meeting in lieu of an annual meeting shall be called by the
Trustees upon the timely receipt by the Secretary of a request in proper form from one or more
record shareholders acting pursuant to and in accordance with Section&nbsp;6.1 of the Declaration. Only
such business shall be conducted at a special meeting or a special meeting in lieu of an annual
meeting as shall be specified in the notice of meeting (or any supplement thereto). In fixing a
date for any special meeting, the Board of Trustees (or any duly authorized committee) may consider
such factors as it deems relevant, including, without limitation, the nature of the matters to be
considered, the facts and circumstances surrounding any request for the meeting and any plan of the
Board of Trustees to call an annual meeting or a special meeting; <I>provided, however</I>, that the date
fixed for any special meeting is consistent with Section&nbsp;6.1 of the Declaration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any shareholder(s) of record seeking to request a special meeting shall send written
notice to the Secretary (the &#147;<U>Special Meeting Request</U>&#148;) by registered mail, return receipt
requested, requesting the Secretary to call a special meeting. Proof of the requesting
shareholder&#146;s ownership of Shares at the time of giving the Special Meeting
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Request must accompany
the requesting shareholder&#146;s Special Meeting Request. The Special Meeting Request shall set forth
the purpose of the meeting and the matters proposed to be acted on at the meeting, shall be signed
by one or more shareholders of record (or their duly authorized agents), shall bear the date of
signature of each requesting shareholder (or its duly authorized agent) signing the Special Meeting
Request and shall set forth all information that each such shareholder of record and, with respect
to the beneficial owners of Shares on whose behalf such request is being made, each such beneficial
owner of Shares would be required to disclose in a proxy statement or other filings required to be
made in connection with solicitations of proxies with respect to the proposed business to be
brought before the meeting pursuant to Section&nbsp;14 of the Exchange Act, as well as additional
information required by Section&nbsp;1.8(d) of Article&nbsp;I of these By-Laws. Upon receiving the Special
Meeting Request, the Trustees may in their discretion fix a date for the special meeting in lieu of
an annual meeting, which need not be the same date as that requested in the Special Meeting
Request.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The shareholder(s) of record providing notice of business proposed to be brought
before a special meeting in lieu of an annual meeting shall further update and supplement
such notice, if necessary, so that the information provided or required to be provided in
such notice pursuant to this Section&nbsp;1.5 shall be true and correct as of the record date for
determining the shareholders entitled to receive notice of the special meeting in lieu of an
annual meeting and such update and supplement shall be delivered to or be mailed and
received by the Secretary at the principal executive offices of the Fund not later than five
(5)&nbsp;business days after the record date for determining the shareholders entitled to receive
notice of the special meeting in lieu of an annual meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Board of Trustees shall determine the validity of any purported Special
Meeting Request received by the Secretary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Within ten (10)&nbsp;days of receipt of a valid Special Meeting Request, the Secretary
shall inform the requesting shareholders of the reasonably estimated cost of preparing and
mailing the notice of meeting (including the Fund&#146;s proxy materials). The Secretary shall
not be required to call a special meeting in lieu of an annual meeting upon receipt of a
Special Meeting Request and such meeting shall not be held unless the Secretary receives
payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;No business shall be conducted at a special meeting in lieu of an annual meeting of
shareholders except business brought before any such meeting in accordance with the procedures set
forth in this Section&nbsp;1.5 of this Article&nbsp;I and in compliance with Article&nbsp;6 of the Declaration.
If the chair of a special meeting in lieu of an annual meeting determines that business was not
properly brought before such meeting in accordance with the foregoing procedures, the chair shall
declare to the meeting that the business was not properly brought before the meeting and such
business shall not be transacted.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Nothing contained in this Section&nbsp;1.5 of this Article&nbsp;I shall be deemed to
affect any rights of shareholders to request inclusion of proposals in the Fund&#146;s proxy statement
pursuant to Rule&nbsp;14a-8 under the Exchange Act (or any successor provision of law).
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.6 <U>Place of Meetings</U>. Any shareholder meeting, including any special meeting, shall be held within or without the
state in which the Fund was formed at such place, date and time as the Trustees shall designate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.7 <U>Notice of Meetings</U>. Written notice of all meetings of shareholders, stating the place, date and time of the meeting,
shall be given by the Secretary by mail to each shareholder of record entitled to vote thereat at
its registered address, mailed at least ten (10)&nbsp;days and not more than sixty (60)&nbsp;days before the
meeting or otherwise in compliance with applicable binding law. Such notice will also specify the
means of remote communications, if any, by which shareholders and proxyholders may be deemed to be
present in person and vote at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.8 <U>Nature of Business at Annual Meetings of Shareholders</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Only such business (other than nominations for election to the Board of Trustees, which
must comply with the provisions of Section&nbsp;1.9 of this Article&nbsp;I) may be transacted at an annual
meeting of shareholders as is either:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) specified in the notice of meeting (or any supplement thereto) given by or at the
direction of the Board of Trustees (or any duly authorized committee thereof),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) otherwise properly brought before the annual meeting by or at the direction of the
Board of Trustees (or any duly authorized committee thereof), or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) otherwise properly brought before the annual meeting by any shareholder of record
of the Fund:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) who is a shareholder of record on the date such shareholder gives the
notice provided for in this Section&nbsp;1.8 of this Article&nbsp;I and on the record date for
the determination of shareholders entitled to notice of and to vote at such annual
meeting; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) who complies with the notice procedures set forth in this Section&nbsp;1.8 of
this Article&nbsp;I.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition to any other applicable requirements, for business to be properly brought
before an annual meeting by a shareholder, such shareholder of record must have given timely notice
thereof in proper written form to the Secretary of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;To be timely, a record shareholder&#146;s notice to the Secretary must be delivered to or be
mailed and received at the principal executive offices of the Fund not less than one hundred and
twenty (120)&nbsp;days nor more than one hundred and fifty (150)&nbsp;days prior to the anniversary date of
the immediately preceding annual meeting of shareholders; provided,
however, that such notice for the 2011 annual meeting of shareholders shall be delivered to
the Secretary at the principal executive offices of the Fund neither earlier than 9:00 a.m.,
Eastern Time, on the 120th day nor later than 5:00 p.m., Eastern Time, on the 90th day before the
first anniversary of the date of the proxy statement for the preceding year&#146;s annual meeting of
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholders; provided, further, however, that in the event that an annual meeting is called for a
date that is not within twenty-five (25)&nbsp;days before or after such anniversary date, notice by the
shareholder of record in order to be timely must be so received not later than the close of
business on the tenth (10th) day following the day on which such notice of the date of the annual
meeting was mailed or such public disclosure of the date of the annual meeting was made, whichever
first occurs. &#147;<U>Public disclosure</U>&#148; shall mean disclosure (i)&nbsp;in a press release reported by
the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated
news or wire service or (ii)&nbsp;in a document publicly filed by the Fund with the SEC pursuant to the
Exchange Act. In no event shall the adjournment or postponement of an annual meeting, or the
public announcement of such an adjournment or postponement, commence a new time period (or extend
any time period) for the giving of a record shareholder&#146;s notice as described above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;To be in proper written form, a record shareholder&#146;s notice to the Secretary must set
forth the following information:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each matter such shareholder of record proposes to bring before the annual
meeting, a brief description of the business desired to be brought before the annual meeting
and the reasons for conducting such business at the annual meeting, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to the record shareholder giving notice and each beneficial owner, if any, on
whose behalf such notice is being given,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name and address of each such person and of each Shareholder Associate
of each such person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1)&nbsp;the class or series and number of all Shares which are owned
beneficially or of record by each such person and each Shareholder Associate of each
such person,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether and the extent to which any derivative instrument, swap, option,
warrant, short interest, hedge or profit interest or other transaction has been
entered into by or on behalf of any such person, or any Shareholder Associate of any
such person, with respect to Shares, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whether and the extent to which any other transaction, agreement,
arrangement or understanding (including any short position or any borrowing or
lending of Shares) has been made by or on behalf of any such person, or any
Shareholder Associate of any such person, where the effect or intent of any of the
foregoing is to mitigate loss to, or to manage risk or benefit of Share price
changes for, any such person, or any Shareholder Associate
of any such person, or to increase or decrease the voting power or pecuniary or
economic interest of any such person, or any Shareholder Associate of any such
person, with respect to Shares;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a description of all agreements, arrangements, or understandings (whether
written or oral) between or among any such person, or any Shareholder Associate of
any such person, and any other person or persons (including their names) in
connection with the proposal of such business and any material interest of such
person or any Shareholder Associate of any such person, in such business, including
any anticipated benefit therefrom to such person, or any Shareholder Associate of
any such person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a description of all commercial and professional relationships and
transactions between or among any such person, or any Shareholder Associate of any
such person, and any other person or persons known to such person or Shareholder
Associate to have a material interest in the matter that is the subject of such
notice;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) all information relating to each such person and each Shareholder Associate
of each such person that would be required to be disclosed in a proxy statement or
other filing required to be made in connection with the solicitation of proxies by
any such person with respect to the proposed business to be brought by any such
person before the annual meeting pursuant to Section&nbsp;14 of the Exchange Act; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a representation that the shareholder of record giving notice intends to
appear in person or by proxy at the annual meeting to bring such business before the
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;A shareholder of record providing notice of business proposed to be brought before an
annual meeting shall further update and supplement such notice, if necessary, so that the
information provided or required to be provided in such notice pursuant to this Section&nbsp;1.8 of this
Article&nbsp;I shall be true and correct as of the record date for determining the shareholders entitled
to receive notice of the annual meeting and such update and supplement shall be delivered to or be
mailed and received by the Secretary at the principal executive offices of the Fund not later than
five (5)&nbsp;business days after the record date for determining the shareholders entitled to receive
notice of the annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No business (other than nominations for election to the Board of Trustees, which must
comply with the provisions of Section&nbsp;1.9 of this Article&nbsp;I) shall be conducted at the annual
meeting of shareholders except business brought before the annual meeting in accordance with the
procedures set forth in this Section&nbsp;1.8 of this Article&nbsp;I. If the chair of an annual meeting
determines that business was not properly brought before the annual meeting in accordance with the
foregoing procedures, the chair shall declare to the meeting that the business was not properly
brought before the meeting and such business shall not be transacted at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Nothing contained in this Section&nbsp;1.8 of this Article&nbsp;I shall be deemed to affect any
rights of shareholders to request inclusion of proposals in the Fund&#146;s proxy statement pursuant to
Rule&nbsp;14a-8 under the Exchange Act (or any successor provision of law).
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;If information submitted pursuant to this Section&nbsp;1.8 of this Article&nbsp;I by any shareholder
proposing to bring a matter before the annual meeting shall be inaccurate or incomplete in any
material respect, such information may be deemed not to have been provided, and the notice in
respect of which such information is required by this Section&nbsp;1.8 may be deemed not to have been
made, in accordance with this Section&nbsp;1.8 of this Article&nbsp;I. Any such shareholder shall notify the
Fund of any inaccuracy or incompleteness (within two business days of becoming aware of such
inaccuracy or change) in any such information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.9 <U>Nomination of Trustees</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Only persons who are nominated in accordance with the following procedures shall be
eligible for election as Trustees of the Fund. Nominations of persons for election to the Board of
Trustees may be made only at any annual meeting of shareholders, except to the extent otherwise
required by the 1940 Act:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by or at the direction of the Board of Trustees (or any duly authorized committee
thereof), or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by any shareholder(s) of record of the Fund:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) who is a shareholder or are shareholders of record on the date such
shareholder(s) give the notice provided for in this Section&nbsp;1.9 of this Article&nbsp;I
and on the record date for the determination of shareholders entitled to notice of
and to vote at such annual meeting; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) who complies or comply with the notice procedures set forth in this Section
1.9 of this Article&nbsp;I.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition to any other applicable requirements, for a nomination to be made by one or
more shareholder(s) of record, such shareholder(s) must have given timely notice thereof in proper
written form to the Secretary of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;To be timely, a record shareholder&#146;s notice to the Secretary must be delivered to or be
mailed and received at the principal executive offices of the Fund:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an annual meeting, not less than one hundred and twenty (120)&nbsp;days
nor more than one hundred and fifty (150)&nbsp;days prior to the anniversary date of the
immediately preceding annual meeting of shareholders; provided, however, that such notice
for the 2011 annual meeting of shareholders shall be delivered to the Secretary at the
principal executive offices of the Fund neither earlier than 9:00 a.m., Eastern Time, on the
120th day nor later than 5:00 p.m., Eastern Time, on the 90th day before the first
anniversary of the date of the proxy statement for the preceding year&#146;s annual meeting of
shareholders; provided, further, however, that in the event that an annual meeting is called
for a date that is not within twenty-five (25)&nbsp;days before or after
such anniversary date, notice by the shareholder of record in order to be timely must
be so received not later than the close of business on the tenth (10th) day following the
day on which such notice of the date of the annual meeting was mailed or such public
disclosure of the date of the annual meeting was made, whichever first occurs; and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in no event shall the adjournment or postponement of an annual meeting, or the
public announcement of such an adjournment or postponement, commence a new time period (or
extend any time period) for the giving of notice as described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;To be in proper written form, a notice from one or more record shareholders to the
Secretary must set forth the following information:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each person whom the shareholder of record proposes to nominate for election
as a Trustee (a &#147;<U>Proposed Nominee</U>&#148;) and each Proposed Nominee Associate of each such
person:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name, age, business address and residence address of such Proposed
Nominee and of each Proposed Nominee Associate of such Proposed Nominee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal occupation or employment of such Proposed Nominee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) (1)&nbsp;the number of shares of each class or series of Shares which are owned
beneficially or of record, directly or indirectly, by such Proposed Nominee and each
Proposed Nominee Associate of such Proposed Nominee, and the name and address of the
record holder(s) of such Shares (if different than the beneficial owner(s)) as they
appear on the records of the Fund,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether and the extent to which any derivative instrument, swap,
option, warrant, short interest, hedge or profit interest or other
transaction has been entered into by or on behalf of such Proposed Nominee,
or by or on behalf of any Proposed Nominee Associate of such Proposed
Nominee, with respect to Shares,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whether and the extent to which any other transaction, agreement,
arrangement or understanding (including any short position or any borrowing
or lending of Shares) has been made by or on behalf of such Proposed
Nominee, or any Proposed Nominee Associate, where the effect or intent of
any of the foregoing is to mitigate loss to, or to manage risk or benefit of
share price changes for, such Proposed Nominee, or any Proposed Nominee
Associate of such Proposed Nominee, or to increase or decrease the voting
power or pecuniary or economic interest of such Proposed Nominee, or any
Proposed Nominee Associate of such Proposed Nominee, with respect to the
Shares,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a description of all agreements, arrangements, or understandings
(whether written or oral) between such Proposed Nominee, and any Proposed
Nominee Associate of such Proposed Nominee, and any material interest of
such Proposed Nominee Associate, in such nomination, including any
anticipated benefit therefrom to such Proposed Nominee Associate,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a description of all commercial and professional relationships and
transactions between or among such Proposed Nominee, or any Proposed Nominee
Associate, and any other person or persons known to such person or Proposed
Nominee Associate to have a material interest in such nominations,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a representation as to whether such Proposed Nominee is an
&#147;interested person,&#148; as defined under Section&nbsp;2(a)(19) of the 1940 Act, of
the Fund and sufficient information about the Proposed Nominee to permit
counsel to the Fund to confirm such representation, including information
with respect to each relationship set forth in Section&nbsp;2(a)(19) of the 1940
Act which may cause such Proposed Nominee to be an interested person of the
Fund or a representation that no such relationship exists, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) all information necessary to establish that the Proposed Nominee
satisfies the Trustee qualifications as set out in Section&nbsp;2.3 of Article&nbsp;II
of these By-Laws;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all information relating to such Proposed Nominee and each Proposed Nominee
Associate of such Proposed Nominee that would be required to be disclosed in a proxy
statement or other filings required to be made in connection with solicitations of
proxies for election of Trustees in an election contest pursuant to Section&nbsp;14 of
the Exchange Act (even if an election contest is not involved); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;as to each shareholder of record giving the notice, and each beneficial owner, if
different than the shareholder of record, on whose behalf the nomination is being made,
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name and record address of such person and of each Shareholder
Associate of each such person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) (1)&nbsp;the number of shares of each class or series of Shares which are owned
beneficially or of record, directly or indirectly, by such person and each
Shareholder Associate of such person,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) whether and the extent to which any derivative instrument, swap,
option, warrant, short interest, hedge or profit interest or other
transaction has been entered into by or on behalf of such
person, or by or on behalf of any Shareholder Associate, with respect
to Shares, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whether and the extent to which any other transaction, agreement,
arrangement or understanding (including any short position or any borrowing
or lending of Shares) has been made by or on behalf of such person, or by or
on behalf of any Shareholder Associate of such person, when the effect or
intent of any of the foregoing being is to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">mitigate loss to, or to manage
risk or benefit of Share price changes for, such person, or any Shareholder
Associate of such person, or to increase or decrease the voting power or
pecuniary or economic interest of such person, or any Shareholder Associate
of such person, with respect to Shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a description of all agreements, arrangements, or understandings (whether
written or oral) between such person, and any Shareholder Associate of such person,
and any proposed nominee or any other person or persons (including their names)
pursuant to which the nomination(s) are being made by such person, and any material
interest of such person, and any Shareholder Associate, in such nomination,
including any anticipated benefit therefrom to such person, and any Shareholder
Associate of such person;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a description of all commercial and professional relationships and
transactions between or among any such person, or any Shareholder Associate of any
such person, and any other person or persons known to such person or Shareholder
Associate to have a material interest in such nomination;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) all information relating to such person and each Shareholder Associate of
such person that would be required to be disclosed in a proxy statement or other
filings required to be made in connection with the solicitation of proxies for
election of Trustees in an election contest pursuant to Section&nbsp;14 of the Exchange
Act (even if an election contest is not involved);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) a representation that the shareholder(s) giving notice intends to appear in
person or by proxy at the annual meeting to nominate the person(s) named in the
notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such notice must be accompanied by a certificate executed by the Proposed Nominee
certifying that such Proposed Nominee (a)&nbsp;is not, and will not become a party to, any
agreement, arrangement or understanding with any person or entity other than the Fund in
connection with service or action as a Trustee of the Fund that has not been disclosed to
the Fund, (b)&nbsp;will serve as a Trustee of the Fund if elected, and (c)&nbsp;satisfies the Trustee
qualifications as set out in Section&nbsp;2.3 of Article&nbsp;II of these By-Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;A shareholder or shareholders of record providing notice of any nomination proposed to be
made at an annual meeting shall further update and supplement such notice, if necessary, so that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the information provided or required to be provided in such notice pursuant to this
Section&nbsp;1.9 of this Article&nbsp;I shall be true and correct as of the record date for
determining the shareholders entitled to receive notice of the annual meeting, and such
update and supplement shall be delivered to or be mailed and received by the Secretary at
the principal executive offices of the Fund not later than five (5)
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">business days after the
record date for determining the shareholders entitled to receive notice of such annual
meeting; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subsequent information reasonably requested by the Board of Trustees to
determine that the Proposed Nominee has met the Trustee qualifications as set out in Section
2.3 of this Article&nbsp;II is provided, and such update and supplement shall be delivered to or
be mailed and received by the Secretary at the principal executive offices of the Fund not
later than five (5)&nbsp;business days after the request by the Board of Trustees for subsequent
information regarding Trustee qualifications has been delivered to or mailed and received by
such shareholder of record, or group of shareholders of record, providing notice of any
nomination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No person shall be eligible for election as a Trustee of the Fund unless nominated in
accordance with the procedures set forth in this Section&nbsp;1.9 of this Article&nbsp;I. If the chair of
the meeting determines that a nomination was not made in accordance with the foregoing procedures,
the chair shall declare to the meeting that the nomination was defective and such defective
nomination shall be disregarded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Notwithstanding any provision of this Section&nbsp;1.9 of this Article&nbsp;I to the contrary, a
nomination of persons for election to the Board of Trustees may be submitted for inclusion in the
Fund&#146;s proxy materials to the extent required by rules adopted from time to time by the SEC
providing for such nominations and inclusion and interpretations thereof (&#147;<U>proxy access
rules</U>&#148;), and, if such nomination is submitted under the proxy access rules, such submission:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in order to be timely, must be delivered to, or be mailed and received by, the
Secretary at the principal executive offices of the Fund no later than 120 calendar days
before the anniversary of the date that the Fund mailed (or otherwise disseminated) its
proxy materials for the prior year&#146;s annual meeting (or such other date as may be set forth
in the proxy access rules for companies without advance notice bylaws);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in all other respects, must be made pursuant to, and in accordance with, the terms
of the proxy access rules, as in effect at the time of the nomination, or any successor
rules or regulations of the SEC then in effect; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) must provide the Fund with any other information required by this Section&nbsp;1.9 of
this Article&nbsp;I, by applicable law, the Declaration or a resolution of
the Trustees for nominations not made under the proxy access rules, except to the
extent that requiring such information to be furnished is prohibited by the proxy access
rules. The provisions of this paragraph (g)&nbsp;of this Section&nbsp;1.9 of this Article&nbsp;I do not
provide shareholders of the Fund with any rights, nor impose upon the Fund any obligations,
other than the rights and obligations set forth in the proxy access rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;If information submitted pursuant to this Section&nbsp;1.9 of this Article&nbsp;I by any shareholder
proposing a nominee for election as a Trustee shall be inaccurate or incomplete in any material
respect, such information may be deemed not to have been provided,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the nomination in respect of
which such information is required by this Section&nbsp;1.9 may be deemed not to have been made, in
accordance with this Section&nbsp;1.9 of this Article&nbsp;I. Any such shareholder shall notify the Fund of
any inaccuracy or incompleteness (within two business days of becoming aware of such inaccuracy or
change) in any such information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.10 <U>Conduct of Meetings</U>. The Board of Trustees of the Fund may adopt by resolution such rules and regulations for the
conduct of any meeting of the shareholders as it shall deem appropriate. Every meeting of the
stockholders shall be conducted by an individual appointed by the Board of Trustees to be chairman
of the meeting or, in the absence of such appointment or appointed individual, by the chairman of
the Board of Trustees, by one of the officers present at the meeting, and if no officer is present,
by the stockholders by the vote of a majority of the votes cast by stockholders present in person
or by proxy. In the discretion of the chairman of the meeting selected pursuant to the foregoing
provisions of this Section&nbsp;1.10, the lead independent Trustee may conduct such meeting of
shareholders in lieu of the individual selected pursuant to the foregoing provisions. The
Secretary, or, in the Secretary&#146;s absence, an Assistant Secretary, or, in the absence of both the
Secretary and Assistant Secretaries, an individual appointed by the Board of Trustees or, in the
absence of such appointment, an individual appointed by the chairman of the meeting shall act as
secretary of the meeting. In the event that the Secretary presides at a meeting of the
stockholders, an Assistant Secretary, or, in the absence of Assistant Secretaries, an individual
appointed by the Board of Trustees or the chairman of the meeting, shall record the minutes of the
meeting. Except to the extent inconsistent with such rules and regulations as adopted by the Board
of Trustees, the chairman of any meeting of the shareholders shall have the right and authority to
prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of
such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or
procedures, whether adopted by the Board of Trustees or prescribed by the chairman of the meeting,
may include, without limitation, the following: (a)&nbsp;the establishment of an agenda or order of
business for the meeting; (b)&nbsp;the determination of when the meeting shall formally commence; (c)
the determination of rules for adjournment of the meeting prior to or after the formal commencement
of the meeting; (d)&nbsp;concluding a meeting or recessing or adjourning the meeting to a later date and
time and at a place announced at the meeting; (e)&nbsp;the determination of when the polls shall open
and close for any given matter to be voted on at the meeting; (f)&nbsp;rules and procedures for
maintaining order at the meeting and the safety of those present, including without limitation
removing any individual who refuses to comply with meeting procedures; (g)&nbsp;limitations on
attendance at and participation in the meeting to shareholders, their duly authorized and
constituted proxies or such other persons as the chairman of the meeting shall determine; (h)
restrictions on entry to the meeting after the time fixed for the commencement thereof; (i)
limitations on the time allotted to questions or comments by shareholders; (j)&nbsp;the
extent to which, if any, other participants are permitted to speak; and (k)&nbsp;removing any
shareholder or any other individual who refused to comply with meeting procedures, rules or
guidelines as set forth by the chairman of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.11 <U>Postponements; Adjournments</U>. The Board of Trustees may, prior to a meeting of shareholders being convened, postpone such
meeting from time to time to a date not more than 130&nbsp;days after the original record date. The
chairman of any meeting of the shareholders may adjourn the meeting from time to time to reconvene
at the same or some other place, and notice need not be given of any such adjourned meeting if the
time and place, if any,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">thereof and the means of remote communications, if any, by which
shareholders and proxyholders may be deemed to be present in person and vote at such adjourned
meeting are announced at the meeting at which the adjournment is taken. At the adjourned meeting,
the Fund may transact any business which might have been transacted at the original meeting. Any
adjourned meeting may be held as adjourned one or more times without further notice not later than
one hundred and thirty (130)&nbsp;days after the record date.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>TRUSTEES </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1 <U>Annual and Regular Meetings</U>. Meetings of the Trustees shall be held from time to time upon the call of the Chairman, if any,
the President, the Secretary or any two Trustees. Regular meetings of the Trustees may be held
without call or notice and shall generally be held quarterly. Except as required by applicable law,
neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees
need be stated in the notice or waiver of notice of such meeting, and no notice need be given of
action proposed to be taken by written consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2 <U>Chairman; Records</U>. The Chairman, if any, shall act as chairman at all meetings of the Trustees; in absence of the
Chairman, the Trustees present shall elect one of their number to act as temporary chairman. The
results of all actions taken at a meeting of the Trustees, or by the written consent of a majority
of the Trustees, shall be recorded by the Secretary of the Fund or such other person appointed by
the Board of Trustees as the meeting secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3 <U>Qualification</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;After Shares have been publicly offered, only persons satisfying the following
qualification requirements applicable to all Trustees may be nominated, elected, appointed,
qualified or seated (&#147;<U>nominated or seated</U>&#148;) to serve as a Trustee unless a majority of the
Board of Trustees then in office shall have determined by resolution that failure to satisfy a
particular qualification requirement will not present undue conflicts or impede the ability of the
individual to discharge the duties of a Trustee or the free flow of information among Trustees or
between the Fund&#146;s investment adviser and the Board of Trustees:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An individual nominated or seated as a Trustee shall be at least twenty-one (21)
years of age and not older than such age as shall be set forth in a written instrument
signed or adopted by not less than two-thirds of the Trustees then in office and not under
legal disability;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An individual nominated or seated as a Trustee shall, at the time the individual
is nominated or seated, serve as a director of no more than 5 companies having securities
registered under the Exchange Act or treated as public reporting companies under any
comparable regulatory regime (investment companies having the same investment adviser or
investment advisers in a control relationship with each other shall all be counted as a
single company for this purpose);
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as set forth in this Section&nbsp;2.3 of this Article&nbsp;II, an individual
nominated or seated as a Trustee shall not be an employee, officer, partner, member,
director or record or beneficial owner of 5% or more of any class of securities of (A)&nbsp;any
investment adviser or person in a control relationship with such investment adviser (other
than the Fund&#146;s investment adviser or any investment adviser in a control relationship with
the Fund&#146;s investment adviser), (B)&nbsp;any collective investment vehicle, including the Fund,
primarily engaged in the business of investing in &#147;investment securities&#148; (as defined in the
1940 Act) (an &#147;<U>investment fund</U>&#148;) (other than by reason of being an employee,
officer, partner, member, director or controlling person of the Fund&#146;s investment adviser,
any investment adviser in a control relationship with the Fund&#146;s investment adviser or any
person in a control relationship with any of the foregoing) or (C)&nbsp;an entity controlling or
controlled by any investment adviser (other than the Fund&#146;s investment adviser or any
investment adviser in a control relationship with the Fund&#146;s investment adviser or any
person in a control relationship with any of the foregoing) or investment fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) An individual nominated or seated as a Trustee shall not have been charged (unless
such charges were dismissed or the individual was otherwise exonerated) with a criminal
offense involving moral turpitude, dishonesty or breach of trust, or have been convicted or
have pled guilty or <I>nolo contendere </I>with respect to a felony under the laws of the United
States or any state thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) An individual nominated or seated as a Trustee shall not be and shall not have been
subject to any censure, order, consent decree (including consent decrees in which the
respondent has neither admitted nor denied the findings) or adverse final action of any
federal, state or foreign governmental or regulatory authority (including self-regulatory
organizations), barring or suspending such individual from participation in or association
with any investment-related business or restricting such individual&#146;s activities with
respect to any investment-related business (collectively, &#147;<U>Prohibited Conduct</U>&#148;),
nor shall an individual nominated or seated as a Trustee be the subject of any investigation
or proceeding that could reasonably be expected to result in an individual nominated or
seated as a Trustee failing to satisfy the requirements of this paragraph, nor shall any
individual nominated or seated as a Trustee be or have engaged in any conduct which has
resulted in, or could have reasonably been expected or would reasonably be expected to
result in, the SEC
censuring, placing limitations on the activities, functions, or operations of,
suspending, or revoking the registration of any investment adviser under Section 203(e) or
(f)&nbsp;of the Investment Advisers Act of 1940;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) An individual nominated or seated as a Trustee shall not be and shall not have
been the subject of any of the ineligibility provisions contained in Section 9(a) of the
1940 Act that would result in, or could have reasonably been expected or would reasonably be
expected to result in such individual or a company of which such individual is an affiliated
person (as defined in Section&nbsp;2(a)(3) of the 1940 Act) being ineligible, in the absence of
an exemptive order under Section 9(c) of the 1940 Act, to serve or act in the capacity of
employee, officer, director, member of an advisory board, investment adviser, or depositor
of any registered investment company, or principal
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">underwriter for any registered investment
company, registered unit investment trust, or registered face-amount certificate company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) An individual nominated or seated as a Trustee shall not be and shall not have
been the subject of any of the ineligibility provisions contained in Section 9(b) of the
1940 Act that, in the absence of an exemptive order under Section 9(c) of the 1940 Act,
would permit, or could reasonably have been expected or would reasonably be expected to
permit the SEC by order to prohibit, conditionally or unconditionally, either permanently or
for a period of time, such individual from serving or acting as an employee, officer,
director, member of an advisory board, investment adviser or depositor of, or principal
underwriter for, a registered investment company or affiliated person (as defined in Section
2(a)(3) of the 1940 Act) of such investment adviser, depositor, or principal underwriter;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) An individual nominated or seated as an Independent Trustee shall not be an
&#147;interested person,&#148; as defined under Section&nbsp;2(a)(19) of the 1940 Act, of the Fund;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) An individual nominated or seated as a Trustee shall not be the beneficial owner
of, or be a person party to an agreement, arrangement, understanding or practice for sharing
information or decisions concerning shareholder actions or the acquisition, disposition or
voting of Shares, who in the aggregate are the beneficial owners of 5% or more of the
outstanding shares of any class of Shares of the Fund (each such person other than the
Fund&#146;s investment adviser, any investment adviser in a control relationship with the Fund&#146;s
investment adviser or any person in a control relationship with any of the foregoing, a
&#147;<U>5% Holder</U>&#148;) and shall not have a Disclosure Relationship with a 5% Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) An individual nominated or seated as a Trustee shall not, and any immediate family
member of such nominee shall not, be employed or have been employed within the last two full
calendar years and current year by, or have, or have had within the last two full calendar
years and current year any material commercial or professional relationship with, any 5%
Holder or any person who controls, is controlled by, is under common control with or acts in
concert with any 5% Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) An individual nominated or seated as a Trustee shall not, and any immediate family
member of such nominee shall not, have accepted directly or indirectly, during the calendar
year of the election for which such individual is nominated or seated or during the
immediately preceding calendar year, any consulting, advisory, or other compensatory fee
from any 5% Holder or from any person who controls, is controlled by, is under common
control with or acts in concert with any 5% Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) An individual nominated or seated as a Trustee shall not, and any immediate
family member of such nominee shall not, be an officer, director, general partner or
managing member (or person performing similar functions) of any 5% Holder or of any person
who controls, is controlled by, is under common control with or acting in concert with a 5%
Holder;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) An individual nominated or seated as a Trustee shall not, and any immediate
family member of such nominee shall not, be employed or have been employed within the last
two full calendar years and the current year by any investment fund or any company or
companies controlled by one or more investment funds which in the aggregate beneficially own
(A)&nbsp;more than three percent (3%) of the outstanding voting Shares of the Fund, (B)
securities issued by the Fund having an aggregate value in excess of five percent (5%) of
the total assets of such investment fund and any company or companies controlled by such
investment fund, (C)&nbsp;securities issued by the Fund and by all other investment funds having
an aggregate value in excess of ten percent (10%) of the total assets of the investment
company making such investment and any company or companies controlled by the investment
fund making such investment, or (D)&nbsp;together with other investment funds having the same
investment adviser and companies controlled by such investment funds, more than ten percent
(10%) of the total outstanding Shares of the Fund (an investment fund making such
investment(s) and any company or companies controlled by it in the aggregate owning
securities in excess of the amounts set forth in (A), (B), (C)&nbsp;or (D), but excluding any
investment fund managed by the Fund&#146;s investment adviser or an investment adviser in a
control relationship with the Fund&#146;s investment adviser, being referred to as a &#147;<U>12(d)
Holder</U>&#148;), or by any person who controls, is controlled by, under common control with or
acts in concert with a 12(d) Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) An individual nominated or seated as a Trustee shall not, and any immediate
family member of such nominee shall not, have accepted directly or indirectly, during the
calendar year of the election for which such individual is nominated or seated, or during
the immediately preceding calendar year, any consulting, advisory, or other compensatory fee
from any 12(d) Holder or from any person who controls, is controlled by, is under common
control with or acts in concert with any 12(d) Holder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) An individual nominated or seated as a Trustee shall not, and any immediate family
member of such nominee shall not, be an officer, director, partner or managing member (or
person performing similar functions) of any 12(d) Holder or of any person who controls, is
controlled by, is under common control with or is acting in concert with a 12(d) Holder; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) An individual nominated or seated as a Trustee shall not, and any immediate
family member of such nominee shall not, control or act in concert with any 12(d) Holder or
any person who controls, is controlled by, is under common control with or is acting in
concert with a 12(d) Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4 <U>Governance</U>. The Board of Trustees may from time to time require all its members (including any individual
nominated to serve as a Trustee) to agree in writing as to matters of corporate governance,
business ethics and confidentiality while such persons serve as a Trustee, such agreement to be on
the terms and in a form determined satisfactory by the Board of Trustees, as amended and
supplemented from time to time in the discretion of the Board of Trustees.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>OFFICERS</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1 <U>Officers of the Fund</U>. The officers of the Fund shall consist of a President, a Secretary, a Treasurer and such other
officers or assistant officers as may be elected or authorized by the Trustees. Any two or more of
the offices may be held by the same Person, except that the same person may not be both President
and Secretary. No officer of the Fund need be a Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2 <U>Election and Tenure</U>. At the initial organization meeting, the Trustees shall elect the President, Secretary,
Treasurer and such other officers as the Trustees shall deem necessary or appropriate in order to
carry out the business of the Fund. Such officers shall serve at the pleasure of the Trustees or
until their successors have been duly elected and qualified. The Trustees may fill any vacancy in
office or add any additional officers at any time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.3 <U>Removal of Officers</U>. Any officer may be removed at any time, with or without cause, by action of a majority of the
Trustees. This provision shall not prevent the making of a contract of employment for a definite
term with any officer and shall have no effect upon any cause of action which any officer may have
as a result of removal in breach of a contract of employment. Any officer may resign at any time by
notice in writing signed by such officer and delivered or mailed to the Chairman, if any,
President, or Secretary, and such resignation shall take effect immediately upon receipt by the
Chairman, if any, President, or Secretary, or at a later date according to the terms of such notice
in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.4 <U>Bonds and Surety</U>. Any officer may be required by the Trustees to be bonded for the faithful performance of such
officer&#146;s duties in such amount and with such sureties as the Trustees may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.5 <U>Chairman, President, and Vice Presidents</U>. The Chairman, if any, shall, if present, preside at all meetings of the shareholders and of the
Trustees. The President shall be the chief executive officer of the Fund and, subject to the
control of the Trustees, shall have general supervision, direction and control of the business of
the Fund and of its employees and shall exercise such general powers of management as are usually
vested in the office of President of a corporation. Subject to direction of the Trustees, the
President shall each have
power in the name and on behalf of the Fund to execute any and all loans, documents, contracts,
agreements, deeds, mortgages, registration statements, applications, requests, filings and other
instruments in writing, and to employ and discharge employees and agents of the Fund. Unless
otherwise directed by the Trustees, the President shall have full authority and power, on behalf of
all of the Trustees, to attend and to act and to vote, on behalf of the Fund at any meetings of
business organizations in which the Fund holds an interest, or to confer such powers upon any other
persons, by executing any proxies duly authorizing such persons. The President shall have such
further authorities and duties as the Trustees shall from time to time determine. In the absence or
disability of the President, the Vice-Presidents in order of their rank as fixed by the Trustees
or, if more than one and not ranked, the Vice-President designated by the Trustees, shall perform
all of the duties of the President, and when so acting shall have all the powers of and be subject
to all of the restrictions upon the President. Subject to the direction of the Trustees, and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the
President, each Vice-President shall have the power in the name and on behalf of the Fund to
execute any and all instruments in writing, and, in addition, shall have such other duties and
powers as shall be designated from time to time by the Trustees or by the President.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.6 <U>Secretary</U>. The Secretary shall maintain the minutes of all meetings of, and record all votes of,
shareholders, Trustees and the Executive Committee, if any. The Secretary shall be custodian of the
seal of the Fund, if any, and the Secretary (and any other person so authorized by the Trustees)
shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Fund
which would be sealed by a Delaware business corporation executing the same or a similar instrument
and shall attest the seal and the signature or signatures of the officer or officers executing such
instrument on behalf of the Fund. The Secretary shall also perform any other duties commonly
incident to such office in a Delaware business corporation, and shall have such other authorities
and duties as the Trustees shall from time to time determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.7 <U>Treasurer</U>. Except as otherwise directed by the Trustees, the Treasurer shall have the general supervision
of the monies, funds, securities, notes receivable and other valuable papers and documents of the
Fund, and shall have and exercise under the supervision of the Trustees and of the President all
powers and duties normally incident to the office. The Treasurer may endorse for deposit or
collection all notes, checks and other instruments payable to the Fund or to its order. The
Treasurer shall deposit all funds of the Fund in such depositories as the Trustees shall designate.
The Treasurer shall be responsible for such disbursement of the funds of the Fund as may be ordered
by the Trustees or the President. The Treasurer shall keep accurate account of the books of the
Fund&#146;s transactions which shall be the property of the Fund, and which together with all other
property of the Fund in the Treasurer&#146;s possession, shall be subject at all times to the inspection
and control of the Trustees. Unless the Trustees shall otherwise determine, the Treasurer shall be
the principal accounting officer of the Fund and shall also be the principal financial officer of
the Fund. The Treasurer shall have such other duties and authorities as the Trustees shall from
time to time determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.8 <U>Other Officers and Duties</U>. The Trustees may elect such other officers and assistant officers as they shall from time to
time determine to be necessary or desirable in order to conduct the business of the Fund. Assistant
officers shall act generally in the absence of the officer whom they assist and shall assist that
officer in the duties of the office.
Each officer, employee and agent of the Fund shall have such other duties and authority as may be
conferred upon such person by the Trustees or delegated to such person by the President.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>MISCELLANEOUS </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1 <U>Depositories</U>. The funds of the Fund shall be deposited in such custodians as the Trustees shall designate and
shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or
agents (including the adviser, administrator or manager), as the Trustees may from time to time
authorize.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2 <U>Signatures</U>. All contracts and other instruments shall be executed on behalf of the Fund by its properly
authorized officers, agent or agents, as provided in the Declaration or By-Laws or as the Trustees
may from time to time by resolution provide.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.3 <U>Seal</U>. The Fund is not required to have any seal, and the adoption or use of a seal shall be purely
ornamental and be of no legal effect. The seal, if any, of the Fund, may be affixed to any
instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on
any document with the same force and effect as if it had been imprinted and affixed manually in the
same manner and with the same force and effect as if done by a Delaware business corporation. The
presence or absence of a seal shall have no effect on the validity, enforceability or binding
nature of any document or instrument that is otherwise duly authorized, executed and delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.4 <U>Disclosure of Holdings</U>. The holders of Shares or other securities of the Fund shall upon demand disclose to the Trustees
in writing such information with respect to direct and indirect ownership, control over, holding
with power to vote or other beneficial ownership of Shares or other securities of the Fund as the
Trustees deem necessary or appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.5 <U>Governing Law</U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. These By-Laws and the rights of all parties and the validity and construction of every provision
hereof shall be subject to and construed according to the laws of the state in which the Fund was
formed, although such law shall not be viewed as limiting the powers otherwise granted to the
Trustees hereunder and any ambiguity shall be viewed in favor of such powers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.6 <U>Provisions in Conflict with Law or Regulation</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The provisions of these By-Laws are severable, and if the Trustees shall determine, with
the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated
investment company provisions of the Code or with other applicable laws and regulations, the
conflicting provision shall be deemed never to have constituted a part of these By-Laws; provided,
however, that such determination shall not affect any of the remaining provisions of these By-Laws
or render invalid or improper any action taken or omitted prior to such determination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any provision of these By-Laws shall be held invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall attach only to such provision in such
jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any
other provision of these By-Laws in any jurisdiction.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>SHARE TRANSFERS </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1 <U>Transfer Agents, Registrars and the Like</U>. As provided in Section&nbsp;5.7 of the Declaration, the Trustees shall have
authority to employ and
compensate such transfer agents and registrars with respect to the Shares of the various classes
and series, if any, of the Fund as the Trustees shall deem necessary or desirable. In addition, the
Trustees shall have
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">power to employ and compensate such dividend disbursing agents, warrant agents
and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such
agents shall have such power and authority as is delegated to any of them by the Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2 <U>Transfer of Shares</U>. The Shares of the Fund shall be transferable on the books of the Fund only upon delivery to the
Trustees or a transfer agent of the Fund of proper documentation as provided in Section&nbsp;5.8 of the
Declaration. The Fund, or its transfer agents, shall be authorized to refuse any transfer unless
and until presentation of such evidence as may be reasonably required to show that the requested
transfer is proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.3 <U>Registered Shareholders</U>. The Fund may deem and treat the holder of record of any Shares as the absolute owner thereof for
all purposes and shall not be required to take any notice of any right or claim of right of any
other person.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>AMENDMENT OF BY-LAWS </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1 <U>Amendment and Repeal of By-Laws</U>. In accordance with Section&nbsp;3.8 of the Declaration, only the Trustees shall have the power to
amend or repeal the By-Laws or adopt new By-Laws at any time. Action by the Trustees with respect
to the By-Laws shall be taken by an affirmative vote of a majority of the Trustees then in office.
The Trustees shall in no event adopt By-Laws which are in conflict with the Declaration, and any
apparent inconsistency shall be construed in favor of the related provisions in the Declaration.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amended by the Board of Trustees on: February&nbsp;16 , 2011
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.D.II
<SEQUENCE>4
<FILENAME>y92093a1exv99wdwii.htm
<DESCRIPTION>EX-99.D.II
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wdwii</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit (d)(ii)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<tr style="font-size: 10pt">
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">CERTIFICATE NO.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">SHARES</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE GABELLI GLOBAL UTILITY &#038; INCOME TRUST<BR>
Organized Under the Laws of The State of Delaware<BR>
&#091; &#093;% Series &#091; &#093; Cumulative Preferred Shares<BR>
Par Value $0.001 Per Share<BR>
&#091; &#093; Liquidation Preference Per Share
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">CUSIP No.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This certifies that Cede &#038; Co. is the owner of &#091; &#093; fully paid and non-assessable &#091; &#093;% Series &#091; &#093;
Cumulative Preferred Shares, par value $0.001 per share, &#091; &#093; liquidation preference per share, of
The Gabelli Global Utility &#038; Income Trust (the &#147;Fund&#148;) transferable only on the books of the Fund
by the holder thereof in person or by duly authorized Attorney upon surrender of this Certificate
properly endorsed. This Certificate is not valid unless countersigned by the transfer agent and
registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A statement in full, of all the designations, preferences, qualifications, limitations,
restrictions and special or relative rights of the shares of each class authorized to be issued,
will be furnished by the Fund to any shareholders upon request and without charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the Fund has caused this Certificate to be signed by its duly authorized
officers this &#95;&#95;&#95;day of &#95;&#95;.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">THE GABELLI GLOBAL UTILITY
&#038; INCOME TRUST</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">As Transfer Agent and Registrar</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signature
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attest:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FOR VALUE RECEIVED, &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; hereby sells, assigns and transfers unto
Shares represented by this Certificate, and do hereby irrevocably constitute and appoint
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;Attorney to transfer the said Shares on the books of the within named Fund with full
power of substitution in the premises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; , &#95;&#95;&#95;&#95;&#95;&#95;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In presence of
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund will furnish to any shareholder, upon request and without charge, the Fund&#146;s Second
Amended and Restated Agreement and Declaration of Trust and a full statement of the designations,
preferences, limitations and relative rights of the shares of each class or series of capital stock
of the Fund authorized to be issued, so far as they have been determined, and the authority of the
Board of Trustees to determine the relative rights and preferences of subsequent classes or series.
Any such request should be addressed to the Secretary of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless this certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation (&#147;DTC&#148;), to the Fund or its agent for registration of transfer,
exchange, or payment, and any certificate issued is registered in the name of Cede &#038; Co. or in such
other name as is requested by an authorized representative of DTC (and any payment is made to Cede
&#038; Co. or to such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede &#038; Co., has an interest herein.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.D.III
<SEQUENCE>5
<FILENAME>y92093a1exv99wdwiii.htm
<DESCRIPTION>EX-99.D.III
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wdwiii</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit (d)(iii)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">CERTIFICATE NO.
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">SHARES</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">GABELLI GLOBAL UTILITY &#038; INCOME TRUST<BR>
Organized Under the Laws of The State of Delaware<BR>
Series &#091;&nbsp;&#093; Auction Rate Preferred Shares
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt">$.001 Par Value Per Share<BR>
$&#091;&nbsp;&#093; Liquidation Preference Per Share
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CUSIP No.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This certifies that Cede &#038; Co. is the owner of fully paid and non-assessable Series &#091;&nbsp;&nbsp;&nbsp;&#093; Auction
Rate Preferred Shares, $.001 par value per share, $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; liquidation preference per share, of
the Gabelli Global Utility &#038; Income Trust (the &#147;Trust&#148;) transferable only on the books of the Trust
by the holder thereof in person or by duly authorized Attorney upon surrender of this Certificate
properly endorsed. This Certificate is not valid unless countersigned by the transfer agent and
registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A statement in full, of all the designations, preferences, qualifications, limitations,
restrictions and special or relative rights of the shares of each class authorized to be issued,
will be furnished by the Trust to any shareholders upon request and without charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the Trust has caused this Certificate to be signed by its duly authorized
officers this day of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 20&#95;.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#093;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">GABELLI GLOBAL UTILITY &#038;
INCOME TRUST</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">As Transfer Agent and Registrar</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized <BR>
Signature
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attest:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">SERIES &#091;&nbsp;&#093; AUCTION RATE PREFERRED SHARES MAY BE TRANSFERRED ONLY (A)&nbsp;PURSUANT TO AN ORDER PLACED
IN AN AUCTION, (B)&nbsp;TO OR THROUGH A BROKER-DEALER OR (C)&nbsp;TO THE FUND OR ANY AFFILIATE.
NOTWITHSTANDING THE FOREGOING, A TRANSFER OTHER THAN PURSUANT TO AN AUCTION WILL NOT BE EFFECTIVE
UNLESS THE SELLING EXISTING HOLDER OR THE AGENT MEMBER OF SUCH EXISTING HOLDER (IN THE CASE OF AN
EXISTING HOLDER WHOSE SHARES ARE LISTED IN ITS OWN NAME ON THE BOOKS OF THE AUCTION AGENT), OR THE
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 6pt">BROKER-DEALER OR AGENT MEMBER OF SUCH BROKER-DEALER (IN THE CASE OF A TRANSFER BETWEEN PERSONS
HOLDING SHARES THROUGH DIFFERENT BROKER-DEALERS), ADVISES THE AUCTION AGENT OF SUCH TRANSFER
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Transfer Form
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FOR VALUE RECEIVED, hereby sells, assigns and transfers unto Shares represented by this
Certificate, and do hereby irrevocably constitute and appoint Attorney to transfer the said Shares
on the books of the within named Trust with full power of substitution in the premises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated ,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In presence of
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Auction Rate Cumulative Preferred Shares evidenced by this Certificate may be sold,
transferred, or otherwise disposed of only pursuant to the provisions of the Trust&#146;s Amended and
Restated Agreement and Declaration of Trust and the Trust&#146;s Statement of Preferences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust will furnish to any shareholder, upon request and without charge, the Trust&#146;s Second
Amended and Restated Agreement and Declaration of Trust and a full statement of the designations,
preferences, limitations and relative rights of the shares of each class or series of capital stock
of the Trust authorized to be issued, so far as they have been determined, and the authority of the
Board of Trustees to determine the relative rights and preferences of subsequent classes or series.
Any such request should be addressed to the Secretary of the Trust.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless this certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation (&#147;DTC&#148;), to the Trust or its agent for registration of transfer,
exchange, or payment, and any certificate issued is registered in the name of Cede &#038; Co. or in such
other name as is requested by an authorized representative of DTC (and any payment is made to Cede
&#038; Co. or to such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede &#038; Co., has an interest herein.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.D.VI
<SEQUENCE>6
<FILENAME>y92093a1exv99wdwvi.htm
<DESCRIPTION>EX-99.D.VI
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wdwvi</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99(D)(VI)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">THE GABELLI GLOBAL UTILITY &#38; INCOME TRUST</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Issuer
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Trustee
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Indenture <BR>
<br style="font-size: 6pt">Dated as of &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;, 2011
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Providing for the Issuance
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">of
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Debt Securities
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE GABELLI GLOBAL UTILITY &#38; INCOME TRUST</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Reconciliation and tie between Trust Indenture Act of 1939
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and Indenture, dated as of &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;, 2011
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>Trust Indenture</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Indenture</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;&nbsp;&nbsp;<B>Act Section</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Section</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#167; 310
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(1)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">607&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(2)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">607&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">609&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#167; 312
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">701&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#167; 314
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">704&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(4)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1005&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)(1)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">102&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)(2)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">102&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(e)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">102&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#167; 315
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">601&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#167; 316
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a) (last sentence)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101 (&#147;Outstanding&#148;)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(1)(A)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">502, 512&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(1)(B)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">513&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">508&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#167; 317
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(1)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">503&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)(2)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">504&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#167; 318
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">111&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">111&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">NOTE:</TD>
    <TD>&nbsp;</TD>
    <TD>This reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE I<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;101. Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;102. Compliance Certificates and Opinions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;103. Form of Documents Delivered to Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;104. Acts of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;105. Notices, Etc., to Trustee and Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;106. Notice to Holders; Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;107. Effect of Headings and Table of Contents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;108. Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;109. Separability Clause</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;110. Benefits of Indenture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;111. Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;112. Legal Holidays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;113. Submission to Jurisdiction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;114. Waiver of Jury Trial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;115. Force Majeure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE II<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SECURITIES FORMS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;201. Forms of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;202. Form of Trustee&#146;s Certificate of Authentication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;203. Securities Issuable in Global Form</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE III<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">THE SECURITIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;301. Amount Unlimited; Issuable in Series</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;302. Denominations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;303. Execution, Authentication, Delivery and Dating</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="RIGHT" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;304. Temporary Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;305. Registration, Registration of Transfer and Exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;306. Mutilated, Destroyed, Lost and Stolen Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;307. Payment of Interest; Interest Rights Preserved; Optional Interest Reset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;308. Optional Extension of Maturity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;309. Persons Deemed Owners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;310. Cancellation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;311. Computation of Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;312. Currency and Manner of Payments in Respect of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;313. Appointment and Resignation of Successor Exchange Rate Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;314. CUSIP Numbers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE IV<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SATISFACTION AND DISCHARGE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;401. Satisfaction and Discharge of Indenture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;402. Application of Trust Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE V<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">REMEDIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;501. Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;502. Acceleration of Maturity; Rescission and Annulment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;503. Collection of Indebtedness and Suits for Enforcement by Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;504. Trustee May File Proofs of Claim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;505. Trustee May Enforce Claims Without Possession of Securities or Coupons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;506. Application of Money Collected</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;507. Limitation on Suits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;508. Unconditional Right of Holders to Receive Principal, Premium and Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;509. Restoration of Rights and Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;510. Rights and Remedies Cumulative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;511. Delay or Omission Not Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;512. Control by Holders of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;513. Waiver of Past Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="RIGHT" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;514. Waiver of Stay or Extension Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;515. Undertaking for Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VI<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">THE TRUSTEE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;601. Notice of Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;602. Certain Rights of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;603. Not Responsible for Recitals or Issuance of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;604. May Hold Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;605. Money Held in Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;606. Compensation and Reimbursement and Indemnification of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;607. Corporate Trustee Required; Eligibility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;608. Disqualification; Conflicting Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;609. Resignation and Removal; Appointment of Successor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;610. Acceptance of Appointment by Successor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;611. Merger, Conversion, Consolidation or Succession to Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;612. Appointment of Authenticating Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VII<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND COMPANY<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;701. Disclosure of Names and Addresses of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;702. Preservation of Information; Communications to Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;703. Reports by Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;704. Reports by Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;705. Calculation of Original Issue Discount</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VIII<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;801. Company May Consolidate, Etc., Only on Certain Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;802. Successor Person Substituted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="RIGHT" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE IX<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SUPPLEMENTAL INDENTURES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;901. Supplemental Indentures Without Consent of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;902. Supplemental Indentures with Consent of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;903. Execution of Supplemental Indentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;904. Effect of Supplemental Indentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;905. Conformity with Trust Indenture Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;906. Reference in Securities to Supplemental Indentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE X<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">COVENANTS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1001. Payment of Principal, Premium, if any, and Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1002. Maintenance of Office or Agency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1003. Money for Securities Payments to Be Held in Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1004. Additional Amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1005. Statement as to Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1006. Limitations on Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1007. Waiver of Certain Covenants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE XI<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">REDEMPTION OF SECURITIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1101. Applicability of Article</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1102. Election to Redeem; Notice to Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1103. Selection by Trustee of Securities to Be Redeemed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1104. Notice of Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1105. Deposit of Redemption Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1106. Securities Payable on Redemption Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1107. Securities Redeemed in Part</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE XII<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SINKING FUNDS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1201. Applicability of Article</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iv<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="RIGHT" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1202. Satisfaction of Sinking Fund Payments with Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1203. Redemption of Securities for Sinking Fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE XIII<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">REPAYMENT AT THE OPTION OF HOLDERS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1301. Applicability of Article</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1302. Repayment of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1303. Exercise of Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1304. When Securities Presented for Repayment Become Due and Payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1305. Securities Repaid in Part</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE XIV<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">DEFEASANCE AND COVENANT DEFEASANCE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1401. Applicability of Article; Company&#146;s Option to Effect Defeasance or Covenant Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1402. Defeasance and Discharge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1403. Covenant Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1404. Conditions to Defeasance or Covenant Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1405. Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE XV<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">MEETINGS OF HOLDERS OF SECURITIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1501. Purposes for Which Meetings May Be Called</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1502. Call, Notice and Place of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1503. Persons Entitled to Vote at Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1504. Quorum; Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1505. Determination of Voting Rights; Conduct and Adjournment of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1506. Counting Votes and Recording Action of Meetings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE XVI<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SUBORDINATION OF SECURITIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1601. Agreement to Subordinate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->v<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="RIGHT" colspan="2" style="border-bottom: 0px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1602. Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Subordinated Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1603. No Payment on Subordinated Securities in Event of Default on Senior Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1604. Payments on Subordinated Securities Permitted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1605. Authorization of Holders to Trustee to Effect Subordination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1606. Notices to Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1607. Trustee as Holder of Senior Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1608. Modifications of Terms of Senior Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1609. Reliance on Judicial Order or Certificate of Liquidating Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1610. Trustee Not Fiduciary for Holders of Senior Indebtedness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 18pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD align="center" colspan="3">EXHIBITS</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EXHIBIT A-1:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED TO RECEIVE BEARER SECURITY OR TO<BR>
OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EXHIBIT A-2:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FORM OF CERTIFICATE TO BE GIVEN BY
&#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93; IN CONNECTION WITH THE
EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST<BR>
PAYABLE PRIOR TO THE EXCHANGE DATE</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->vi<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDENTURE,
dated as of
&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;,
2011, between THE GABELLI GLOBAL UTILITY &#38; INCOME TRUST, a Delaware
trust (hereinafter called the &#147;Company&#148;), having its
principal office at One Corporate Center Rye, New York 10580, and &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, as Trustee (hereinafter called the &#147;Trustee&#148;), having its Corporate Trust Office at &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECITALS OF THE COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company deems it necessary to issue from time to time for its lawful purposes debt
securities (hereinafter called the &#147;Securities&#148;) evidencing its unsecured indebtedness, which may
or may not be convertible into or exchangeable for any securities of any Person (including the
Company), and has duly authorized the execution and delivery of this Indenture to provide for the
issuance from time to time of the Securities, to be issued in one or more series, unlimited as to
principal amount, to bear such rates of interest, to mature at such times and to have such other
provisions as shall be fixed as hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture (as defined herein) is subject to the provisions of the Trust Indenture Act of
1939, as amended, that are required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All things necessary to make this Indenture a valid and legally binding agreement of the
Company, in accordance with its terms, have been done.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, THIS INDENTURE WITNESSETH:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and the purchase of the Securities by the Holders (as
defined herein) thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities and coupons, or of a series thereof, as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;101. Definitions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the terms defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular and, pursuant to Section&nbsp;301, any such item may, with
respect to any particular series of Securities, be amended or modified or specified as being
inapplicable;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;all other terms used herein which are defined in the Trust Indenture Act (as defined
herein), either directly or by reference therein, have the meanings assigned to them therein, and
the terms &#147;cash transaction&#148; and &#147;self-liquidating paper,&#148; as used in Section&nbsp;311 of the Trust
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indenture Act, shall have the meanings assigned to them in the rules of the Commission (as defined
herein) adopted under the Trust Indenture Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles in the United States of America; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;the words &#147;herein,&#148; &#147;hereof&#148; and &#147;hereunder&#148; and other words of similar import refer to
this Indenture as a whole and not to any particular Article, Section or other subdivision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain terms, used principally in Article&nbsp;Three, Article&nbsp;Five, Article&nbsp;Six and Article&nbsp;Ten,
are defined in those Articles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Act,</u>&#148; when used with respect to any Holder of a Security, has the meaning specified in
Section&nbsp;104.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Additional Amounts</u>&#148; means any additional amounts which are required by a Security or by or
pursuant to a Board Resolution, under circumstances specified therein, to be paid by the Company in
respect of certain taxes imposed on certain Holders and which are owing to such Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Affiliate</u>&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms &#147;controlling&#148; and
&#147;controlled&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Authenticating Agent</u>&#148; means any authenticating agent appointed by the Trustee pursuant to
Section&nbsp;612 to act on behalf of the Trustee to authenticate Securities of one or more series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Authorized Newspaper</u>&#148; means a newspaper, in the English language or in an official language
of the country of publication, customarily published on each Business Day, whether or not published
on Saturdays, Sundays or holidays, and of general circulation in each place in connection with
which the term is used or in the financial community of each such place. Where successive
publications are required to be made in Authorized Newspapers, the successive publications may be
made in the same or in different newspapers in the same city meeting the foregoing requirements and
in each case on any Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Bearer Security</u>&#148; means any Security established pursuant to Section&nbsp;201 which is payable to
bearer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Board of Trustees</u>&#148; means the board of trustees of the Company, the executive committee or
any committee of that board duly authorized to act hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Board Resolution</u>&#148; means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Trustees (or by a committee of
the Board of Trustees to the extent that any such other committee has been
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">authorized
by the Board of Trustees  to establish or approve the matters contemplated) and to be in
full force and effect on the date of such certification, and delivered to the Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Business Day,</u>&#148; when used with respect to any Place of Payment or any other particular
location referred to in this Indenture or in the Securities, means, unless otherwise specified with
respect to any Securities pursuant to Section&nbsp;301, each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in that Place of Payment or particular
location are authorized or obligated by law or executive order to close.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Commission</u>&#148; means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after execution of this instrument such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Common Depositary</u>&#148; has the meaning specified in Section&nbsp;304.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Company</u>&#148; means the Person named as the &#147;Company&#148; in the first paragraph of this Indenture
until a successor Person shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter &#147;Company&#148; shall mean such successor corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Company
Request</u>&#148; and &#147;<u>Company Order</u>&#148; mean, respectively, a written request or order signed in
the name of the Company by the Chairman, the President or a Vice President, and by the Chief
Financial Officer, the Chief Operating Officer, the Secretary or an Assistant Secretary, of the
Company, and delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Conversion Date</u>&#148; has the meaning specified in Section&nbsp;312(d).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Conversion Event</u>&#148; means the cessation of use of (i)&nbsp;a Foreign Currency both by the government
of the country which issued such currency and for the settlement of transactions by a central bank
or other public institutions of or within the international banking community, (ii)&nbsp;the ECU both
within the European Monetary System and for the settlement of transactions by public institutions
of or within the European Communities or (iii)&nbsp;any currency unit (or composite currency) other than
the ECU for the purposes for which it was established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Corporate Trust Office</u>&#148; means the principal office of the Trustee at which, at any particular
time, its corporate trust business shall be administered, which office at the date hereof is
located at &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;, Attn: Corporate Trust Administration
or such other address as the Trustee may designate from time to time by notice to the Holders and
the Company, or the principal corporate trust office of any successor Trustee (or such other
address as such successor Trustee may designate from time to time by notice to the Holders and the
Company).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>corporation</u>&#148; includes corporations, associations, companies and business trusts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>coupon</u>&#148; means any interest coupon appertaining to a Bearer Security.
</DIV>

<DIV style="margin-top: 6pt">
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</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Currency</u>&#148; means any currency or currencies, composite currency or currency unit or currency
units, including, without limitation, the ECU, issued by the government of one or more countries or
by any reorganized confederation or association of such governments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Default</u>&#148; means any event which is, or after notice or passage of time or both would be, an
Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Defaulted Interest</u>&#148; has the meaning specified in Section&nbsp;307.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Dollar</u>&#148;
or &#147;<u>$</u>&#148; means a dollar or other equivalent unit in such coin or currency of the United
States of America as at the time shall be legal tender for the payment of public and private debts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>ECU</u>&#148; means the European Currency Unit as defined and revised from time to time by the
Council of the European Communities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Election Date</u>&#148; has the meaning specified in Section&nbsp;312(h).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>European Communities</u>&#148; means the European Union, the European Coal and Steel Community and the
European Atomic Energy Community.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>European Monetary System</u>&#148; means the European Monetary System established by the Resolution of
December&nbsp;5, 1978 of the Council of the European Communities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Event of Default</u>&#148; has the meaning specified in Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Exchange Act</u>&#148; means the United States Securities Exchange Act of 1934, and the rules and
regulations promulgated by the Commission thereunder and any statute successor thereto, in each
case as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Exchange Date</u>&#148; has the meaning specified in Section&nbsp;304.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Exchange Rate Agent,</u>&#148; with respect to Securities of or within any series, means, unless
otherwise specified with respect to any Securities pursuant to Section&nbsp;301, a New York Clearing
House bank designated pursuant to Section&nbsp;301 or Section&nbsp;313.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Exchange Rate Officer&#146;s Certificate</u>&#148; means a certificate setting forth (i)&nbsp;the applicable
Market Exchange Rate or the applicable bid quotation and (ii)&nbsp;the Dollar or Foreign Currency
amounts of principal (and premium, if any) and interest, if any (on an aggregate basis and on the
basis of a Security having the lowest denomination principal amount determined in accordance with
Section&nbsp;302 in the relevant Currency), payable with respect to a Security of any series on the
basis of such Market Exchange Rate or the applicable bid quotation signed by the Chief Financial
Officer or any Vice President of the Company.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Foreign Currency</u>&#148; means any Currency, including, without limitation, the ECU issued by the
government of one or more countries other than the United States of America or by any recognized
confederation or association of such governments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Government Obligations</u>&#148; means securities which are (i)&nbsp;direct obligations of the United
States of America or the government which issued the Foreign Currency in which the Securities of a
particular series are payable, for the payment of which its full faith and credit is pledged or
(ii)&nbsp;obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America or such government which issued the Foreign Currency in which the
Securities of such series are payable, the timely payment of which is unconditionally guaranteed as
a full faith and credit obligation by the United States of America or such other government, which,
in either case, are not callable or redeemable at the option of the issuer thereof, and shall also
include a depository receipt issued by a bank or trust company as custodian with respect to any
such Government Obligation or a specific payment of interest on or principal of any such Government
Obligation held by such custodian for the account of the holder of a depository receipt; provided
that (except as required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the Government Obligation or the specific payment of interest on or principal of the
Government Obligation evidenced by such depository receipt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Holder</u>&#148; means, in the case of a Registered Security, the Person in whose name a Security is
registered in the Security Register and, in the case of a Bearer Security, the bearer thereof and,
when used with respect to any coupon, shall mean the bearer thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Indenture</u>&#148; means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof, and shall include the terms of particular series of Securities
established as contemplated by Section&nbsp;301; <u>provided</u>, <u>however</u>, that, if at any time more than one
Person is acting as Trustee under this instrument, &#147;Indenture&#148; shall mean, with respect to any one
or more series of Securities for which such Person is Trustee, this instrument as originally
executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the
terms of the or those particular series of Securities for which such Person is Trustee established
as contemplated by Section&nbsp;301, exclusive, however, of any provisions or terms which relate solely
to other series of Securities for which such Person is not Trustee, regardless of when such terms
or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or
more indentures supplemental hereto executed and delivered after such Person had become such
Trustee but to which such Person, as such Trustee, was not a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Indexed Security</u>&#148; means a Security as to which all or certain interest payments and/or the
principal amount payable at Maturity are determined by reference to prices, changes in prices, or
differences between prices, of securities, Currencies, intangibles, goods, articles or commodities
or by such other objective price, economic or other measures as are specified in Section&nbsp;301
hereof.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Interest,</u>&#148; when used with respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, means interest payable after Maturity, and, when used with
respect to a Security which provides for the payment of Additional Amounts pursuant to Section
1004, includes such Additional Amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Interest Payment Date,</u>&#148; when used with respect to any Security, means the Stated Maturity of
an installment of interest on such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Junior Subordinated Security</u>&#148; or &#147;<u>Junior Subordinated Securities</u>&#148; means any Security or
Securities designated pursuant to Section&nbsp;301 as a Junior Subordinated Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Junior Subordinated Indebtedness</u>&#148; means the principal of (and premium, if any) and unpaid
interest on (a)&nbsp;indebtedness of the Company (including indebtedness of others guaranteed by the
Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or
guaranteed, for money borrowed, which in the instrument creating or evidencing the same or pursuant
to which the same is outstanding it is provided that such indebtedness ranks junior in right of
payment to the Company&#146;s Senior Indebtedness and Senior Subordinated Indebtedness and equally and
<I>pari passu </I>in right of payment to any other Junior Subordinated Indebtedness, (b)&nbsp;Junior
Subordinated Securities, and (c)&nbsp;renewals, extensions, modifications and refinancings of any such
indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Market Exchange Rate</u>&#148; means, unless otherwise specified with respect to any Securities
pursuant to Section&nbsp;301, (i)&nbsp;for any conversion involving a currency unit on the one hand and
Dollars or any Foreign Currency on the other, the exchange rate between the relevant currency unit
and Dollars or such Foreign Currency calculated by the method specified pursuant to Section&nbsp;301 for
the Securities of the relevant series, (ii)&nbsp;for any conversion of Dollars into any Foreign
Currency, the noon buying rate for such Foreign Currency for cable transfers quoted in New York
City as certified for customs purposes by the Federal Reserve Bank of New York and (iii)&nbsp;for any
conversion of one Foreign Currency into Dollars or another Foreign Currency, the spot rate at noon
local time in the relevant market at which, in accordance with normal banking procedures, the
Dollars or Foreign Currency into which conversion is being made could be purchased with the Foreign
Currency from which conversion is being made from major banks located in either New York City,
London or any other principal market for Dollars or such purchased Foreign Currency, in each case
determined by the Exchange Rate Agent. Unless otherwise specified with respect to any Securities
pursuant to Section&nbsp;301, in the event of the unavailability of any of the exchange rates provided
for in the foregoing clauses (i), (ii)&nbsp;and (iii), the Exchange Rate Agent shall use, in its sole
discretion and without liability on its part, such quotation of the Federal Reserve Bank of New
York as of the most recent available date, or quotations from one or more major banks in New York
City, London or other principal market for such currency or currency unit in question, or such
other quotations as the Exchange Rate Agent shall deem appropriate. Unless otherwise specified by
the Exchange Rate Agent, if there is more than one market for dealing in any currency or currency
unit by reason of foreign exchange regulations or otherwise, the market to be used in respect of
such currency or currency unit shall be that upon which a nonresident issuer of securities
designated in such currency or currency unit would purchase such currency or currency unit in order
to make payments in respect of such securities.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Maturity,</u>&#148; when used with respect to any Security, means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of
option to elect repayment, notice of exchange or conversion or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Notice of Default</u>&#148; has the meaning provided in Section&nbsp;501.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Officers&#146; Certificate</u>&#148; means a certificate signed by the Chairman, the President or any Vice
President and by the Chief Financial Officer, the Chief Operating Officer, the Secretary or an
Assistant Secretary of the Company, and delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Opinion of Counsel</u>&#148; means a written opinion, satisfactory to the Trustee, of counsel, who may
be counsel for the Company or who may be an employee of or other counsel for the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Original Issue Discount Security</u>&#148; means any Security which provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section&nbsp;502.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Outstanding,</u>&#148; when used with respect to Securities or any series of Securities, means, as of
the date of determination, all Securities or all Securities of such series, as the case may be,
theretofore authenticated and delivered under this Indenture, except:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Securities theretofore cancelled by the Trustee or delivered to the
Trustee for cancellation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Securities, or portions thereof, for whose payment or redemption or repayment at
the option of the Holder money in the necessary amount has been theretofore deposited with
the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated
in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of
such Securities and any coupons appertaining thereto, <u>provided</u> that, if such Securities are
to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or
provision therefor satisfactory to the Trustee has been made;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Securities, except to the extent provided in Sections&nbsp;1402 and 1403, with respect
to which the Company has effected defeasance and/or covenant defeasance as provided in
Article&nbsp;Fourteen; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Securities which have been paid pursuant to Section&nbsp;306 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have been presented
to the Trustee proof satisfactory to it that such Securities are held by a protected
purchaser in whose hands such Securities are valid obligations of the Company;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><u>provided</u>, <u>however</u>, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice,
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the
purpose of making the calculations required by TIA Section&nbsp;313, (i)&nbsp;the principal amount of an
Original Issue Discount Security that may be counted in making such determination or calculation
and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of
principal thereof that would be (or shall have been declared to be) due and payable, at the time of
such determination, upon a declaration of acceleration of the Maturity thereof pursuant to Section
502, (ii)&nbsp;the principal amount of any Security denominated in a Foreign Currency that may be
counted in making such determination or calculation and that shall be deemed Outstanding for such
purpose shall be equal to the Dollar equivalent, determined as of the date such Security is
originally issued by the Company as set forth in an Exchange Rate Officer&#146;s Certificate delivered
to the Trustee, of the principal amount (or, in the case of an Original Issue Discount Security or
Indexed Security, the Dollar equivalent as of such date of original issuance of the amount
determined as provided in clause (i)&nbsp;above or (iii)&nbsp;below, respectively) of such Security, (iii)
the principal amount of any Indexed Security that may be counted in making such determination or
calculation and that shall be deemed outstanding for such purpose shall be equal to the principal
face amount of such Indexed Security at original issuance, unless otherwise provided with respect
to such Security pursuant to Section&nbsp;301, and (iv)&nbsp;Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in making such calculation or in relying upon any such request, demand, authorization,
direction, notice, consent or waiver or upon any such determination as to the presence of a quorum,
only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be
so disregarded. Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s right so to
act with respect to such Securities and that the pledgee is not the Company or any other obligor
upon the Securities or any Affiliate of the Company or of such other obligor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Paying Agent</u>&#148; means any Person authorized by the Company to pay the principal of (or premium,
if any) or interest, if any, on any Securities or coupons on behalf of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Person</u>&#148; means any individual, corporation, partnership, joint venture, association,
joint-stock company, limited liability company, trust, unincorporated organization or government or
any agency or political subdivision thereof, or any other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Place of Payment,</u>&#148; when used with respect to the Securities of or within any series, means
the place or places where the principal of (and premium, if any) and interest, if any, on such
Securities are payable as specified and as contemplated by Sections&nbsp;301 and 1002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Predecessor Security</u>&#148; of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section&nbsp;306 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a mutilated,
destroyed, lost or stolen coupon appertains shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Security or the Security to which the mutilated, destroyed,
lost or stolen coupon appertains.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Redemption Date,</u>&#148; when used with respect to any Security to be redeemed, in whole or in part,
means the date fixed for such redemption by or pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Redemption Price,</u>&#148; when used with respect to any Security to be redeemed, means the price at
which it is to be redeemed pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Registered Security</u>&#148; means any Security which is registered in the Security Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Regular Record Date</u>&#148; for the interest payable on any Interest Payment Date on the Registered
Securities of or within any series means the date specified for that purpose as contemplated by
Section&nbsp;301, whether or not a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Repayment Date</u>&#148; means, when used with respect to any Security to be repaid at the option of
the Holder, means the date fixed for such repayment by or pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Repayment Price</u>&#148; means, when used with respect to any Security to be repaid at the option of
the Holder, means the price at which it is to be repaid by or pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Responsible Officer,</u>&#148; when used with respect to the Trustee, means any officer within the
corporate trust department of the Trustee including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred because of such
person&#146;s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Security</u>&#148; or &#147;<u>Securities</u>&#148; has the meaning stated in the first recital of this Indenture and,
more particularly, means any Security or Securities authenticated and delivered under this
Indenture; <u>provided</u>, <u>however</u>, that, if at any time there is more than one Person acting as Trustee
under this Indenture, &#147;Securities&#148; with respect to the Indenture as to which such Person is Trustee
shall have the meaning stated in the first recital of this Indenture and shall more particularly
mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities
of any series as to which such Person is not Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Security Register</u>&#148; and &#147;<u>Security Registrar</u>&#148; have the respective meanings specified in
Section&nbsp;305.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Senior Indebtedness</u>&#148; means the principal of (and premium, if any) and unpaid interest on (a)
indebtedness of the Company (including indebtedness of others guaranteed by the Company), whether
outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money
borrowed, unless in the instrument creating or evidencing the same or pursuant to which the same is
outstanding it is provided that such indebtedness is not senior or prior in right of payment to
Subordinated Indebtedness, (b)&nbsp;Senior Securities, and (c)&nbsp;renewals, extensions, modifications and
refinancings of any such indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Senior Security</u>&#148; or &#147;<u>Senior Securities</u>&#148; means any Security or Securities designated pursuant
to Section&nbsp;301 as a Senior Security.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Senior Subordinated Indebtedness</u>&#148; means the principal of (and premium, if any) and unpaid
interest on (a)&nbsp;indebtedness of the Company (including indebtedness of others guaranteed by the
Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or
guaranteed, for money borrowed, which in the instrument creating or evidencing the same or pursuant
to which the same is outstanding it is provided that such indebtedness ranks junior in right of
payment to the Company&#146;s Senior Indebtedness, equally and <I>pari passu </I>in right of payment with all
other Senior Subordinated Indebtedness and senior in right of payment to any Junior Subordinated
Indebtedness, (b)&nbsp;Senior Subordinated Securities, and (c)&nbsp;renewals, extensions, modifications and
refinancings of any such indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Senior Subordinated Security</u>&#148; or &#147;<u>Senior Subordinated Securities</u>&#148; means any Security or
Securities designated pursuant to Section&nbsp;301 as a Senior Subordinated Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Special Record Date</u>&#148; for the payment of any Defaulted Interest on the Registered Securities
of or within any series means a date fixed by the Trustee pursuant to Section&nbsp;307.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Stated Maturity,</u>&#148; when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such Security or a coupon representing
such installment of interest as the fixed date on which the principal of such Security or such
installment of principal or interest is due and payable, as such date may be extended pursuant to
the provisions of Section&nbsp;308.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Subordinated Indebtedness</u>&#148; means any Senior Subordinated Indebtedness or Junior Subordinated
Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Subsidiary</u>&#148; means, with respect to any Person, any corporation, partnership, joint venture,
limited liability company or other business entity of which a majority of the outstanding shares or
other interests having voting power is at the time directly or indirectly owned or controlled by
such Person or one or more of the Subsidiaries of such Person. Unless the context otherwise
requires, all references to Subsidiary or Subsidiaries under this Indenture shall refer to
Subsidiaries of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Trust Indenture Act</u>&#148; or &#147;<u>TIA</u>&#148; means the Trust Indenture Act of 1939, as amended, as in force
at the date as of which this Indenture was executed, except as provided in Section&nbsp;905.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Trustee</u>&#148; means the Person named as the &#147;Trustee&#148; in the first paragraph of this Indenture
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter &#147;Trustee&#148; shall mean or include each Person who is then a Trustee
hereunder; <u>provided</u>, <u>however</u>, that if at any time there is more than one such Person, &#147;Trustee&#148; as
used with respect to the Securities of any series shall mean only the Trustee with respect to
Securities of that series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>United States</u>&#148; means, unless otherwise specified with respect to any Securities pursuant to
Section&nbsp;301, the United States of America (including the states and the District of Columbia), its
territories, its possessions and other areas subject to its jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>United States person</u>&#148; means, unless otherwise specified with respect to any Securities
pursuant to Section&nbsp;301, any individual who is a citizen or resident of the United States, a
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">corporation, partnership or other entity created or organized in or under the laws of the
United States, any state thereof or the District of Columbia (other than a partnership that is not
treated as a United States Person under any applicable Treasury regulations), any estate the income
of which is subject to United States federal income taxation regardless of its source, or any trust
if a court within the United States is able to exercise primary supervision over the administration
of the trust and one or more United States persons have the authority to control all substantial
decisions of the trust. Notwithstanding the preceding sentence, to the extent provided in the
Treasury regulations, certain trusts in existence on August&nbsp;20, 1996, and treated as United States
persons prior to such date that elect to continue to be treated as United States Persons, will also
be United States persons.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Valuation Date</U>&#148; has the meaning specified in Section&nbsp;312(c).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Yield to Maturity</U>&#148; means the yield to maturity, computed at the time of issuance of a
Security (or, if applicable, at the most recent redetermination of interest on such Security) and
as set forth in such Security in accordance with generally accepted United States bond yield
computation principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;102. Compliance Certificates and Opinions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee an Officers&#146; Certificate
stating that all conditions precedent, if any, <U>provided</U> for in this Indenture relating to
the proposed action have been complied with and an Opinion of Counsel stating that in the opinion
of such counsel all such conditions precedent, if any, have been complied with, except that in the
case of any such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than pursuant to Section&nbsp;1005) shall include:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a statement that each individual signing such certificate or opinion has read such
condition or covenant and the definitions herein relating thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a statement that, in the opinion of each such individual, he or she has made such
examination or investigation as is necessary to enable such individual to express an informed
opinion as to whether or not such condition or covenant has been complied with; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a statement as to whether, in the opinion of each such individual, such condition or
covenant has been complied with.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;103. Form of Documents Delivered to Trustee.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion as to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters
in one or several documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon an Opinion of Counsel, or a certificate or representations by counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the opinion,
certificate or representations with respect to the matters upon which his certificate or opinion is
based are erroneous. Any such Opinion of Counsel or certificate or representations may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by,
an officer or officers of the Company stating that the information as to such factual matters is in
the possession of the Company, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations as to such matters are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;104. Acts of Holders.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders of the Outstanding Securities of all
series or one or more series, as the case may be, may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or by agents duly
appointed in writing. If Securities of a series are issuable as Bearer Securities, any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Holders of Securities of such series may, alternatively, be
embodied in and evidenced by the record of Holders of Securities of such series voting in favor
thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of
Securities of such series duly called and held in accordance with the provisions of Article
Fifteen, or a combination of such instruments and any such record. Except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments or
record or both are delivered to the Trustee and, where it is hereby expressly required, to the
Company. Such instrument or instruments and any such record (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the &#147;Act&#148; of the Holders signing such
instrument or instruments or so voting at any such meeting. Proof of execution of any such
instrument or of a writing appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and conclusive in favor of the
Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided
in this Section. The record of any meeting of Holders of Securities shall be proved in the manner
provided in Section&nbsp;1506.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him or her the execution thereof. Where such
execution is by a signer acting in a capacity other than his individual capacity, such certificate
or affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner that the Trustee deems reasonably sufficient.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The ownership of Registered Securities shall be proved by the Security Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The ownership of Bearer Securities may be proved by the production of such Bearer Securities or
by a certificate executed, as depositary, by any trust company, bank, banker or other depositary,
wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing
that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to
it, the Bearer Securities therein described; or such facts may be proved by the certificate or
affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed
by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of
any Bearer Security continues until (1)&nbsp;another certificate or affidavit bearing a later date
issued in respect of the same Bearer Security is produced, or (2)&nbsp;such Bearer Security is produced
to the Trustee by some other Person, or (3)&nbsp;such Bearer Security is surrendered in exchange for a
Registered Security, or (4)&nbsp;such Bearer Security is no longer Outstanding. The ownership of Bearer
Securities may also be proved in any other manner that the Trustee deems reasonably sufficient.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If the Company shall solicit from the Holders of Registered Securities any request,
demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its
option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of
Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or
other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section&nbsp;316(c),
such record date shall be the record date specified in or pursuant to such Board Resolution, which
shall be a date not earlier than the date 30&nbsp;days prior to the first solicitation of Holders
generally in connection therewith and not later than the date such solicitation is completed. If
such a record date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other Act may be given before or after such record date, but only the Holders of record
at the close of business on such record date shall be deemed to be Holders for the purposes of
determining whether Holders of the requisite proportion of Outstanding Securities have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver
or other Act, and for that purpose the Outstanding Securities shall be computed as of such record
date; <U>provided</U> that no such authorization, agreement or consent by the Holders on such
record date shall be deemed effective unless it shall become effective pursuant to the provisions
of this Indenture not later than eleven months after the record date.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Security
Registrar, any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether
or not notation of such action is made upon such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;105. Notices, Etc., to Trustee and Company.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished, filed or mailed, first-class postage prepaid in writing to or
with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to the Company addressed to it at the address of its principal office specified in
the first paragraph of this Indenture, to the attention of its &#091;Secretary&#093; or at any other address
previously furnished in writing to the Trustee by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;106. Notice to Holders; Waiver.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice of any event to Holders of Registered Securities by
the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder
affected by such event, at his address as it appears in the Security Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In
any case where notice to Holders of Registered Securities is given by mail, neither the failure to
mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders of Registered Securities or the
sufficiency of any notice to Holders of Bearer Securities given as provided herein. Any notice
mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been
received by such Holder, whether or not such Holder actually receives such notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If by reason of the suspension of or irregularities in regular mail service or by reason of
any other cause it shall be impracticable to give such notice by mail, then such notification to
Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute
a sufficient notification to such Holders for every purpose hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided herein or otherwise specified with respect to any
Securities pursuant to Section&nbsp;301, where this Indenture provides for notice to Holders of Bearer
Securities of any event, such notice shall be sufficiently given if published in an Authorized
Newspaper in The City of New York and in such other city or cities as may be specified in such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities on a Business Day, such publication to be not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. Any such notice shall be
deemed to have been given on the date of such publication or, if published more than once, on the
date of the first such publication.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If by reason of the suspension of publication of any Authorized Newspaper or Authorized
Newspapers or by reason of any other cause it shall be impracticable to publish any notice to
Holders of Bearer Securities as provided above, then such notification to Holders of Bearer
Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to
such Holders for every purpose hereunder. Neither the failure to give notice by publication to
Holders of Bearer Securities as provided above, nor any defect in any notice so published, shall
affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the
sufficiency of any notice to Holders of Registered Securities given as provided herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent or waiver required or permitted
under this Indenture shall be in the English language, except that any published notice may be in
an official language of the country of publication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;107. Effect of Headings and Table of Contents.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;108. Successors and Assigns.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;109. Separability Clause.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in this Indenture or in any Security or coupon shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;110. Benefits of Indenture.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Indenture or in the Securities or coupons, express or implied, shall give to
any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any
Authenticating Agent and their successors hereunder and the Holders any benefit or any legal or
equitable right, remedy or claim under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;111. Governing Law.</B>
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture and the Securities and coupons shall be governed by and construed in accordance with
the law of the State of New York without regard to principles of conflicts of laws. This Indenture
is subject to the provisions of the Trust Indenture Act that are required to be part of this
Indenture and shall, to the extent applicable, be governed by such provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;112. Legal Holidays.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any case where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment
date, Stated Maturity or Maturity of any Security shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or any Security or coupon
other than a provision in the Securities of any series which specifically states that such
provision shall apply in lieu of this Section), payment of principal (or premium, if any) or
interest, if any, need not be made at such Place of Payment on such date, but may be made on the
next succeeding Business Day at such Place of Payment with the same force and effect as if made on
the Interest Payment Date, Redemption Date, Repayment Date or sinking fund payment date, or at the
Stated Maturity or Maturity; <u>provided</u> that no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund
payment date, Stated Maturity or Maturity, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;113. Submission to Jurisdiction.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby irrevocably submits to the non-exclusive jurisdiction of any New York state or
federal court sitting in The City of New York in any action or proceeding arising out of or
relating to the Indenture and the Securities of any series, and the Company hereby irrevocably
agrees that all claims in respect of such action or proceeding may be heard and determined in such
New York state or federal court. The Company hereby irrevocably waives, to the fullest extent it
may effectively do so, the defense of an inconvenient forum to the maintenance of such action or
proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;114. Waiver of Jury Trial.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;115. Force Majeure.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its
control, including, without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable efforts which are
consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SECURITIES FORMS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;201. Forms of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registered Securities, if any, of each series and the Bearer Securities, if any, of each series
and related coupons, the temporary global Securities of each series, if any, and the permanent
global Securities of each series, if any, to be endorsed thereon shall be in substantially the
forms as shall be established in one or more indentures supplemental hereto or approved from time
to time by or pursuant to a Board Resolution in accordance with Section&nbsp;301, shall have such
appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other
marks of identification or designation and such legends or endorsements placed thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or
as may be required to comply with any law or with any rule or regulation made pursuant thereto or
with any rule or regulation of any stock exchange on which the Securities may be listed, or to
conform to usage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified as contemplated by Section&nbsp;301, Bearer Securities shall have interest
coupons attached.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitive Securities and coupons shall be printed, lithographed or engraved or produced by any
combination of these methods on a steel engraved border or steel engraved borders or may be
produced in any other manner, all as determined by the officers executing such Securities or
coupons, as evidenced by their execution of such Securities or coupons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;202. Form of Trustee&#146;s Certificate of Authentication.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;611, the Trustee&#146;s certificate of authentication shall be in substantially the
following form:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, as Trustee

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Officer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 45%">Date:&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;203. Securities Issuable in Global Form.</B>
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Securities of or within a series are issuable in global form, as specified as contemplated by
Section&nbsp;301, then, notwithstanding clause (8)&nbsp;of Section&nbsp;301 and the provisions of Section&nbsp;302, any
such Security shall represent such of the Outstanding Securities of such series as shall be
specified therein and may provide that it shall represent the aggregate amount of Outstanding
Securities of such series from time to time endorsed thereon and that the aggregate amount of
Outstanding Securities of such series represented thereby may from time to time be increased or
decreased to reflect exchanges. Any endorsement of a Security in global form to reflect the amount,
or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be
made by the Trustee or the Security Registrar in such manner and upon instructions given by such
Person or Persons as shall be specified therein or in the Company Order to be delivered to the
Trustee pursuant to Section&nbsp;303 or 304. Subject to the provisions of Section&nbsp;303 and, if
applicable, Section&nbsp;304, the Trustee or the Security Registrar shall deliver and redeliver any
Security in permanent global form in the manner and upon instructions given by the Person or
Persons specified therein or in the applicable Company Order. If a Company Order pursuant to
Section&nbsp;303 or 304 has been, or simultaneously is, delivered, any instructions by the Company with
respect to endorsement, delivery or redelivery of a Security in global form shall be in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of the last sentence of Section&nbsp;303 shall apply to any Security represented by a
Security in global form if such Security was never issued and sold by the Company and the Company
delivers to the Trustee or the Security Registrar the Security in global form together with written
instructions with regard to the reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last sentence of Section&nbsp;303.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of Section&nbsp;307, unless otherwise specified as contemplated by
Section&nbsp;301, payment of principal of (and premium, if any) and interest, if any, on any Security in
permanent global form shall be made to the Person or Persons specified therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of Section&nbsp;309 and except as provided in the preceding paragraph,
the Company, the Trustee and any agent of the Company and the Trustee shall treat as the Holder of
such principal amount of Outstanding Securities represented by a permanent global Security (i)&nbsp;in
the case of a permanent global Security in registered form, the Holder of such permanent global
Security in registered form, or (ii)&nbsp;in the case of a permanent
global Security in bearer form, &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;301. Amount Unlimited; Issuable in Series.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate principal amount of Securities which may be authenticated and delivered under this
Indenture is unlimited.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities may be issued in one or more series and shall be designated as Senior Securities,
Senior Subordinated Securities or Junior Subordinated Securities. Senior Securities are
unsubordinated, shall rank equally and <I>pari passu </I>with all of the Company&#146;s Senior Indebtedness and
senior to all Subordinated Securities. Senior Subordinated Securities shall rank junior to the
Company&#146;s Senior Indebtedness, equally and <I>pari passu </I>with all other Senior Subordinated
Indebtedness and senior to any Junior Subordinated Indebtedness. Junior Subordinated Securities
shall rank junior to the Company&#146;s Senior Indebtedness and any Senior Subordinated Indebtedness and
equally and <I>pari passu </I>with all other Junior Subordinated Indebtedness. There shall be established
in one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions
and, subject to Section&nbsp;303, set forth, or determined in the manner provided, in an Officers&#146;
Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series, any or all of the following, as applicable (each of which (except for the
matters set forth in clauses (1), (2)&nbsp;and (15)&nbsp;below), if so provided, may be determined from time
to time by the Company with respect to unissued Securities of the series when issued from time to
time):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the title of the Securities of the series including CUSIP numbers (which shall distinguish the
Securities of such series from all other series of Securities);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any limit upon the aggregate principal amount of the Securities of the series that may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section&nbsp;304, 305, 306, 906, 1107 or 1305, and except for any Securities which, pursuant
to Section&nbsp;303, are deemed never to have been authenticated and delivered hereunder);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the date or dates, or the method by which such date or dates will be determined or extended, on
which the principal of the Securities of the series shall be payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the rate or rates at which the Securities of the series shall bear interest, if any, or the
method by which such rate or rates shall be determined, the date or dates from which such interest
shall accrue or the method by which such date or dates shall be determined, the Interest Payment
Dates on which such interest will be payable and the Regular Record Date, if any, for the interest
payable on any Registered Security on any Interest Payment Date, or the method by which such date
shall be determined, and the basis upon which such interest shall be calculated if other than that
of a 360-day year of twelve 30-day months;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the place or places, if any, other than or in addition to the Borough of Manhattan, The City of
New York, where the principal of (and premium, if any) and interest, if any, on Securities of the
series shall be payable, any Registered Securities of the series may be surrendered for
registration of transfer, Securities of the series may be surrendered for exchange, where
Securities of that series that are convertible or exchangeable may be surrendered for conversion or
exchange, as
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">applicable, and where notices or demands to or upon the Company in respect of the Securities of the
series and this Indenture may be served;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the period or periods within which, or the date or dates on which, the price or prices at
which, the Currency or Currencies in which, and other terms and conditions upon which Securities of
the series may be redeemed, in whole or in part, at the option of the Company, if the Company is to
have the option;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the obligation, if any, of the Company to redeem, repay or purchase Securities of the series
pursuant to any sinking fund or analogous provision or at the option of a Holder thereof, and the
period or periods within which or the date or dates on which, the price or prices at which, the
Currency or Currencies in which, and other terms and conditions upon which Securities of the series
shall be redeemed, repaid or purchased, in whole or in part, pursuant to such obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) if other than denominations of $1,000 and any integral multiple thereof, the denomination or
denominations in which any Registered Securities of the series shall be issuable and, if other than
denominations of $5,000, the denomination or denominations in which any Bearer Securities of the
series shall be issuable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) if other than the Trustee, the identity of each Security Registrar and/or Paying Agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) if other than the principal amount thereof, the portion of the principal amount of Securities
of the series that shall be payable upon declaration of acceleration of the Maturity thereof
pursuant to Section&nbsp;502, upon redemption of the Securities of the series which are redeemable
before their Stated Maturity, upon surrender for repayment at the option of the Holder, or which
the Trustee shall be entitled to claim pursuant to Section&nbsp;504 or the method by which such portion
shall be determined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) if other than Dollars, the Currency or Currencies in which payment of the principal of (or
premium, if any) or interest, if any, on the Securities of the series shall be made or in which the
Securities of the series shall be denominated and the particular provisions applicable thereto in
accordance with, in addition to or in lieu of any of the provisions of Section&nbsp;312;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) whether the amount of payments of principal of (or premium, if any) or interest, if any, on
the Securities of the series may be determined with reference to an index, formula or other method
(which index, formula or method may be based, without limitation, on one or more Currencies,
commodities, equity indices or other indices), and the manner in which such amounts shall be
determined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) whether the principal of (or premium, if any) or interest, if any, on the Securities of the
series are to be payable, at the election of the Company or a Holder thereof, in one or more
Currencies other than that in which such Securities are denominated or stated to be payable, the
period or periods within which (including the Election Date), and the terms and conditions upon
which, such election may be made,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">and the time and manner of determining the exchange rate between the Currency or Currencies in
which such Securities are denominated or stated to be payable and the Currency or Currencies in
which such Securities are to be paid, in each case in accordance with, in addition to or in lieu of
any of the provisions of Section&nbsp;312;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) provisions, if any, granting special rights to the Holders of Securities of the series upon
the occurrence of such events as may be specified;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) any deletions from, modifications of or additions to the Events of Default or covenants
(including any deletions from, modifications of or additions to any of the provisions of Section
1007) of the Company with respect to Securities of the series, whether or not such Events of
Default or covenants are consistent with the Events of Default or covenants set forth herein;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) whether Securities of the series are to be issuable as Registered Securities, Bearer
Securities (with or without coupons) or both, any restrictions applicable to the offer, sale or
delivery of Bearer Securities and the terms upon which Bearer Securities of the series may be
exchanged for Registered Securities of the series and vice versa (if permitted by applicable laws
and regulations), whether any Securities of the series are to be issuable initially in temporary
global form with or without coupons and whether any Securities of the series are to be issuable in
permanent global form with or without coupons and, if so, whether beneficial owners of interests in
any such permanent global Security may exchange such interests for Securities of such series in
certificated form and of like tenor of any authorized form and denomination and the circumstances
under which any such exchanges may occur, if other than in the manner provided in Section&nbsp;305,
whether Registered Securities of the series may be exchanged for Bearer Securities of the series
(if permitted by applicable laws and regulations), whether Bearer Securities of the series may be
exchanged for Registered Securities of the series, and the circumstances under which and the place
or places where such exchanges may be made and if Securities of the series are to be issuable as a
global Security, the identity of the depository for such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) the date as of which any Bearer Securities of the series and any temporary global Security
representing Outstanding Securities of the series shall be dated if other than the date of original
issuance of the first Security of the series to be issued;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) the Person to whom any interest on any Registered Security of the series shall be payable, if
other than the Person in whose name such Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, the manner in
which, or the Person to whom, any interest on any Bearer Security of the series shall be payable,
if otherwise than upon presentation and surrender of the coupons appertaining thereto as they
severally mature, and the extent to which, or the manner in which, any interest payable on a
temporary global Security on an Interest Payment Date will be paid if other than in the manner
provided in Section&nbsp;304; and the extent to which, or the manner in which, any interest
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">payable on a permanent global Security on an Interest Payment Date will be paid if other than in
the manner provided in Section&nbsp;307;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) the applicability, if any, of Sections&nbsp;1402 and/or 1403 to the Securities of the series and
any provisions in modification of, in addition to or in lieu of any of the provisions of Article
Fourteen;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) if the Securities of such series are to be issuable in definitive form (whether upon original
issue or upon exchange of a temporary Security of such series) only upon receipt of certain
certificates or other documents or satisfaction of other conditions, then the form and/or terms of
such certificates, documents or conditions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) whether, under what circumstances and the Currency in which, the Company will pay Additional
Amounts as contemplated by Section&nbsp;1004 on the Securities of the series to any Holder who is not a
United States Person (including any modification to the definition of such term) in respect of any
tax, assessment or governmental charge and, if so, whether the Company will have the option to
redeem such Securities rather than pay such Additional Amounts (and the terms of any such option);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) the designation of the initial Exchange Rate Agent, if any;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) if the Securities of the series are to be issued upon the exercise of warrants, the time,
manner and place for such Securities to be authenticated and delivered;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) if the Securities of the series are to be convertible into or exchangeable for any securities
of any Person (including the Company), the terms and conditions upon which such Securities will be
so convertible or exchangeable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) any other terms of the series (which terms shall not be inconsistent with the provisions of
this Indenture or the requirements of the Trust Indenture Act); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) the guarantors, if any, of the Securities of the series, and the extent of the guarantees
(including provisions relating to seniority, subordination, and the release of the guarantors), if
any, and any additions or changes to permit or facilitate guarantees of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities of any one series and the coupons appertaining to any Bearer Securities of such
series shall be substantially identical except, in the case of Registered Securities, as to
denomination and except as may otherwise be provided in or pursuant to the Board Resolution
referred to above (subject to Section&nbsp;303) and set forth in the Officers&#146; Certificate referred to
above or in any such indenture supplemental hereto. All Securities of any one series need not be
issued at the same time and, unless otherwise provided, a series may be reopened, without the
consent of the Holders, for issuances of additional Securities of such series.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the terms of the Securities of any series are established by action taken pursuant to one
or more Board Resolutions, a copy of an appropriate record of such action(s) shall be certified by
the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to
the delivery of the Officers&#146; Certificate setting forth the terms of the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;302. Denominations.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities of each series shall be issuable in such denominations as shall be specified as
contemplated by Section&nbsp;301. With respect to Securities of any series denominated in Dollars, in
the absence of any such provisions with respect to the Securities of any series, the Registered
Securities of such series, other than Registered Securities issued in global form (which may be of
any denomination) shall be issuable in denominations of $1,000 and any integral multiple thereof,
and the Bearer Securities of such series, other than Bearer Securities issued in global form (which
may be of any denomination), shall be issuable in a denomination of $5,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;303. Execution, Authentication, Delivery and Dating.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and any coupons appertaining thereto shall be executed on behalf of the Company by
its Chairman, &#091;the Chief Executive Officer, the Chief Financial Officer, or&#093; its President or one
of its Vice Presidents, under its corporate seal reproduced thereon, and attested by its Secretary
or one of its Assistant Secretaries. The signature of any of these officers on the Securities and
coupons may be manual or facsimile signatures of the present or any future such authorized officer
and may be imprinted or otherwise reproduced on the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities or coupons bearing the manual or facsimile signatures of individuals who were at any
time the proper officers of the Company shall bind the Company, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the date of such Securities or coupons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time and from time to time after the execution and delivery of this Indenture, the Company
may deliver Securities of any series, together with any coupon appertaining thereto, executed by
the Company, to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities; <U>provided</U>, <U>however</U>, that, in
connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to
any location in the United States; and <U>provided</U> <U>further</U> that, unless otherwise
specified with respect to any series of Securities pursuant to Section&nbsp;301, a Bearer Security may
be delivered in connection with its original issuance only if the Person entitled to receive such
Bearer Security shall have furnished a certificate in the form set forth in Exhibit&nbsp;A-1 to this
Indenture or such other certificate as may be specified with respect to any series of Securities
pursuant to Section&nbsp;301, dated no earlier than 15&nbsp;days prior to the earlier of the date on which
such Bearer Security is delivered and the date on which any temporary Security first becomes
exchangeable for such Bearer Security in accordance with the terms of such temporary Security and
this Indenture. If any Security shall be represented by a permanent global Bearer Security, then,
for purposes of this Section and Section&nbsp;304, the notation of a beneficial owner&#146;s interest therein
upon original issuance of such Security or upon exchange of a portion of a temporary global
Security shall be
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">deemed to be delivery in connection with its original issuance of such beneficial owner&#146;s interest
in such permanent global Security. Except as permitted by Section&nbsp;306, the Trustee shall not
authenticate and deliver any Bearer Security unless all appurtenant coupons for interest then
matured have been detached and cancelled. If all the Securities of any series are not to be issued
at one time and if the Board Resolution or supplemental indenture establishing such series shall so
permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance of
such Securities and determining the terms of particular Securities of such series, such as interest
rate, maturity date, date of issuance and date from which interest shall accrue. In authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall receive, and (subject to TIA Section 315(a) through 315(d))
shall be fully protected in relying upon,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;an Opinion of Counsel stating,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that the form or forms of such Securities and any coupons have been established in conformity
with the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that the terms of such Securities and any coupons have been established in conformity with the
provisions of this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that such Securities, together with any coupons appertaining thereto, when completed by
appropriate insertions and executed and delivered by the Company to the Trustee for authentication
in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with
this Indenture and issued by the Company in the manner and subject to any conditions specified in
such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company,
enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or affecting the
enforcement of creditors&#146; rights, to general equitable principles and to such other qualifications
as such counsel shall conclude do not materially affect the rights of Holders of such Securities
and any coupons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;an Officers&#146; Certificate stating, to the best of the knowledge of the signers of such
certificate, that no Event of Default with respect to any of the Securities shall have occurred and
be continuing;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;a copy of the Board Resolutions pursuant to which the terms and form of the Securities were
established; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;an executed supplemental indenture, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of Section&nbsp;301 and of this Section&nbsp;303, if all the Securities of any
series are not to be issued at one time, it shall not be necessary to deliver an Officers&#146;
Certificate otherwise required pursuant to Section&nbsp;301 or the Company Order, Opinion of Counsel or
Officers&#146; Certificate otherwise required pursuant to the preceding paragraph at the time of
issuance of each Security of such series, but such order, opinion and certificates, with
appropriate modifications to cover such future issuances, shall be delivered at or before the time
of issuance of the first Security of such series.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If such form or terms have been so established, the Trustee shall not be required to authenticate
such Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee&#146;s own rights, duties, obligations or immunities under the Securities and this Indenture or
otherwise in a manner which is not reasonably acceptable to the Trustee. Notwithstanding the
generality of the foregoing, the Trustee will not be required to authenticate Securities
denominated in a Foreign Currency if the Trustee reasonably believes that it would be unable to
perform its duties with respect to such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Security shall be dated the date of its authentication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Security or coupon shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security or Security to which such coupon
appertains a certificate of authentication substantially in the form provided for herein duly
executed by the Trustee or an Authenticating Agent by manual signature of an authorized signatory,
and such certificate upon any Security shall be conclusive evidence, and the only evidence, that
such Security has been duly authenticated and delivered hereunder and is entitled to the benefits
of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and
delivered hereunder but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section&nbsp;310 together with a written
statement (which need not comply with Section&nbsp;102 and need not be accompanied by an Opinion of
Counsel) stating that such Security has never been issued and sold by the Company, for all purposes
of this Indenture such Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;304. Temporary Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Pending the preparation of definitive Securities of any series, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued, in registered form, or, if authorized, in bearer form with one or more coupons or without
coupons, and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as conclusively evidenced by their execution of
such Securities. In the case of Securities of any series, such temporary Securities may be in
global form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except in the case of temporary Securities in global form (which shall be exchanged in accordance
with Section 304(b) or as otherwise provided in or pursuant to a Board Resolution), if temporary
Securities of any series are issued, the Company will cause definitive Securities of that series to
be prepared without unreasonable delay. After the preparation of definitive Securities of such
series, the temporary Securities of such series shall be exchangeable for definitive Securities of
such series upon surrender of the temporary Securities of such series at the office or agency of
the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series (accompanied by any non-matured
coupons appertaining thereto), the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">like tenor of definitive Securities of the same series of authorized denominations; <u>provided</u>,
<u>however</u>, that no definitive Bearer Security shall be delivered in exchange for a temporary
Registered Security; and <u>provided</u> <u>further</u> that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions set forth in
Section&nbsp;303. Until so exchanged, the temporary Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Securities of such series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Unless otherwise provided in or pursuant to a Board Resolution, this Section 304(b) shall
govern the exchange of temporary Securities issued in global form. If temporary Securities of any
series are issued in global form, any such temporary global Security shall, unless otherwise
provided therein, be delivered to the London office of a depositary or common depositary (the
&#147;Common Depositary&#148;), for the benefit of &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;, for credit to the respective
accounts of the beneficial owners of such Securities (or to such other accounts as they may
direct).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without unnecessary delay but in any event not later than the date specified in, or determined
pursuant to the terms of, any such temporary global Security (the &#147;Exchange Date&#148;), the Company
shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the
principal amount of such temporary global Security, executed by the Company. On or after the
Exchange Date, such temporary global Security shall be surrendered by the Common Depositary to the
Trustee, as the Company&#146;s agent for such purpose, or to the Security Registrar, to be exchanged, in
whole or from time to time in part, for definitive Securities without charge, and the Trustee shall
authenticate and deliver, in exchange for each portion of such temporary global Security, an equal
aggregate principal amount of definitive Securities of the same series of authorized denominations
and of like tenor as the portion of such temporary global Security to be exchanged. The definitive
Securities to be delivered in exchange for any such temporary global Security shall be in bearer
form, registered form, permanent global bearer form or permanent global registered form, or any
combination thereof, as specified as contemplated by Section&nbsp;301, and, if any combination thereof
is so specified, as requested by the beneficial owner thereof; <U>provided</U>, <U>however</U>,
that, unless otherwise specified in such temporary global Security, upon such presentation by the
Common Depositary, such temporary global Security is accompanied by a certificate dated the
Exchange Date or a subsequent date and signed by &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93; as to the portion of such temporary
global Security held for its account then to be exchanged and a certificate dated the Exchange Date
or a subsequent date and signed by &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93; as to the portion of such temporary global Security
held for its account then to be exchanged, each in the form set forth in Exhibit&nbsp;A-2 to this
Indenture or in such other form as may be established pursuant to Section&nbsp;301; and <U>provided</U>
<U>further</U> that definitive Bearer Securities shall be delivered in exchange for a portion of a
temporary global Security only in compliance with the requirements of Section&nbsp;303.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in such temporary global Security, the interest of a beneficial owner of
Securities of a series in a temporary global Security shall be exchanged for definitive Securities
of the same series and of like tenor following the Exchange Date when
the account holder instructs &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;, as the case may be, to request such exchange on his behalf and delivers
to &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;, as the case may be, a certificate in the form set forth in Exhibit&nbsp;A-1
to this Indenture (or in such other form as may be established pursuant to Section&nbsp;301), dated no
earlier than 15&nbsp;days prior to the Exchange Date, copies of which
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">certificate shall be available from the offices of  &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;, the Trustee, any
Authenticating Agent appointed for such series of Securities and each Paying Agent. Unless
otherwise specified in such temporary global Security, any such exchange shall be made free of
charge to the beneficial owners of such temporary global Security, except that a Person receiving
definitive Securities must bear the cost of insurance, postage, transportation and the like unless
such Person takes delivery of such definitive Securities in person at the offices of &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;. Definitive Securities in bearer form to be delivered in exchange for any portion of a
temporary global Security shall be delivered only outside the United States.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until exchanged in full as hereinabove provided, the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of the
same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise
specified as contemplated by Section&nbsp;301, interest payable on a temporary global Security on an
Interest Payment Date for Securities of such series occurring prior to the applicable Exchange Date
shall be payable to  &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93; on such Interest Payment Date upon delivery by
 &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93; to the Trustee or the applicable Paying Agent of a certificate or
certificates in the form set forth in Exhibit&nbsp;A-2 to this Indenture (or in such other forms as may
be established pursuant to Section&nbsp;301), for credit without further interest on or after such
Interest Payment Date to the respective accounts of Persons who are the beneficial owners of such
temporary global Security on such Interest Payment Date and who have each delivered to &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;, as the case may be, a certificate dated no earlier than 15&nbsp;days prior to the Interest
Payment Date occurring prior to such Exchange Date in the form set forth as Exhibit&nbsp;A-1 to this
Indenture (or in such other forms as may be established pursuant to Section&nbsp;301). Notwithstanding
anything to the contrary herein contained, the certifications made pursuant to this paragraph shall
satisfy the certification requirements of the preceding two paragraphs of this Section 304(b) and
of the third paragraph of Section&nbsp;303 of this Indenture and the interests of the Persons who are
the beneficial owners of the temporary global Security with respect to which such certification was
made will be exchanged for definitive Securities of the same series and of like tenor on the
Exchange Date or the date of certification if such date occurs after the Exchange Date, without
further act or deed by such beneficial owners. Except as otherwise provided in this paragraph, no
payments of principal (or premium, if any) or interest, if any, owing with respect to a beneficial
interest in a temporary global Security will be made unless and until such interest in such
temporary global Security shall have been exchanged for an interest in a definitive Security. Any
interest so received by  &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93; and not paid as herein provided shall be returned
to the Trustee or the applicable Paying Agent immediately prior to the expiration of two years
after such Interest Payment Date in order to be repaid to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;305. Registration, Registration of Transfer and Exchange.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in any office or
agency of the Company in a Place of Payment a register for each series of Securities (the registers
maintained in such office or in any such office or agency of the Company in a Place of Payment
being herein sometimes referred to collectively as the &#147;Security Register&#148;) in which, subject to
such reasonable regulations as it may prescribe, the Company shall provide for the registration of
Registered Securities and of transfers of Registered Securities. The Security Register shall be in
written form or any other form capable of being converted into written form
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">within a reasonable time. The Trustee, at its Corporate Trust Office, is hereby initially appointed
&#147;Security Registrar&#148; for the purpose of registering Registered Securities and transfers of
Registered Securities on such Security Register as herein provided, and for facilitating exchanges
of temporary global Securities for permanent global Securities or definitive Securities, or both,
or of permanent global Securities for definitive Securities, or both, as herein provided. In the
event that the Trustee shall cease to be Security Registrar, it shall have the right to examine the
Security Register at all reasonable times.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender for registration of transfer of any Registered Security of any series at any office
or agency of the Company in a Place of Payment for that series, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Registered Securities of the same series, of any authorized denominations and of a
like aggregate principal amount, bearing a number not contemporaneously outstanding and containing
identical terms and provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder, Registered Securities of any series may be exchanged for other
Registered Securities of the same series, of any authorized denomination or denominations and of a
like aggregate principal amount, containing identical terms and provisions, upon surrender of the
Registered Securities to be exchanged at any such office or agency. Whenever any Registered
Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Registered Securities which the Holder making the exchange is
entitled to receive. Unless otherwise specified with respect to any series of Securities as
contemplated by Section&nbsp;301, Bearer Securities may not be issued in exchange for Registered
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (but only if) permitted by the applicable Board Resolution and (subject to Section&nbsp;303) set
forth in the applicable Officers&#146; Certificate, or in any indenture supplemental hereto, delivered
as contemplated by Section&nbsp;301, at the option of the Holder, Bearer Securities of any series may be
exchanged for Registered Securities of the same series of any authorized denominations and of a
like aggregate principal amount and tenor, upon surrender of the Bearer Securities to be exchanged
at any such office or agency, with all unmatured coupons and all matured coupons in default thereto
appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon or
coupons or matured coupon or coupons in default, any such permitted exchange may be effected if the
Bearer Securities are accompanied by payment in funds acceptable to the Company in an amount equal
to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or
coupons may be waived by the Company and the Trustee if there is furnished to them such security or
indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the
Holder of such Security shall surrender to any Paying Agent any such missing coupon in respect of
which such a payment shall have been made, such Holder shall be entitled to receive the amount of
such payment; <u>provided</u>, <u>however</u>, that, except as otherwise provided in Section&nbsp;1002, interest
represented by coupons shall be payable only upon presentation and surrender of those coupons at an
office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such office or agency in a permitted exchange for a
Registered Security of the same series and like tenor after the close of business at such office or
agency on (i)&nbsp;any Regular Record Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii)&nbsp;any Special Record Date and before the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">opening of business at such office or agency on the related proposed date for payment of Defaulted
Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest
Payment Date or proposed date for payment, as the case may be, and interest or Defaulted Interest,
as the case may be, will not be payable on such Interest Payment Date or proposed date for payment,
as the case may be, in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in accordance with the
provisions of this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to
receive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, except as otherwise specified as contemplated by Section&nbsp;301, any
permanent global Security shall be exchangeable only as provided in this paragraph. If any
beneficial owner of an interest in a permanent global Security is entitled to exchange such
interest for Securities of such series and of like tenor and principal amount of another authorized
form and denomination, as specified as contemplated by Section&nbsp;301 and <u>provided</u> that any applicable
notice provided in the permanent global Security shall have been given, then without unnecessary
delay but in any event not later than the earliest date on which such interest may be so exchanged,
the Company shall deliver to the Trustee definitive Securities in aggregate principal amount equal
to the principal amount of such beneficial owner&#146;s interest in such permanent global Security,
executed by the Company. On or after the earliest date on which such interests may be so exchanged,
such permanent global Security shall be surrendered by the Common Depositary or such other
depositary as shall be specified in the Company Order with respect thereto to the Trustee, as the
Company&#146;s agent for such purpose, or to the Security Registrar, to be exchanged, in whole or from
time to time in part, for definitive Securities of the same series without charge and the Trustee
shall authenticate and deliver, in exchange for each portion of such permanent global Security, an
equal aggregate principal amount of definitive Securities of the same series of authorized
denominations and of like tenor as the portion of such permanent global Security to be exchanged
which, unless the Securities of the series are not issuable both as Bearer Securities and as
Registered Securities, in which case the definitive Securities exchanged for the permanent global
Security shall be issuable only in the form in which the Securities are issuable, as specified as
contemplated by Section&nbsp;301, shall be in the form of Bearer Securities or Registered Securities, or
any combination thereof, as shall be specified by the beneficial owner thereof; <u>provided</u>, <u>however</u>,
that no such exchanges may occur during a period beginning at the opening of business 15&nbsp;days
before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the
Security for which exchange is requested may be among those selected for redemption; and <u>provided</u>
<u>further</u> that no Bearer Security delivered in exchange for a portion of a permanent global Security
shall be mailed or otherwise delivered to any location in the United States. If a Registered
Security is issued in exchange for any portion of a permanent global Security after the close of
business at the office or agency where such exchange occurs on (i)&nbsp;any Regular Record Date and
before the opening of business at such office or agency on the relevant Interest Payment Date, or
(ii)&nbsp;any Special Record Date and before the opening of business at such office or agency on the
related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the
case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the
case may be, in respect of such Registered Security, but will be payable on such Interest Payment
Date or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">proposed date for payment, as the case may be, only to the Person to whom interest in respect of
such portion of such permanent global Security is payable in accordance with the provisions of this
Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities issued upon any registration of transfer or exchange of Securities shall be valid
obligations of the Company, evidencing the same debt and entitled to the same benefits under this
Indenture, as the Securities surrendered upon such registration of transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Registered Security presented or surrendered for registration of transfer or for exchange
shall (if so required by the Company or the Security Registrar or any transfer agent) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar, duly executed by the Holder thereof or his attorney or any transfer
agent duly authorized in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any registration of transfer or exchange of Securities, but the
Company or the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange
of Securities, other than exchanges pursuant to Section&nbsp;304, 906, 1107 or 1305 not involving any
transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not be required (i)&nbsp;to issue, register the transfer of or exchange any Security
if such Security may be among those selected for redemption during a period beginning at the
opening of business 15&nbsp;days before selection of the Securities to be redeemed under Section&nbsp;1103
and ending at the close of business on (A)&nbsp;if such Securities are issuable only as Registered
Securities, the day of the mailing of the relevant notice of redemption and (B)&nbsp;if such Securities
are issuable as Bearer Securities, the day of the first publication of the relevant notice of
redemption or, if such Securities are also issuable as Registered Securities and there is no
publication, the mailing of the relevant notice of redemption, or (ii)&nbsp;to register the transfer of
or exchange any Registered Security so selected for redemption in whole or in part, except, in the
case of any Registered Security to be redeemed in part, the portion thereof not to be redeemed, or
(iii)&nbsp;to exchange any Bearer Security so selected for redemption except that such a Bearer Security
may be exchanged for a Registered Security of that series and like tenor, <u>provided</u> that such
Registered Security shall be simultaneously surrendered for redemption, or (iv)&nbsp;to issue, register
the transfer of or exchange any Security which has been surrendered for repayment at the option of
the Holder, except the portion, if any, of such Security not to be so repaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;306. Mutilated, Destroyed, Lost and Stolen Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered
to the Trustee or the Company, together with, in proper cases, such security or indemnity as may be
required by the Company or the Trustee to save each of them or any agent of either of them
harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same series and principal amount, containing identical terms and
provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to
the coupons, if any, appertaining to the surrendered Security.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be delivered to the Company and to the Trustee (i)&nbsp;evidence to their satisfaction of
the destruction, loss or theft of any Security or coupon, and (ii)&nbsp;such security or indemnity as
may be required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security or coupon has been acquired by a
protected purchaser, the Company shall, subject to the following paragraph, execute and upon its
request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security or in exchange for the Security to which a destroyed, lost or stolen coupon appertains
(with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and
principal amount, containing identical terms and provisions and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to
such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen
coupon appertains.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated,
destroyed, lost or stolen Security or coupon has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the
coupons, if any, appertaining to such mutilated, destroyed, lost or stolen Security or to the
Security to which such mutilated, destroyed, lost or stolen coupon appertains, pay such Security or
coupon, as the case may be; <u>provided</u>, <u>however</u>, that payment of principal of (and premium, if any)
and interest, if any, on Bearer Securities shall, except as otherwise provided in Section&nbsp;1002, be
payable only at an office or agency located outside the United States and, unless otherwise
specified as contemplated by Section&nbsp;301, any interest on Bearer Securities shall be payable only
upon presentation and surrender of the coupons appertaining thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any new Security under this Section, the Company may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every new Security of any series with its coupons, if any, issued pursuant to this Section in lieu
of any destroyed, lost or stolen Security, or in exchange for a Security to which a destroyed, lost
or stolen coupon appertains, shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security and its coupons, if any, or the
destroyed, lost or stolen coupon shall be at any time enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that series and their coupons, if any, duly issued hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities or coupons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;307. Payment of Interest; Interest Rights Preserved; Optional Interest Reset.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as otherwise specified with respect to a series of Securities in accordance with the
provisions of Section&nbsp;301, interest, if any, on any Registered Security that is
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to
the Person in whose name that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest at the office or agency of the
Company maintained for such purpose pursuant to Section&nbsp;1002; <u>provided</u>, <u>however</u>, that each
installment of interest, if any, on any Registered Security may at the Company&#146;s option be paid by
(i)&nbsp;mailing a check for such interest, payable to or upon the written order of the Person entitled
thereto pursuant to Section&nbsp;309, to the address of such Person as it appears on the Security
Register or (ii)&nbsp;transfer to an account maintained by the payee located in the United States.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided as contemplated by Section&nbsp;301 with respect to the Securities of any
series, payment of interest, if any, may be made, in the case of a Bearer Security, by transfer to
an account maintained by the payee with a bank located outside the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided as contemplated by Section&nbsp;301, every permanent global Security will
provide that interest, if any, payable on any Interest Payment Date will be paid to each of
 &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;  with respect to that portion of such permanent global Security held for
its account by the Common Depositary, for the purpose of permitting each of  &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93; to credit the interest, if any, received by it in respect of such permanent global
Security to the accounts of the beneficial owners thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case a Bearer Security of any series is surrendered in exchange for a Registered Security of
such series after the close of business (at an office or agency in a Place of Payment for such
series) on any Regular Record Date and before the opening of business (at such office or agency) on
the next succeeding Interest Payment Date, such Bearer Security shall be surrendered without the
coupon relating to such Interest Payment Date and interest will not be payable on such Interest
Payment Date in respect of the Registered Security issued in exchange for such Bearer Security, but
will be payable only to the Holder of such coupon when due in accordance with the provisions of
this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified with respect to a series of Securities in accordance with the
provisions of Section&nbsp;301, any interest on any Registered Security of any series that is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date (herein called
&#147;Defaulted Interest&#148;) shall forthwith cease to be payable to the registered Holder thereof on the
relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may
be paid by the Company, at its election in each case, as provided in clause (1)&nbsp;or (2)&nbsp;below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names
the Registered Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such
series and the date of the proposed payment (which shall not be less than 20&nbsp;days after such notice
is received by the Trustee), and at the same time the Company shall deposit with the Trustee an
amount of money in the Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section&nbsp;301 for the Securities of such
</DIV>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">series and except, if applicable, as provided in Sections&nbsp;312(b), 312(d) and 312(e))
equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee
shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not
more than 15&nbsp;days and not less than 10&nbsp;days prior to the date of the proposed payment and not
less than 10&nbsp;days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date and, in the name and at
the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to
each Holder of Registered Securities of such series at his address as it appears in the
Security Register not less than 10&nbsp;days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having been
mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the
Registered Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no longer be
payable pursuant to the following clause (2). In case a Bearer Security of any series is
surrendered at the office or agency in a Place of Payment for such series in exchange for a
Registered Security of such series after the close of business at such office or agency on
any Special Record Date and before the opening of business at such office or agency on the
related proposed date for payment of Defaulted Interest, such Bearer Security shall be
surrendered without the coupon relating to such proposed date of payment and Defaulted
Interest will not be payable on such proposed date of payment in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only to the Holder
of such coupon when due in accordance with the provisions of this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may make payment of any Defaulted Interest on the Registered
Securities of any series in any other lawful manner not inconsistent with the requirements of
any securities exchange on which such Securities may be listed, and upon such notice as may
be required by such exchange, if, after notice given by the Company to the Trustee of the
proposed payment pursuant to this clause, such manner of payment shall be deemed practicable
by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The provisions of this Section 307(b) may be made applicable to any series of
Securities pursuant to Section&nbsp;301 (with such modifications, additions or substitutions as may be
specified pursuant to such Section&nbsp;301). The interest rate (or the spread or spread multiplier used
to calculate such interest rate, if applicable) on any Security of such series may be reset by the
Company on the date or dates specified on the face of such Security (each an &#147;Optional Reset
Date&#148;). The Company may exercise such option with respect to such Security by notifying the Trustee
of such exercise at least 45 but not more than 60&nbsp;days prior to an Optional Reset Date for such
Security. Not later than 40&nbsp;days prior to each Optional Reset Date, the Trustee shall transmit, in
the manner provided for in Section&nbsp;106, to the Holder of any such Security a notice (the &#147;Reset
Notice&#148;) indicating whether the Company has elected to reset the interest rate (or the spread or
spread multiplier used to calculate such interest rate, if applicable), and if so (i)&nbsp;such new
interest rate (or such new spread or spread multiplier, if applicable) and (ii)
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the provisions, if any, for redemption during the period from such Optional Reset Date to the
next Optional Reset Date or if there is no such next Optional Reset Date, to the Stated Maturity of
such Security (each such period a &#147;Subsequent Interest Period&#148;), including the date or dates on
which or the period or periods during which and the price or prices at which such redemption may
occur during the Subsequent Interest Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, not later than 20&nbsp;days prior to the Optional Reset Date,
the Company may, at its option, revoke the interest rate (or the spread or spread multiplier used
to calculate such interest rate, if applicable) provided for in the Reset Notice and establish a
higher interest rate (or a spread or spread multiplier providing for a higher interest rate, if
applicable) for the Subsequent Interest Period by causing the Trustee to transmit, in the manner
provided for in Section&nbsp;106, notice of such higher
interest rate (or such higher spread or spread multiplier providing for a higher interest
rate, if applicable) to the Holder of such Security. Such notice shall be irrevocable. All
Securities with respect to which the interest rate (or the spread or spread multiplier used to
calculate such interest rate, if applicable) is reset on an Optional Reset Date, and with respect
to which the Holders of such Securities have not tendered such Securities for repayment (or have
validly revoked any such tender) pursuant to the next succeeding paragraph, will bear such higher
interest rate (or such higher spread or spread multiplier providing for a higher interest rate, if
applicable).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holder of any such Security will have the option to elect repayment by the Company of
the principal of such Security on each Optional Reset Date at a price equal to the principal amount
thereof plus interest accrued to such Optional Reset Date. In order to obtain repayment on an
Optional Reset Date, the Holder must follow the procedures set forth in Article&nbsp;Thirteen for
repayment at the option of Holders except that the period for delivery or notification to the
Trustee shall be at least 25 but not more than 35&nbsp;days prior to such Optional Reset Date and except
that, if the Holder has tendered any Security for repayment pursuant to the Reset Notice, the
Holder may, by written notice to the Trustee, revoke such tender or repayment until the close of
business on the tenth day before such Optional Reset Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing provisions of this Section and Section&nbsp;305, each Security
delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;308. Optional Extension of Maturity.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section&nbsp;308 may be made applicable to any series of Securities
pursuant to Section&nbsp;301 (with such modifications, additions or substitutions as may be specified
pursuant to such Section&nbsp;301). The Stated Maturity of any Security of such series may be extended
at the option of the Company for the period or periods specified on the face of such Security (each
an &#147;Extension Period&#148;) up to but not beyond the date (the &#147;Final Maturity&#148;) set forth on the face
of such Security. The Company may exercise such option with respect to any Security by notifying
the Trustee of such exercise at least 45 but not more than 60&nbsp;days prior to the Stated Maturity of
such Security in effect prior to the exercise of such option (the &#147;Original Stated Maturity&#148;). If
the Company exercises such option, the Trustee shall transmit, in the manner provided for in
Section&nbsp;106, to the Holder of such Security not later than 40&nbsp;days prior to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Original Stated Maturity a notice (the &#147;Extension Notice&#148;), prepared by the Company,
indicating (i)&nbsp;the election of the Company to extend the Stated Maturity, (ii)&nbsp;the new Stated
Maturity, (iii)&nbsp;the interest rate (or spread, spread multiplier or other formula to calculate such
interest rate, if applicable), if any, applicable to the Extension Period and (iv)&nbsp;the provisions,
if any, for redemption during such Extension Period. Upon the Trustee&#146;s transmittal of the
Extension Notice, the Stated Maturity of such Security shall be extended automatically and, except
as modified by the Extension Notice and as described in the next paragraph, such Security will have
the same terms as prior to the transmittal of such Extension Notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, not later than 20&nbsp;days before the Original Stated Maturity
of such Security, the Company may, at its option, revoke the interest rate (or spread, spread
multiplier or other formula to calculate such interest rate, if applicable) provided for in the
Extension Notice and establish a higher interest rate (or spread, spread multiplier or other
formula to calculate such higher interest rate, if applicable) for the Extension Period by causing
the Trustee to transmit, in the manner provided for in Section&nbsp;106, notice of such higher interest
rate (or spread, spread multiplier or other formula to calculate such interest rate, if applicable)
to the Holder of such Security. Such notice shall be irrevocable. All Securities with respect to
which the Stated Maturity is extended will bear such higher interest rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company extends the Stated Maturity of any Security, the Holder will have the
option to elect repayment of such Security by the Company on the Original Stated Maturity at a
price equal to the principal amount thereof, plus interest accrued to such date. In order to obtain
repayment on the Original Stated Maturity once the Company has extended the Stated Maturity
thereof, the Holder must follow the
procedures set forth in Article&nbsp;Thirteen for repayment at the option of Holders, except that
the period for delivery or notification to the Trustee shall be at least 25 but not more than 35
days prior to the Original Stated Maturity and except that, if the Holder has tendered any Security
for repayment pursuant to an Extension Notice, the Holder may by written notice to the Trustee
revoke such tender for repayment until the close of business on the tenth day before the Original
Stated Maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;309. Persons Deemed Owners.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of a Registered Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
such Registered Security is registered as the owner of such Registered Security for the purpose of
receiving payment of principal of (and premium, if any) and (subject to Sections&nbsp;305 and 307)
interest, if any, on such Registered Security and for all other purposes whatsoever, whether or not
such Registered Security be overdue, and neither the Company, the Trustee nor any agent of the
Company or the Trustee shall be affected by notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title to any Bearer Security and any coupons appertaining thereto shall pass by delivery.
The Company, the Trustee and any agent of the Company or the Trustee may treat the bearer of any
Bearer Security and the bearer of any coupon as the absolute owner of such Security or coupon for
the purpose of receiving payment thereof or on account thereof and for all other purposes
whatsoever, whether or not such Security or coupon be overdue, and neither the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the contrary.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Company, the Trustee, any Paying Agent or the Security Registrar will have
any responsibility or liability for any aspect of the records relating to or payments made on
account of beneficial ownership interests of a Security in global form or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, with respect to any global temporary or permanent
Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the
Trustee, from giving effect to any written certification, proxy or other authorization furnished by
any depositary, as a Holder, with respect to such global Security or impair, as between such
depositary and owners of beneficial interests in such global Security, the operation of customary
practices governing the exercise of the rights of such depositary (or its nominee) as Holder of
such global Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;310. Cancellation.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities and coupons surrendered for payment, redemption, repayment at the option
of the Holder, registration of transfer or exchange or for credit against any sinking fund payment
shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any
such Securities and coupons and Securities and coupons surrendered directly to the Trustee for any
such purpose shall be promptly cancelled by the Trustee. The Company may at any time deliver to the
Trustee for cancellation any Securities previously authenticated and delivered hereunder which the
Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other
Person for delivery to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so delivered shall be
promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however,
such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented
by such Securities unless and until the same are surrendered to the Trustee for cancellation. No
Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as
provided in this Section, except as expressly permitted by this Indenture. Cancelled Securities and
coupons held by the Trustee shall be cancelled by the Trustee in accordance with its customary
procedures, unless by a Company Order the Company directs the Trustee to deliver a certificate of
such cancellation to the Company or to return them to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;311. Computation of Interest.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified as contemplated by Section&nbsp;301 with respect to Securities
of any series, interest, if any, on the Securities of each series shall be computed on the basis of
a 360-day year consisting of twelve 30-day months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;312. Currency and Manner of Payments in Respect of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Unless otherwise specified with respect to any Securities pursuant to Section&nbsp;301,
with respect to Registered Securities of any series not permitting the election provided for in
paragraph (b)&nbsp;below or the Holders of which have not made the election provided for in paragraph
(b)&nbsp;below, and with respect to Bearer Securities of any series, except as provided in paragraph (d)
below, payment of the principal of (and premium, if any) and interest,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">if any, on any Registered or Bearer Security of such series will be made in the Currency in
which such Registered Security or Bearer Security, as the case may be, is payable. The provisions
of this Section&nbsp;312 may be modified or superseded with respect to any Securities pursuant to
Section&nbsp;301.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;It may be provided pursuant to Section&nbsp;301 with respect to Registered Securities of
any series that Holders shall have the option, subject to paragraphs (d)&nbsp;and (e)&nbsp;below, to receive
payments of principal of (or premium, if any) or interest, if any, on such Registered Securities in
any of the Currencies which may be designated for such election by delivering to the Trustee for
such series of Registered Securities a written election with signature guarantees and in the
applicable form established pursuant to Section&nbsp;301, not later than the close of business on the
Election Date immediately preceding the applicable payment date. If a Holder so elects to receive
such payments in any such Currency, such election will remain in effect for such Holder or any
transferee of such Holder until changed by such Holder or such transferee by written notice to the
Trustee for such series of Registered Securities (but any such change must be made not later than
the close of business on the Election Date immediately preceding the next payment date to be
effective for the payment to be made on such payment date and no such change of election may be
made with respect to payments to be made on any Registered Security of such series with respect to
which an Event of Default has occurred or with respect to which the Company has deposited funds
pursuant to Article&nbsp;Four or Fourteen or with respect to which a notice of redemption has been given
by the Company or a notice of option to elect repayment has been sent by such Holder or such
transferee). Any Holder of any such Registered Security who shall not have delivered any such
election to the Trustee of such series of Registered Securities not later than the close of
business on the applicable Election Date will be paid the amount due on the applicable payment date
in the relevant Currency as provided in Section&nbsp;312(a). The Trustee for each such series of
Registered Securities shall notify the Exchange Rate Agent as soon as practicable after the
Election Date of the aggregate principal amount of Registered Securities for which Holders have
made such written election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Unless otherwise specified pursuant to Section&nbsp;301, if the election referred to in
paragraph (b)&nbsp;above has been provided for pursuant to Section&nbsp;301, then, unless otherwise specified
pursuant to Section&nbsp;301, not later than the fourth Business Day after the Election Date for each
payment date for Registered Securities of any series, the Exchange Rate Agent will deliver to the
Company a written notice specifying the Currency in which Registered Securities of such series are
payable, the respective aggregate amounts of principal of (and premium, if any) and interest, if
any, on the Registered Securities to be paid on such payment date, specifying the amounts in such
Currency so payable in respect of the Registered Securities as to which the Holders of Registered
Securities denominated in any Currency shall have elected to be paid in another Currency as
provided in paragraph (b)&nbsp;above. If the election referred to in paragraph (b)&nbsp;above has been
provided for pursuant to Section&nbsp;301 and if at least one Holder has made such election, then,
unless otherwise specified pursuant to Section&nbsp;301, on the second Business Day preceding such
payment date the Company will deliver to the Trustee for such series of Registered Securities an
Exchange Rate Officer&#146;s Certificate in respect of the Dollar or Foreign Currency or Currencies
payments to be made on such payment date. Unless otherwise specified pursuant to Section&nbsp;301, the
Dollar or Foreign Currency or Currencies amount receivable by Holders of Registered Securities who
have elected payment
in a Currency as provided in paragraph (b)&nbsp;above shall be determined by the Company on the
basis of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">applicable Market Exchange Rate in effect on the second Business Day (the &#147;Valuation Date&#148;)
immediately preceding each payment date, and such determination shall be conclusive and binding for
all purposes, absent manifest error.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If a Conversion Event occurs with respect to a Foreign Currency in which any of the
Securities are denominated or payable other than pursuant to an election provided for pursuant to
paragraph (b)&nbsp;above, then with respect to each date for the payment of principal of (and premium,
if any) and interest, if any on the applicable Securities denominated or payable in such Foreign
Currency occurring after the last date on which such Foreign Currency was used (the &#147;Conversion
Date&#148;), the Dollar shall be the currency of payment for use on each such payment date. Unless
otherwise specified pursuant to Section&nbsp;301, the Dollar amount to be paid by the Company to the
Trustee of each such series of Securities and by such Trustee or any Paying Agent to the Holders of
such Securities with respect to such payment date shall be, in the case of a Foreign Currency other
than a currency unit, the Dollar Equivalent of the Foreign Currency or, in the case of a currency
unit, the Dollar Equivalent of the Currency Unit, in each case as determined by the Exchange Rate
Agent in the manner provided in paragraph (f)&nbsp;or (g)&nbsp;below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Unless otherwise specified pursuant to Section&nbsp;301, if the Holder of a Registered
Security denominated in any Currency shall have elected to be paid in another Currency as provided
in paragraph (b)&nbsp;above, and a Conversion Event occurs with respect to such elected Currency, such
Holder shall receive payment in the Currency in which payment would have been made in the absence
of such election; and if a Conversion Event occurs with respect to the Currency in which payment
would have been made in the absence of such election, such Holder shall receive payment in Dollars
as provided in paragraph (d)&nbsp;of this Section&nbsp;312.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The &#147;Dollar Equivalent of the Foreign Currency&#148; shall be determined by the Exchange
Rate Agent and shall be obtained for each subsequent payment date by converting the specified
Foreign Currency into Dollars at the Market Exchange Rate on the Conversion Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The &#147;Dollar Equivalent of the Currency Unit&#148; shall be determined by the Exchange Rate
Agent and subject to the provisions of paragraph (h)&nbsp;below shall be the sum of each amount obtained
by converting the Specified Amount of each Component Currency into Dollars at the Market Exchange
Rate for such Component Currency on the Valuation Date with respect to each payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;For purposes of this Section&nbsp;312, the following terms shall have the
following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A &#147;<u>Component Currency</u>&#148; shall mean any currency which, on the Conversion Date, was a
component currency of the relevant currency unit, including, but not limited to, the ECU.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A &#147;<u>Specified Amount</u>&#148; of a Component Currency shall mean the number of units of such
Component Currency or fractions thereof which were represented in the relevant currency unit,
including, but not limited to, the ECU, on the Conversion Date. If after the
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Conversion Date the official unit of any Component Currency is altered by way of combination
or subdivision, the Specified Amount of such Component Currency shall be divided or multiplied in
the same proportion. If after the Conversion Date two or more Component Currencies are consolidated
into a single currency, the respective Specified Amounts of such Component Currencies shall be
replaced by an amount in such single currency equal to the sum of the respective Specified Amounts
of such consolidated Component Currencies expressed in such single currency, and such amount shall
thereafter be a Specified Amount and such single currency shall thereafter be a Component Currency.
If after the Conversion Date any Component Currency shall be divided into two or more currencies,
the Specified Amount of such Component Currency shall be replaced by amounts of such two or more
currencies, having an aggregate
Dollar Equivalent value at the Market Exchange Rate on the date of such replacement equal to the
Dollar Equivalent of the Specified Amount of such former Component Currency at the Market Exchange
Rate immediately before such division, and such amounts shall thereafter be Specified Amounts and
such currencies shall thereafter be Component Currencies. If, after the Conversion Date of the
relevant currency unit, including, but not limited to, the ECU, a Conversion Event (other than any
event referred to above in this definition of &#147;Specified Amount&#148;) occurs with respect to any
Component Currency of such currency unit and is continuing on the applicable Valuation Date, the
Specified Amount of such Component Currency shall, for purposes of calculating the Dollar
Equivalent of the Currency Unit, be converted into Dollars at the Market Exchange Rate in effect on
the Conversion Date of such Component Currency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An &#147;<u>Election Date</u>&#148; shall mean the Regular Record Date for the applicable series of
Registered Securities or at least 16&nbsp;days prior to Maturity, as the case may be, or such other
prior date for any series of Registered Securities as specified pursuant to clause 13 of Section
301 by which the written election referred to in Section 312(b) may be made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All decisions and determinations of the Exchange Rate Agent regarding the Dollar
Equivalent of the Foreign Currency, the Dollar
Equivalent of the Currency Unit, the Market Exchange Rate and changes in the Specified Amounts as
specified above shall be in its sole discretion and shall, in the absence of manifest error, be
conclusive for all purposes and irrevocably binding upon the Company, the Trustee for the
appropriate series of Securities and all Holders of such Securities denominated or payable in the
relevant Currency. The Exchange Rate Agent shall promptly give written notice to the Company and
the Trustee for the appropriate series of Securities of any such decision or determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company determines in good faith that a Conversion Event has
occurred with respect to a Foreign Currency, the Company will immediately give written notice
thereof to the Trustee of the appropriate series of Securities and to the Exchange Rate Agent (and
such Trustee will promptly thereafter give notice in the manner provided in Section&nbsp;106 to the
affected Holders) specifying the Conversion Date. In the event the Company so determines that a
Conversion Event has occurred with respect to the ECU or any other currency unit in which
Securities are denominated or payable, the Company will immediately give written notice thereof to
the Trustee of the appropriate series of Securities and to the Exchange Rate Agent (and such
Trustee will promptly thereafter give notice in the manner provided in Section&nbsp;106 to the affected
Holders) specifying the Conversion Date and the Specified Amount of each Component Currency on the
Conversion Date. In the event the Company determines in good faith that any
</DIV>


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</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">subsequent change in any Component Currency as set forth in the definition of Specified Amount
above has occurred, the Company will similarly give written notice to the Trustee of the
appropriate series of Securities and to the Exchange Rate Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee of the appropriate series of Securities shall be fully justified and
protected in relying and acting upon information received by it from the Company and the Exchange
Rate Agent and shall not otherwise have any duty or obligation to determine the accuracy or
validity of such information independent of the Company or the Exchange Rate Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;313. Appointment and Resignation of Successor Exchange Rate Agent.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Unless otherwise specified pursuant to Section&nbsp;301, if and so long as the Securities
of any series (i)&nbsp;are denominated in a Foreign Currency or (ii)&nbsp;may be payable in a Foreign
Currency, or so long as it is required under any other provision of this Indenture, then the
Company will maintain with respect to each such series of Securities, or as so required, at least
one Exchange Rate Agent. The Company will cause the Exchange Rate Agent to make the necessary
foreign exchange determinations at the time and in the manner specified pursuant to Section&nbsp;301 for
the purpose of determining the
applicable rate of exchange and, if applicable, for the purpose of converting the issued
Foreign Currency into the applicable payment Currency for the payment of principal (and premium, if
any) and interest, if any, pursuant to Section&nbsp;312.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No resignation of the Exchange Rate Agent and no appointment of a successor Exchange
Rate Agent pursuant to this Section shall become effective until the acceptance of appointment by
the successor Exchange Rate Agent as evidenced by a written instrument delivered to the Company and
the Trustee of the appropriate series of Securities accepting such appointment executed by the
successor Exchange Rate Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If the Exchange Rate Agent shall resign, be removed or become incapable of acting, or
if a vacancy shall occur in the office of the Exchange Rate Agent for any cause, with respect to
the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall
promptly appoint a successor Exchange Rate Agent or Exchange Rate Agents with respect to the
Securities of that or those series (it being understood that any such successor Exchange Rate Agent
may be appointed with respect to the Securities of one or more or all of such series and that,
unless otherwise specified pursuant to Section&nbsp;301, at any time there shall only be one Exchange
Rate Agent with respect to the Securities of any particular series that are originally issued by
the Company on the same date and that are initially denominated and/or payable in the same
Currency).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;314. CUSIP Numbers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in use),
and, if so, the Trustee shall indicate the respective &#147;CUSIP&#148; numbers of the Securities in notices
of redemption as a convenience to Holders; <u>provided</u> that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Securities or
as contained in any notice of redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">affected by any defect in or omission of such numbers. The Company shall advise the Trustee as
promptly as practicable in writing of any change in the CUSIP numbers.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SATISFACTION AND DISCHARGE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;401. Satisfaction and Discharge of Indenture.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth below, this Indenture shall upon Company Request cease to be of
further effect with respect to any series of Securities specified in such Company Request (except
as to any surviving rights of registration of transfer or exchange of Securities of such series
expressly provided for herein or pursuant hereto, any surviving rights of tender for repayment at
the option of the Holders and any right to receive Additional Amounts, as provided in Section
1004), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such
series when
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;either
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all Securities of such series theretofore authenticated and delivered
and all coupons, if any, appertaining thereto (other than (i)&nbsp;coupons appertaining to
Bearer Securities surrendered for exchange for Registered Securities and maturing
after such exchange, whose surrender is not required or has been waived as provided in
Section&nbsp;305, (ii)&nbsp;Securities and coupons of such series which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section&nbsp;306, (iii)
coupons appertaining to
Securities called for redemption and maturing after the relevant Redemption Date,
whose surrender has been waived as provided in Section&nbsp;1106, and (iv)&nbsp;Securities and
coupons of such series for whose payment money has theretofore been deposited in trust
with the Trustee or any Paying Agent or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in
Section&nbsp;1003) have been delivered to the Trustee for cancellation; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all Securities of such series and, in the case of (i)&nbsp;or (ii)&nbsp;below, any
coupons appertaining thereto not theretofore delivered to the Trustee for
cancellation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;have become due and payable, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;will become due and payable at their Stated Maturity within one year, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;if redeemable at the option of the Company, are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by
the Trustee in the name, and at the expense, of the Company,
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the Company, in the case of (i), (ii)&nbsp;or (iii)&nbsp;above, has irrevocably deposited or caused
to be deposited with the Trustee as trust funds in trust for such purpose, solely for the benefit
of the Holders, an amount in the Currency in which the Securities of such series are payable,
sufficient to pay and discharge the entire indebtedness on such Securities and such coupons not
theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and
interest, if any, to the date of such deposit (in the case of Securities which have become due and
payable) or to the Stated Maturity or Redemption Date, as the case may be;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company
has irrevocably paid or caused to be irrevocably paid all other sums payable hereunder by the
Company; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company has delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture as to such series have been complied
with.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee and any predecessor Trustee under Section&nbsp;606, the obligations of the
Company to any Authenticating Agent under Section&nbsp;612 and, if money shall have been deposited with
the Trustee pursuant to subclause (B)&nbsp;of clause (1)&nbsp;of this Section, the obligations of the Trustee
under Section&nbsp;402 and the last paragraph of Section&nbsp;1003 shall survive any termination of this
Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;402. Application of Trust Funds.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the last paragraph of Section&nbsp;1003, all money deposited with
the Trustee pursuant to Section&nbsp;401 shall be held in trust and applied by it, in accordance with
the provisions of the Securities, the coupons and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the Persons entitled thereto, of the principal (and premium, if any) and
interest, if any, for whose payment such money has been deposited with or received by the Trustee,
but such money need not be segregated from other funds except to the extent required by law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REMEDIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;501. Events of Default.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event of Default,&#148; wherever used herein with respect to any particular series of
Securities, means any one of the following events (whatever the reason for such Event of Default
and whether or not it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), unless it is either inapplicable to a particular series or is
specifically deleted or modified in or pursuant to the supplemental indenture or a Board Resolution
establishing such series of Securities or is in the form of Security for such series:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) default in the payment of any interest upon any Security of that series or of
any coupon appertaining thereto, when such interest or coupon becomes due and payable, and
continuance of such default for a period of 30&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) default in the payment of the principal of (or premium, if any) any Security of
that series when it becomes due and payable at its Maturity; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) default in the deposit of any sinking fund payment, when and as due by the
terms of any Security of that series; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) default in the performance, or breach, of any covenant or agreement of the
Company in this Indenture with respect to any Security of that series (other than a covenant
or agreement a default in whose performance or whose breach is elsewhere in this Section
specifically dealt with or which has expressly been included in this Indenture solely for the
benefit of a series of Securities other than that series), and continuance of such default or
breach for a period of 90&nbsp;days after there has been given, by registered or certified mail,
to the Company by the Trustee or to the Company and the Trustee by the Holders of at least
25% in principal amount of the Outstanding Securities of that series a written notice
specifying such default or breach and requiring it to be remedied and stating that such
notice is a &#147;Notice of Default&#148; hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Company, pursuant to or within the meaning of any
Bankruptcy Law:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) commences a voluntary case or proceeding under any
Bankruptcy Law,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) consents to the commencement of any bankruptcy or insolvency case or
proceeding against it, or files a petition or answer or consent seeking reorganization
or relief against it,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) consents to the entry of a decree or order for relief against it in an
involuntary case or proceeding,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) consents to the filing of such petition or to the appointment of or
taking possession by a Custodian of the Company or for all or substantially all of its
property, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) makes an assignment for the benefit of creditors, or admits in writing
of its inability to pay its debts generally as they become due or takes any corporate
action in furtherance of any such action; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is for relief against the Company in an involuntary
case or proceeding, or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) adjudges the Company bankrupt or insolvent, or approves as properly
filed a petition seeking reorganization, arrangement, adjustment or composition of or
in respect of the Company, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) appoints a Custodian of the Company or for all or
substantially all of its property, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) orders the winding up or liquidation of the
Company,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the continuance of any such decree or order for relief or any such other decree or order
unstayed and in effect for a period of 90 consecutive days; or
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) any other Event of Default provided with respect to
Securities of that series.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The term &#147;Bankruptcy Law&#148; means title 11, U.S. Code or any applicable federal or state
bankruptcy, insolvency, reorganization or other similar law. The term &#147;Custodian&#148; means any
custodian, receiver, trustee, assignee, liquidator, sequestrator or other similar official under
any Bankruptcy Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;502. Acceleration of Maturity; Rescission and Annulment.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Securities of any series at the time Outstanding
occurs and is continuing, then and in every such case the Trustee or the Holders of not less than
25% in principal amount of the Outstanding Securities of that series may declare the principal (or,
if any Securities are Original Issue Discount Securities or Indexed Securities, such portion of the
principal as may be specified in the terms thereof) of all the Securities of that series to be due
and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the
Holders), and upon any such declaration such principal or specified portion thereof shall become
immediately due and payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time after such a declaration of acceleration with respect to Securities of any
series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal
amount of the Outstanding Securities of that series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company has paid or deposited with the Trustee a sum sufficient to pay in
the Currency in which the Securities of such series are payable (except as otherwise
specified pursuant to Section&nbsp;301 for the Securities of such series and except, if
applicable, as provided in Sections&nbsp;312(b), 312(d) and 312(e)):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all overdue installments of interest, if any, on all Outstanding
Securities of that series and any related coupons,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal of (and premium, if any) all Outstanding Securities of
that series which have become due otherwise than by
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such declaration of acceleration and interest thereon at the rate or rates borne
by or provided for in such Securities,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to the extent that payment of such interest is lawful, interest upon
overdue installments of interest at the rate or rates borne by or provided for in such
Securities, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all Events of Default with respect to Securities of that series, other than the
nonpayment of the principal of (or premium, if any) or interest on Securities of that series
which have become due solely by such declaration of acceleration, have been cured or waived
as provided in Section&nbsp;513.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No such rescission shall affect any subsequent default or impair any right consequent
thereon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;503. Collection of Indebtedness and Suits for Enforcement by Trustee.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company covenants that if:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) default is made in the payment of any installment of interest on any Security
of any series and any related coupon when such interest becomes due and payable and such
default continues for a period of 30&nbsp;days, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) default is made in the payment of the principal of (or premium, if any) any
Security of any series at its Maturity,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the
Holders of Securities of such series and coupons, the whole amount then due and payable on such
Securities and coupons for principal (and premium, if any) and interest, if any, with interest upon
any overdue principal (and premium, if any) and, to the extent that payment of such interest shall
be legally enforceable, upon any overdue installments of interest, if any, at the rate or rates
borne by or provided for in such Securities, and, in addition thereto, such further amount as shall
be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its
own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and
may enforce the same against the Company or any other obligor upon Securities of such series and
collect the moneys adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities of such series, wherever
situated.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Securities of any series occurs and is continuing,
the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities of such series and any related coupons by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;504. Trustee May File Proofs of Claim.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other
obligor upon the Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities of any series shall
then be due and payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand on the Company for the payment of any overdue
principal, premium or interest) shall be entitled and empowered, by intervention in such proceeding
or otherwise:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim for the whole amount of principal (or in the case of
Original Issue Discount Securities or Indexed Securities, such portion of the principal as
may be provided for in the terms thereof) (and premium, if any) and interest, if any, owing
and unpaid in respect of the Securities and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to collect and receive any moneys or other property payable or deliverable on
any such claims and to distribute the same;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar
official) in any such judicial proceeding is hereby authorized by each Holder of Securities of such
series and coupons to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and
any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any
predecessor Trustee under Section&nbsp;606.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Article&nbsp;Eight and Section&nbsp;902 and unless otherwise provided as contemplated by
Section&nbsp;301, nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder of a Security or coupon any plan of
reorganization, arrangement, adjustment or composition affecting the Securities or coupons or the
rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder of a Security or coupon in any such proceeding.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;505. Trustee May Enforce Claims Without Possession of Securities or
Coupons.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and claims under this Indenture or any of the Securities or coupons
may be prosecuted and enforced by the Trustee without the possession of any of the Securities or
coupons or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name and as trustee of an express trust, and
any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Securities and coupons in respect of which such judgment has been
recovered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;506. Application of Money Collected.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any money collected by the Trustee pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal (or premium, if any) or interest, if any, upon presentation of the
Securities or coupons, or both, as the case may be, and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee
under Section&nbsp;606;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: To the payment of the amounts then due and unpaid upon the Securities and coupons
for principal (and premium, if any) and interest, if any, in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of any kind, according
to the aggregate amounts due and payable on such Securities and coupons for principal (and premium,
if any) and interest, if any, respectively; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: To the payment of the remainder, if any, to the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;507. Limitation on Suits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Holder of any Security of any series or any related coupon shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) such Holder or Holders have offered to the Trustee indemnity satisfactory to
the Trustee against the costs, expenses and liabilities to be incurred in compliance with
such request;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Trustee for 60&nbsp;days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) no direction inconsistent with such written request has been given to the
Trustee during such 60-day period by the Holders of a majority in principal amount of the
Outstanding Securities of that series;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">it being understood and intended that no one or more of such Holders shall have any right in
any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain
priority or preference over any other of such Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;508. Unconditional Right of Holders to Receive Principal, Premium and
Interest.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Indenture, the Holder of any Security or
coupon shall have the right which is absolute and unconditional to receive payment of the principal
of (and premium, if any) and (subject to Sections&nbsp;305 and 307) interest, if any, on such Security
or payment of such coupon on the Stated Maturity or Maturities expressed in such Security or coupon
(or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option
of the Holders on the Repayment Date) and to institute suit for the enforcement of any such
payment, and such rights shall not be impaired without the consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;509. Restoration of Rights and Remedies.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee or any Holder of a Security or coupon has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then
and in every such case the Company, the Trustee and the Holders of Securities and coupons shall,
subject to any determination in such proceeding, be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders
shall continue as though no such proceeding had been instituted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;510. Rights and Remedies Cumulative.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or coupons in the last paragraph of Section&nbsp;306, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities or coupons
is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;511. Delay or Omission Not Waiver.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No delay or omission of the Trustee or of any Holder of any Security or coupon to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from
time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of
Securities or coupons, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;512. Control by Holders of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on the Trustee with
respect to the Securities of such series, <u>provided</u> that
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such direction shall not be in conflict with any rule of law
or with this Indenture,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee need not take any action which might involve it in personal
liability or be unjustly prejudicial to the Holders of Securities of such series not
consenting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;513. Waiver of Past Defaults.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;502, the Holders of not less than a majority in principal amount of
the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such
series and any related coupons waive any past default hereunder with respect to Securities of such
series and its consequences, except a default
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the payment of the principal of (or premium, if any) or interest, if any, on
any Security of such series or any related coupons, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in respect of a covenant or provision hereof which under Article&nbsp;Nine cannot be
modified or amended without the consent of the Holder of each Outstanding Security of such
series affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent thereon.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;514. Waiver of Stay or Extension Laws.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect
the covenants or the performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been
enacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;515. Undertaking for Costs.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any suit for the enforcement of any right or remedy under this Indenture or in any
suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its
discretion may require the filing by any party litigant in the suit of an undertaking to pay the
costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorney&#146;s fees and expenses, against any party litigant in the suit, having due regard
to the merits and good faith of the claims or defenses made by the party litigant. This Section&nbsp;515
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section&nbsp;508 hereof, or a
suit by Holders of more than 10% in principal amount of the then Outstanding Securities, or to any
action, suit or proceeding instituted by any Holder of Securities of any series for the enforcement
of the payment of the principal of or premium, if any, or the interest on, any of the Securities of
such series, on or after the respective due dates expressed in such Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE TRUSTEE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;601. Notice of Defaults.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 90&nbsp;days after the occurrence of any Default hereunder with respect to the
Securities of any series, the Trustee shall transmit in the manner and to the extent provided in
TIA Section&nbsp;313(c), notice of such Default hereunder known to the Trustee, unless such Default
shall have been cured or waived; <u>provided</u>, <u>however</u>, that, except in the case of a Default in the
payment of the principal of (or premium, if any) or interest, if any, on any Security of such
series, or in the payment of any sinking or purchase fund installment with respect to the
Securities of such series, the Trustee shall be protected in withholding such notice if and so long
as the board of trustees, the executive committee or a trust committee of trustees and/or
Responsible Officers of the Trustee in good faith determines that the withholding of such notice is
in the interest of the Holders of the Securities and coupons of such
series; and <u>provided</u> <u>further</u> that in the case of any Default or breach of the character
specified in Section&nbsp;501 (4)&nbsp;with respect to the Securities and coupons of such series, no such
notice to Holders shall be given until at least 60&nbsp;days after the occurrence thereof. For the
purposes of this Section, the term &#147;default&#148; means any event which is. or after notice or lapse of
time would become an Event of Default with respect to Securities of such series.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;602. Certain Rights of Trustee.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except during the continuance of an Event of Default,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provision hereof
are specifically required to be furnished to the Trustee, the Trustee shall be under a duty
to examine the same to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations or
other facts stated therein).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In case an Event of Default has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use under the circumstances
in the conduct of his or her own affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;No provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) this Subsection shall not be construed to limit the effect
of Subsection (a)&nbsp;of this Section;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee shall not be liable for any error of judgment made in good faith by
a Responsible Officer, unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee shall not be liable with respect to any action taken or omitted to
be taken by it in good faith in accordance with the direction of the Holders of a majority in
principal amount of the Outstanding Securities of any series, determined as provided in
Sections&nbsp;101, 104 and 512, relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred upon the Trustee, under this Indenture with respect to the Securities of such
series; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) no provision of this Indenture shall require the Trustee to expend or risk its
own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the Trustee shall
be subject to the provisions of this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Subject to the provisions of TIA Section 315(a) through 315(d):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Trustee may conclusively rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, coupon or other
paper or document believed by it to be genuine and to have been signed or presented by the
proper party or parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of
the Board of Trustees
may be sufficiently evidenced by a Board Resolution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, conclusively rely upon a Board Resolution, an
Opinion of Counsel or an Officers&#146; Certificate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Trustee may consult with counsel of its selection and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection in
respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the Holders of
Securities of any series or any related coupons pursuant to this Indenture, unless such
Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled, upon reasonable notice and at
reasonable times during normal business hours, to examine the books, records and premises of
the Company, personally or by agent or attorney at the sole cost of the Company and shall
incur no liability or additional liability of any kind by reason of such inquiry or
investigation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">attorneys and the Trustee shall not be responsible for any misconduct or negligence on
the part of any agent or attorney appointed with due care by it hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The Trustee shall not deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Securities and this
Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities hereunder and each agent,
custodian and other person employed to act hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) The permissive rights of the Trustee enumerated herein
shall not be construed as duties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) The Trustee shall not be liable for any action taken, suffered, or omitted to
be taken by it in good faith and reasonably believed by it to be authorized or within the
discretion or rights
or powers conferred upon it by this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) In no event shall the Trustee be responsible or liable for special, indirect,
or consequential loss or damage of any kind whatsoever (including, but not limited to, loss
of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) The Trustee may request that the Company deliver a certificate setting forth
the names of individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not be required to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of
its rights or powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;603. Not Responsible for Recitals or Issuance of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recitals contained herein and in the Securities, except the Trustee&#146;s certificate of
authentication, and in any coupons shall be taken as the statements of the Company, and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee
makes no representations as to the validity or sufficiency of this Indenture or of the Securities
or coupons, except that the Trustee represents that it is duly authorized to execute and deliver
this Indenture, authenticate the Securities and perform its obligations hereunder and that the
statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true
and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the Company of Securities
or the proceeds thereof.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;604. May Hold Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal with the
Company with the same rights it would have if it were not Trustee, Paying Agent, Security
Registrar, Authenticating Agent or such other agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;605. Money Held in Trust.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money held by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law. The Trustee shall be under no liability for interest on any
money received by it hereunder except as otherwise agreed with the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;606. Compensation and Reimbursement and Indemnification of Trustee.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To pay to the Trustee or any predecessor Trustee from time to time such
compensation for all services rendered by it hereunder as has been agreed upon from time to
time in writing (which compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Except as otherwise expressly provided herein, to reimburse each of the Trustee
and any predecessor Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee or any predecessor Trustee in accordance with any
provision of this Indenture (including the reasonable compensation and the expenses and
disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be attributable to its
negligence or bad faith.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To indemnify each of the Trustee or any predecessor Trustee for, and to hold it
harmless against, any loss, damage, claims, liability or expense incurred without negligence
or bad faith on its own part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and expenses of
defending itself against any claim (whether asserted by the Company, or any Holder or any
other Person) or liability in connection with the exercise or performance of any of its
powers or duties hereunder, or in connection with enforcing the provisions of this Section,
except those determined to have been caused by its own negligence, willful misconduct or bad
faith. The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense.
The Trustee may have one separate counsel of its selection and the Company shall pay the
reasonable fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent, which consent shall not be unreasonably withheld.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As security for the performance of the obligations of the Company under this Section, the
Trustee shall have a claim prior to the Securities upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the payment of principal of (or premium, if
any) or interest, if any, on particular Securities or any coupons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section&nbsp;501 occurs, the expenses (including the reasonable charges and
expenses of its counsel) and compensation for such services are intended to constitute expenses of
administration under Title 11, U.S. Code, or any similar Federal, State or analogous foreign law
for the relief of debtors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section&nbsp;606 shall survive the resignation or removal of the
Trustee and the satisfaction, termination or discharge of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;607. Corporate Trustee Required; Eligibility.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee
under TIA Section&nbsp;310(a)(1) and shall have a combined capital and surplus of at least $50,000,000.
If such corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of Federal, State, Territorial or District of Columbia supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;608. Disqualification; Conflicting Interests.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee has or shall acquire a conflicting interest within the meaning of the
Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and
in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;609. Resignation and Removal; Appointment of Successor.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable requirements of Section&nbsp;610.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee may resign at any time with respect to the Securities of one or more
series by giving written notice thereof to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee may be removed at any time with respect to the Securities of any series
by (i)&nbsp;the Company, by an Officers&#146; Certificate delivered to the Trustee, <u>provided</u> that
contemporaneously therewith (x)&nbsp;the Company immediately appoints a successor Trustee with respect
to the Securities of such series meeting the requirements of Section&nbsp;607 hereof and (y)&nbsp;the terms
of Section&nbsp;610 hereof are complied with in respect of such appointment (the Trustee being removed
hereby agreeing to execute the instrument contemplated by Section
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">610(b) hereof, if applicable, under such circumstances) and <u>provided</u> <u>further</u> that no Default
with respect to such Securities shall have occurred and then be continuing at such time, or (ii)
Act of the Holders of a majority in principal amount of the Outstanding Securities of such series
delivered to the Trustee and to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If at any time:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee shall fail to comply with the provisions of TIA Section 310(b)
after written request therefor by the Company or by any Holder of a Security who has been a
bona fide Holder of a Security for at least six months (or, if it is a shorter period, the
period since the initial issuance of the Securities of such series), or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee shall cease to be eligible under Section&nbsp;607 and shall fail to
resign after written request therefor by the Company or by any Holder of a Security who has
been a bona fide Holder of a Security for at least six months (or, if it is a shorter period,
the period since the initial issuance of the Securities of such series), or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, in any such case, (i)&nbsp;the Company by or pursuant to a Board Resolution may remove the
Trustee and appoint a successor Trustee with respect to all Securities, or (ii)&nbsp;subject to TIA
Section&nbsp;315(e), any Holder of a Security who has been a bona fide Holder of a Security for at least
six months (or, if it is a shorter period, the period since the initial issuance of the Securities
of such series) may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities and the
appointment of a successor Trustee or Trustees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If an instrument of acceptance by a successor Trustee shall not have been delivered
to the Trustee within 30&nbsp;days after the giving of a notice of resignation or the delivery of an Act
of removal, the Trustee resigning or being removed may petition any court of competent jurisdiction
for the appointment of a successor Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;If the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause with respect to the Securities of one or
more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood
that any such successor Trustee may be appointed with respect to the Securities of one or more or
all of such series and that at any time there shall be only one Trustee with respect to the
Securities of any particular series). If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring Trustee, the
successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the
successor Trustee with respect to the Securities of such series and to
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that extent supersede the successor Trustee appointed by the Company. If no successor Trustee
with respect to the Securities of any series shall have been so appointed by the Company or the
Holders of Securities and accepted appointment in the manner hereinafter provided, any Holder of a
Security who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to Securities of such series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Company shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a successor Trustee with
respect to the Securities of any series in the manner provided for notices to the Holders of
Securities in Section&nbsp;106. Each notice shall include the name of the successor Trustee with respect
to the Securities of such series and the address of its Corporate Trust Office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;610. Acceptance of Appointment by Successor.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee shall execute, acknowledge and deliver to the Company and
to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or
removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder, subject nevertheless to its claim, if any, provided for in Section&nbsp;606.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor Trustee shall accept such appointment and
which (1)&nbsp;shall contain such provisions as shall be necessary or desirable to transfer and confirm
to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of
such successor Trustee relates, (2)&nbsp;if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series as to which the retiring Trustee is not retiring shall continue to be vested
in the retiring Trustee, and (3)&nbsp;shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such trustees co-trustees of the same trust and that each such Trustee shall be trustee
of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture the
resignation or removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">retiring Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates. Whenever there is
a successor Trustee with respect to one or more (but less than all) series of securities issued
pursuant to this Indenture, the terms &#147;Indenture&#148; and &#147;Securities&#148; shall have the meanings
specified in the provisos to the respective definition of those terms in Section&nbsp;101 which
contemplate such situation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all
such rights, powers and trusts referred to in paragraph (a)&nbsp;or (b)&nbsp;of this Section, as the case may
be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;No successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;611. Merger, Conversion, Consolidation or Succession to Business.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, <u>provided</u>
such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities or coupons shall have been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Securities or coupons so authenticated with the same
effect as if such successor Trustee had itself authenticated such Securities or coupons. In case
any Securities or coupons shall not have been authenticated by such predecessor Trustee, any such
successor Trustee may authenticate and deliver such Securities or coupons, in either its own name
or that of its predecessor Trustee, with the full force and effect which this Indenture provides
for the certificate of authentication of the Trustee; <u>provided</u>, <u>however</u>, that the right to adopt
the certificate of authentication of any predecessor Trustee or to authenticate Securities in the
name of any predecessor Trustee shall apply only to its successor or successors by merger,
conversion or consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;612. Appointment of Authenticating Agent.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time when any of the Securities remain Outstanding, the Trustee may appoint an
Authenticating Agent or Agents (which may be an Affiliate or Affiliates of the Company) with
respect to one or more series of Securities which shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon original issue or upon exchange,
registration of transfer or partial redemption thereof, and Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">instrument in writing signed by a Responsible Officer of the Trustee, a copy of which
instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee&#146;s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and, except as may otherwise be provided pursuant to Section&nbsp;301, shall at all times be a
bank or trust company or corporation organized and doing business and in good standing under the
laws of the United States of America or of any State or the District of Columbia, authorized under
such laws to act as Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State authorities. If such
Authenticating Agent publishes reports of condition at least annually, pursuant to law or the
requirements of the aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. In
case at any time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately in the manner and
with the effect specified in this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which an Authenticating Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to
the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be
an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or further act on the part of the Trustee or the
Authenticating Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Authenticating Agent for any series of Securities may at any time resign by giving
written notice of resignation to the Trustee for such series and to the Company. The Trustee for
any series of Securities may at any time terminate the agency of an Authenticating Agent by giving
written notice of termination to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee for
such series may appoint a successor Authenticating Agent which shall be acceptable to the Company
and
shall promptly give written notice of such appointment to all Holders of Securities of the
series with respect to which such Authenticating Agent will serve in the manner set forth in
Section&nbsp;106. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall
become vested with all the rights, powers and duties of its predecessor hereunder, with like effect
as if originally named as an Authenticating Agent herein. No successor Authenticating Agent shall
be appointed unless eligible under the provisions of this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation, including reimbursement of its reasonable expenses, for its services under this
Section.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an appointment with respect to one or more series is made pursuant to this Section,
the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee&#146;s
certificate of authentication, an alternate certificate of authentication substantially in the
following form:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, as Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
as Authenticating Agent
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Authorized Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If all of the Securities of a series may not be originally issued at one time, and the Trustee
does not have an office capable of authenticating Securities upon original issuance located in a
Place of Payment where the Company wishes to have Securities of such series authenticated upon
original issuance, the Trustee, if so requested by the Company in writing (which writing need not
comply with Section&nbsp;102 and need not be accompanied by an Opinion of Counsel), shall appoint in
accordance with this Section an Authenticating Agent (which, if so requested by the Company, shall
be an Affiliate of the Company) having an office in a Place of Payment designated by the Company
with respect to such series of Securities, <u>provided</u> that the terms and conditions of such
appointment are acceptable to the Trustee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND COMPANY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;701. Disclosure of Names and Addresses of Holders.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every Holder of Securities or coupons, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company nor the Trustee nor any Authenticating Agent nor
any Paying Agent nor any Security Registrar nor any agent of any of them shall be held accountable
by reason of the disclosure of any information as to the names and addresses of the Holders of
Securities in accordance with TIA Section&nbsp;312, regardless of the source from which such information
was derived, and that the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under TIA Section&nbsp;312(b).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;702. Preservation of Information; Communications to Holders.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to the Trustee as
provided in Section&nbsp;701 and the names and addresses of Holders received by the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to
it as provided in Section&nbsp;701 upon receipt of a new list so furnished.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The rights of Holders to communicate with other Holders with respect to their rights
under this Indenture or under the Securities, and the corresponding rights and duties of the
Trustee, shall be as provided by the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Every Holder of Securities, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them
shall be held accountable by reason of any disclosure of information as to names and addresses of
Holders made pursuant to the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;703. Reports by Trustee.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 60&nbsp;days after May&nbsp;15 of each year commencing with the first May&nbsp;15 after the first
issuance of Securities pursuant to this Indenture, the Trustee shall transmit by mail to all
Holders of Securities as provided in TIA Section 313(c) a brief report dated as of such May&nbsp;15
which meets the requirements of TIA Section&nbsp;313(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each such report shall, at the time of such transmission to Holders, be filed
by the Trustee with each stock exchange, if any, upon which the Securities are listed, with the
Commission and with the Company. The Company will promptly notify the Trustee, in writing, of the
listing or delisting of the Securities on any stock exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;704. Reports by Company.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) file with the Trustee, within 30&nbsp;days after the Company is required to file the
same with the Commission, copies of the annual reports and of the information, documents, and
other reports (or copies of such portions of any of the foregoing as the Commission may from
time to time by rules and regulations prescribe) which the Company may be required to file
with the Commission pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act; or, if the
Company is not required to file information, documents or reports pursuant to either of such
Sections, then it will file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the supplementary and
periodic information, documents and reports which may be required pursuant to Section&nbsp;13 of
the Exchange Act in respect of a security listed and registered on a national securities
exchange as may be prescribed from time to time in such rules and regulations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such additional information,
documents and reports with respect to compliance by the Company with the conditions and
covenants of this Indenture as may be required from time to time by such rules and
regulations; and
</DIV>


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</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall transmit to the Holders of Securities, within 30&nbsp;days after the filing
thereof with the Trustee, in the manner and to the extent provided in TIA Section&nbsp;313(c), such
summaries of any information, documents and reports required to be filed by the Company pursuant to
paragraphs (1)&nbsp;and (2)&nbsp;of this Section as may be required by rules and regulations prescribed from
time to time by the Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee&#146;s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the
Company&#146;s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers&#146; Certificates).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;705. Calculation of Original Issue Discount.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall file with the Trustee promptly at the end of each calendar year a
written notice specifying the amount of original issue discount (including daily rates and accrual
periods), if any, accrued on Outstanding Securities as of the end of such year.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;801. Company May Consolidate, Etc., Only on Certain Terms.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not consolidate with or merge with or into any other corporation or
convey or transfer its properties and assets substantially as an entirety to any Person,
unless:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either the Company shall be the continuing corporation, or the corporation (if
other than the Company) formed by such consolidation or into which the Company is merged or
the Person which acquires by conveyance or transfer the properties and assets of the Company
substantially as an entirety shall expressly assume, by an indenture supplemental hereto,
executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and
punctual payment of the principal of (and premium, if any) and interest, if any, on all the
Securities and the performance of every covenant of this Indenture on the part of the Company
to be performed or observed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) immediately after giving effect to such transaction, no Default or Event of
Default shall have happened and be continuing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if as a result thereof any property or assets of the Company or a Subsidiary
would become subject to any mortgage, lien, pledge, charge or other encumbrance not permitted
by (1)&nbsp;through (10)&nbsp;of Section&nbsp;1006, compliance shall be effected with the first clause of
Section&nbsp;1006; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Company and the successor Person have delivered to the Trustee an Officers&#146;
Certificate and an Opinion of Counsel each stating that such consolidation, merger,
conveyance or transfer and such supplemental indenture comply
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">with this Article and that all conditions precedent herein provided for relating to such
transaction have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;802. Successor Person Substituted.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any consolidation or merger, or any conveyance or transfer of the properties and
assets of the Company substantially as an entirety in accordance with Section&nbsp;801, the successor
corporation formed by such consolidation or into which the Company is merged or the successor
Person to which such conveyance or transfer is made shall succeed to, and be substituted for, and
may exercise every right and power of, the Company under this Indenture with the same effect as if
such successor had been named as the Company herein; and in the event of any such conveyance or
transfer, the Company shall be discharged from all obligations and covenants under this Indenture
and the Securities and coupons and may be dissolved and liquidated.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUPPLEMENTAL INDENTURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;901. Supplemental Indentures Without Consent of Holders.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without the consent of any Holders of Securities or coupons, the Company, when authorized
by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee,
for any of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to evidence the succession of another Person to the Company and the assumption
by any such successor of the covenants of the Company herein and in the Securities contained;
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to add to the covenants of the Company for the benefit of the Holders of all or
any series of Securities or any coupon appertaining thereto (and if such covenants are to be
for the benefit of less than all series of Securities, stating that such covenants are
expressly being included solely for the benefit of such series) or to surrender any right or
power herein conferred upon the Company; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to add any additional Events of Default for the benefit of the Holders of all
or any series of Securities (and if such Events of Default are to be for the benefit of less
than all series of Securities, stating that such Events of Default are expressly being
included solely for the benefit of such series); <u>provided</u>, <u>however</u>, that in respect of any
such additional Events of Default such supplemental indenture may provide for a particular
period of grace after default (which period may be shorter or longer than that allowed in the
case of other defaults) or may provide for an immediate enforcement upon such default or may
limit the remedies available to the Trustee upon such default or may limit the right of the
Holders of a majority in aggregate principal amount of that or those series of Securities to
which such additional Events of Default apply to waive such default; or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to add to or change any of the provisions of this Indenture to provide that
Bearer Securities may be registrable as to principal, to change or eliminate any restrictions
on the payment of principal of or any premium or interest on Bearer Securities, to permit
Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer
Securities to be issued in exchange for Bearer Securities of other authorized denominations
or to permit or facilitate the issuance of Securities in uncertificated form; <u>provided</u> that
any such action shall not adversely affect the interests of the Holders of Securities of any
series or any related coupons in any material respect; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to change or eliminate any of the provisions of this Indenture; provided that
any such change or elimination shall become effective only when there is no Security
Outstanding of any series created prior to the execution of such supplemental indenture which
is entitled to the benefit of such provision; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to secure the Securities pursuant to the requirements of
Section&nbsp;801 or 1006, or otherwise; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to establish the form or terms of Securities of any series and any related
coupons as permitted by Sections&nbsp;201 and 301, including the provisions and procedures
relating to Securities convertible into or exchangeable for any securities of any Person
(including the Company), or to authorize the issuance of additional Securities of a series
previously authorized or to add to the conditions, limitations or restrictions on the
authorized amount, terms or purposes of issue, authentication or delivery of the Securities
of any series, as herein set forth, or other conditions, limitations or restrictions
thereafter to be observed; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to cure any ambiguity or to correct or supplement any provision contained
herein or in any indenture supplemental hereto which may be defective or inconsistent with
any other provision contained herein or in any supplemental indenture or to conform the terms
hereof, as amended and supplemented, that are applicable to the Securities of any series to
the description of the terms of such Securities in the offering memorandum, prospectus
supplement or other offering document applicable to such Securities at the time of initial
sale thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) to supplement any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the defeasance and discharge of any series of Securities
pursuant to Sections&nbsp;401, 1402 and 1403; <u>provided</u> that any such action shall not adversely
affect the interests of the Holders of Securities of such series and any related coupons or
any other series of Securities in any material respect;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) to add guarantors or co-obligors with respect to any series of Securities or
to release guarantors from their guarantees of Securities in accordance with the terms of the
applicable series of Securities; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) to make any change in any series of Securities that does not adversely affect
in any material respect the rights of the Holders of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;902. Supplemental Indentures with Consent of Holders.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the consent of the Holders of not less than a majority in aggregate principal amount
of all Outstanding Securities affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board
Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture which affects such series of Securities or of modifying in any manner the rights
of the Holders of such series of Securities and any related coupons under this Indenture; <u>provided</u>,
<u>however</u>, that no such supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) change the Stated Maturity of the principal of (or premium, if any) or any
installment of principal of or interest on, any Security, subject to the provisions of
Section&nbsp;308; or the terms of any sinking fund with respect to any Security; or reduce the
principal amount thereof or the rate of interest (or change the manner of calculating the
rate of interest, thereon, or any premium payable upon the redemption thereof, or change any
obligation of the Company to pay Additional Amounts pursuant to Section&nbsp;1004 (except as
contemplated by Section&nbsp;801(1) and permitted by Section&nbsp;901(1)), or reduce the portion of the
principal of an Original Issue Discount Security or Indexed Security that would be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to Section&nbsp;502,
or upon the redemption thereof or the amount thereof provable in bankruptcy pursuant to
Section&nbsp;504, or adversely affect any right of repayment at the option of the Holder of any
Security, or change any Place of Payment where, or the Currency in which, any Security or any
premium or interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption or repayment at the option of the Holder, on or after the Redemption Date or the
Repayment Date, as the case may be), or adversely affect any right to convert or exchange any
Security as may be provided pursuant to Section&nbsp;301 herein, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver with respect to such series (of
compliance with certain provisions of this Indenture or certain defaults hereunder and their
consequences) provided for in this Indenture, or reduce the requirements of Section&nbsp;1504 for
quorum or voting, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) modify any of the provisions of this Section, Section&nbsp;513 or Section&nbsp;1007,
except to increase any such percentage or to provide that certain
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">other provisions of this Indenture cannot be modified or waived without the consent of
the Holder of each Outstanding Security affected thereby; <u>provided</u>, <u>however</u>, that this clause
shall not be deemed to require the consent of any Holder of a Security or coupon with respect
to changes in the references to &#147;the Trustee&#148; and concomitant changes in this Section, or the
deletion of this proviso, in accordance with the requirements of Sections 610(b) and
901(8).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for any Act of Holders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A supplemental indenture which changes or eliminates any covenant or other provision of
this Indenture which has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Persons entitled to consent to any indenture supplemental hereto. If a record date
is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons,
shall be entitled to consent to such supplemental indenture, whether or not such Holders remain
Holders after such record date; <u>provided</u>, that unless such consent shall have become effective by
virtue of the requisite percentage having been obtained prior to the date which is 90&nbsp;days after
such record date, any such consent previously given shall automatically and without further action
by any Holder be cancelled and of no further effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;903. Execution of Supplemental Indentures.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modification thereby of the trusts created by this Indenture, the
Trustee shall receive, and shall be fully protected in relying upon, in addition to the documents
required by Section&nbsp;102 of this Indenture, an Opinion of Counsel and an Officers&#146; Certificate
stating that the execution of such supplemental indenture is authorized or permitted by this
Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee&#146;s own rights, duties or immunities under this Indenture or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;904. Effect of Supplemental Indentures.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the execution of any supplemental indenture under this Article, this Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder and of any coupon appertaining thereto shall be bound thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;905. Conformity with Trust Indenture Act.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;906. Reference in Securities to Supplemental Indentures.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may bear a notation in form approved by the Trustee
as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustee and the
Company, to any such supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding Securities of such
series.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>COVENANTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1001. Payment of Principal, Premium, if any, and Interest.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees for the benefit of the Holders of each series of
Securities and any coupons appertaining thereto that it will duly and punctually pay the principal
of (and premium, if any) and interest, if any, on the Securities of that series in accordance with
the terms of such series of Securities, any coupons appertaining thereto and this Indenture. Any
interest due on Bearer Securities on or before Maturity, other than Additional Amounts, if any,
payable as provided in Section&nbsp;1004 in respect of principal of (or premium, if any) such a
Security, shall be payable only upon presentation and surrender of the several coupons for such
interest installments as are evidenced thereby as they severally mature. Unless otherwise specified
with respect to Securities of any series pursuant to Section&nbsp;301, at the option of the Company, all
payments of principal may be paid by check to the registered Holder of the Registered Security or
other person entitled thereto against surrender of such Security. Unless otherwise specified as
contemplated by Section&nbsp;301 with respect to any series of Securities, any interest due on Bearer
Securities on or before Maturity shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they severally
mature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1002. Maintenance of Office or Agency.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Securities of a series are issuable only as Registered Securities, the Company shall
maintain in each Place of Payment for any series of Securities an office or agency where Securities
of that series may be presented or surrendered for payment, where Securities of that series may be
surrendered for registration of transfer or exchange, where Securities of that series that are
convertible or exchangeable may be surrendered for conversion or exchange, as applicable, and where
notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Company
will maintain (A)&nbsp;in the Borough of Manhattan, The City of New York, an office or agency where any
Registered Securities of that series may be presented or surrendered for payment, where any
Registered Securities of that series may be surrendered for registration of transfer, where
Securities of that series may be surrendered for exchange, where Securities of that series that are
convertible or exchangeable may be surrendered for conversion or exchange, as applicable, and where
notices and demands to or upon the Company in respect of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Securities of that series and this Indenture may be served and where Bearer Securities of
that series and related coupons may be presented or surrendered for payment in the circumstances
described in the following paragraph (and not otherwise), (B)&nbsp;subject to any laws or regulations
applicable thereto, in a Place of Payment for that series which is located outside the United
States, an office or agency where Securities of that series and related coupons may be presented
and surrendered for payment (including payment of any Additional Amounts payable on Securities of
that series pursuant to Section&nbsp;1004); <u>provided</u>, <u>however</u>, that if the Securities of that series are
listed on the Luxembourg Stock Exchange or any other stock exchange located outside the United
States and such stock exchange shall so require, the Company will maintain a Paying Agent for the
Securities of that series in Luxembourg or any other required city located outside the United
States, as the case may be, so long as the Securities of that series are listed on such exchange,
and (C)&nbsp;subject to any laws or regulations applicable thereto, in a Place of Payment for that
series located outside the United States an office or agency where any Registered Securities of
that series may be surrendered for registration of transfer, where Securities of that series may be
surrendered for exchange, where Securities of that series that are convertible or exchangeable may
be surrendered for conversion or exchange, as applicable and where notices and demands to or upon
the Company in respect of the Securities of that series and this Indenture may be served. The
Company will give prompt written notice to the Trustee of the location, and any change in the
location, of each such office or agency. If at any time the Company shall fail to maintain any such
required office or agency in respect of any series of Securities or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, except that Bearer Securities of that
series and the related coupons may be presented and surrendered for payment (including payment of
any Additional Amounts payable on Bearer Securities of that series pursuant to Section&nbsp;1004) at the
offices specified in the Security, in London, England, and the Company hereby appoints the same as
its agent to receive such respective presentations, surrenders, notices and demands, and the
Company hereby appoints the Trustee its agent to receive all such presentations, surrenders,
notices and demands.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified with respect to any Securities pursuant to Section&nbsp;301, no
payment of principal, premium or interest on Bearer Securities shall be made at any office or
agency of the Company in the United States or by check mailed to any address in the United States
or by transfer to any account maintained with a financial institution located in the United States;
<u>provided</u>, <u>however</u>, that, if the Securities of a series are denominated and payable in Dollars,
payment of principal of (and premium, if any) and interest, if any, on any Bearer Security
(including payment of any Additional Amounts payable on Bearer Securities of that series pursuant
to Section&nbsp;1004) shall be made at the office of the Company&#146;s Paying Agent in the Borough of
Manhattan, The City of New York, if (but only if) payment in Dollars of the full amount of such
principal, premium, if any, interest or Additional Amounts, as the case may be, at all offices or
agencies outside the United States maintained for such purpose by the Company in accordance with
this Indenture, is illegal or effectively precluded by exchange controls or other similar
restrictions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may also from time to time designate one or more other offices or agencies
where the Securities of one or more series may be presented or surrendered for any or all of such
purposes, and may from time to time rescind such designations; <u>provided</u>, <u>however</u>, that no such
designation or rescission shall in any manner relieve the Company of its obligation to maintain
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">an office or agency in accordance with the requirements set forth above for Securities of any
series for such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency.
Unless otherwise specified with respect to any Securities pursuant to Section&nbsp;301 with respect to a
series of Securities, the Company hereby designates as a Place of Payment for each series of
Securities the office or agency of the Company in the Borough of Manhattan, The City of New York,
and initially appoints the Trustee at its Corporate Trust Office as Paying Agent in the Borough of
Manhattan, The City of New York and as its agent to receive all such presentations, surrenders,
notices and demands.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified with respect to any Securities pursuant to Section&nbsp;301, if and
so long as the Securities of any series (i)&nbsp;are denominated in a currency other than Dollars or
(ii)&nbsp;may be payable in a currency other than Dollars, or so long as it is required under any other
provision of the Indenture, then the Company will maintain with respect to each such series of
Securities, or as so required, at least one Exchange Rate Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1003. Money for Securities Payments to Be Held in Trust.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company shall at any time act as its own Paying Agent with respect to any series
of any Securities and any related coupons, it will, on or before each due date of the principal of
(or premium, if any) or interest, if any, on any of the Securities of that series, segregate and
hold in trust for the benefit of the Persons entitled thereto a sum in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;301 for
the Securities of such series and except, if applicable, as provided in Sections&nbsp;312(b), 312(d) and
312(e)) sufficient to pay the principal (and premium, if any) and interest, if any, on Securities
of such series so becoming due until such sums shall be paid to such Persons or otherwise disposed
of as herein provided, and will promptly notify the Trustee of its action or failure so to act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Company shall have one or more Paying Agents for any series of Securities
and any related coupons, it will, on or before each due date of the principal of (or premium, if
any) or interest, if any, on any Securities of that series, deposit with a Paying Agent a sum (in
the Currency or Currencies described in the preceding paragraph) sufficient to pay the principal
(or premium, if any) or interest, if any, so becoming due, such sum of money to be held in trust
for the benefit of the Persons entitled to such principal, premium or interest and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to
pay, to the Trustee all sums of money held in trust by the Company or such Paying Agent, such sums
to be held by the Trustee upon the same trusts as those upon which such sums were held by the
Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such sums.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in the Securities of any series, any money deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">principal of (or premium, if any) or interest, if any, on any Security of any series, or any
coupon appertaining thereto, and remaining unclaimed for two years after such principal, premium or
interest has become due and payable shall be paid to the Company upon Company Request, or (if then
held by the Company) shall be discharged from such trust; and the Holder of such Security or any
coupon appertaining thereto shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such money held in trust, and all liability of the Company as trustee thereof, shall thereupon
cease; <u>provided</u>, <u>however</u>, that the Trustee or such Paying Agent, before being required to make any
such repayment, may at the expense of the Company cause to be published once, in an Authorized
Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30&nbsp;days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1004. Additional Amounts.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Securities of a series provide for the payment of Additional Amounts, the Company
will pay to the Holder of any Security of such series or any coupon appertaining thereto such
Additional Amounts as may be specified as contemplated by Section&nbsp;301. Whenever in this Indenture
there is mentioned, in any context, the payment of the principal of (or premium, if any) or
interest, if any, on any Security of any series or payment of any related coupon or the net
proceeds received on the sale or exchange of any Security of any series, such mention shall be
deemed to include mention of the payment of Additional Amounts provided for by the terms of such
series established pursuant to Section&nbsp;301 to the extent that, in such context, Additional Amounts
are, were or would be payable in respect thereof pursuant to such terms and express mention of the
payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as
excluding Additional Amounts in those provisions hereof where such express mention is not made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified as contemplated by Section&nbsp;301, if the Securities of a
series provide for the payment of Additional Amounts, at least 10&nbsp;days prior to the first Interest
Payment Date with respect to that series of Securities (or if the Securities of that series will
not bear interest prior to Maturity, the first day on which a payment of principal premium is
made), and at least 10&nbsp;days prior to each date of payment of principal, premium or interest if
there has been any change with respect to the matters set forth in the below-mentioned Officers&#146;
Certificate, the Company will furnish the Trustee and the Company&#146;s principal Paying Agent or
Paying Agents, if other than the Trustee, with an Officers&#146; Certificate instructing the Trustee and
such Paying Agent or Paying Agents whether such payment of principal, premium or interest on the
Securities of that series shall be made to Holders of Securities of that series or any related
coupons who are not United States persons without withholding for or on account of any tax,
assessment or other governmental charge described in the Securities of that series. If any such
withholding shall be required, then such Officers&#146; Certificate shall specify by country the amount,
if any, required to be withheld on such payments to such Holders of Securities of that series or
related coupons and the Company will pay to the Trustee or such Paying Agent the Additional Amounts
required by the terms of such Securities. In the event that the Trustee or any Paying Agent, as the
case may be, shall not so receive the above-mentioned certificate, then the Trustee or such Paying
Agent shall be entitled (i)&nbsp;to assume that no such withholding or deduction is required with
respect to any payment of principal or interest with respect to any Securities of a
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">series or related coupons until it shall have received a certificate advising otherwise and
(ii)&nbsp;to make all payments of principal and interest with respect to the Securities of a series or
related coupons without withholding or deductions until otherwise advised. The Company covenants to
indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, claim,
damage, liability or expense reasonably incurred without negligence or bad faith on their part
arising out of or in connection with actions taken or omitted by any of them in reliance on any
Officers&#146; Certificate furnished pursuant to this Section or in reliance on the Company&#146;s not
furnishing such an Officers&#146; Certificate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1005. Statement as to Compliance.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will deliver to the Trustee, within 120&nbsp;days after the end of each fiscal
year ending after the date hereof so long as any Security is Outstanding hereunder, a brief
certificate from the principal executive officer, principal financial officer or principal
accounting officer of the Company as to his or her knowledge of the Company&#146;s compliance with all
conditions and covenants under this Indenture. For purposes of this Section&nbsp;1005, such compliance
shall be determined without regard to any period of grace or requirement of notice under this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will, so long as any series of Securities are Outstanding, deliver to the
Trustee, as promptly as practicable upon any officer listed in (a)&nbsp;above becoming aware of any
Default, Event of Default or default in the performance of any covenant, agreement or condition
contained in this Indenture, an Officers&#146; Certificate specifying such Default, Event of Default,
default or event of default and what action the Company is taking or proposes to take with respect
thereto and the status thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1006. Limitations on Liens.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as hereinbelow in this Section provided, the Company will not, and will not permit
any Subsidiary to, at any time pledge or otherwise subject to any lien any of its property or
assets, or any of the property or assets of a Subsidiary, without thereby expressly securing the
due and punctual payment of the principal of and the interest on each and all of the Senior
Securities equally and ratably with any and all other obligations and indebtedness secured by such
pledge or other lien, so long as any such other obligations and indebtedness shall be so secured,
and the Company covenants that if and when any such pledge or other lien is created, each and all
of the Senior Securities will be so secured thereby; <u>provided</u>, <u>however</u>, that this restriction shall
not apply to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the giving of any lien or charge on fixed assets or other physical properties
hereafter acquired to secure all or part of the purchase price thereof or the acquiring
hereafter of such assets or properties subject to any existing lien or charge securing
indebtedness (whether or not assumed);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) easements, liens, franchises or other minor encumbrances on or over any real
property which do not materially detract from the value of such property or its use in the
business of the Company or a Subsidiary;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any deposit or pledge of assets (i)&nbsp;with any surety company or clerk of any
court, or in escrow, as collateral in connection with, or in lieu of,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">any bond on appeal from any judgment or decree against the Company or a Subsidiary, or
in connection with other proceedings or actions at law or in equity by or against the Company
or a Subsidiary, or (ii)&nbsp;as security for the performance of any contract or undertaking not
directly or indirectly related to the borrowing of money or the securing of indebtedness, if
made in the ordinary course of business, or (iii)&nbsp;with any governmental agency, which deposit
or pledge is required or permitted to qualify the Company or a Subsidiary to conduct
business, to maintain self-insurance, or to obtain the benefits of any law pertaining to
workmen&#146;s compensation, unemployment insurance, old age pensions, social security, or similar
matters, or (iv)&nbsp;made in the ordinary course of business to obtain the release of mechanics&#146;,
workmen&#146;s, repairmen&#146;s, warehousemen&#146;s or similar liens, or the release of property in the
possession of a common carrier;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) mortgages and pledges, liens or charges by a Subsidiary as security for
indebtedness owed to the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) liens for taxes and governmental charges not yet due or contested by
appropriate proceeding in good faith;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) mortgages, pledges, liens or charges existing on property acquired by the
Company or a Subsidiary through the exercise of rights arising out of defaults on receivables
acquired in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) judgment liens, so long as the finality of such judgment is being contested in
good faith and execution thereon is stayed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) any claim in favor of the Trustee or any predecessor,
pursuant to Section&nbsp;607;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) any pledge or lien (other than directly or indirectly to secure borrowed money)
if, after giving effect thereto, the aggregate principal sums secured by pledges or liens
otherwise within the restrictions in this Section&nbsp;1006 contained do not exceed $500,000;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any transaction characterized as a sale of receivables (retail or wholesale)
but reflected as secured indebtedness on a balance sheet in conformity with generally
accepted accounting principles then in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1007. Waiver of Certain Covenants.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may omit in any particular instance to comply with any covenant or condition
set forth in Section&nbsp;1006, and, as specified pursuant to Section&nbsp;301(15) for Securities of any
series, in any covenants of the Company added to Article&nbsp;Ten pursuant to Section&nbsp;301(14) or Section
301(15) in connection with the Securities of a series, if before or after the time for such
compliance the Holders of at least a majority in aggregate principal amount of all Outstanding
Securities of such series, by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with such covenant or condition, but no such waiver shall extend to or
affect such covenant or condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company and the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">duties of the Trustee in respect of any such covenant or condition shall remain in full force
and effect.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REDEMPTION OF SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1101. Applicability of Article.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities of any series which are redeemable before their Stated Maturity shall be
redeemable in accordance with their terms and (except as otherwise specified as contemplated by
Section&nbsp;301 for Securities of any series) in accordance with this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1102. Election to Redeem; Notice to Trustee.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem any Securities shall be evidenced by or pursuant to
a Board Resolution. In case of any redemption at the election of the Company of less than all of
the Securities of any series, the Company shall, at least 30&nbsp;days prior to the Redemption Date
fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee in writing of such Redemption Date and of the principal amount of Securities of such series
to be redeemed, and, if applicable, of the tenor of the Securities to be redeemed, and shall
deliver to the Trustee such documentation and records as shall enable the Trustee to select the
Securities to be redeemed pursuant to Section&nbsp;1103. In the case of any redemption of Securities of
any series prior to the expiration of any restriction on such redemption provided in the terms of
such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers&#146; Certificate evidencing compliance with such restriction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1103. Selection by Trustee of Securities to Be Redeemed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all the Securities of any series issued on the same day with the same terms
are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60
days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series
issued on such date with the same terms not previously called for redemption, by such method as the
Trustee shall deem fair and appropriate; <u>provided</u> that such method complies with the rules of any
national securities exchange or quotation system on which the Securities are listed, and may
provide for the selection for redemption of portions (equal to the minimum authorized denomination
for Securities of that series or any integral multiple thereof) of the principal amount of
Securities of such series of a denomination larger than the minimum authorized denomination for
Securities of that series; <u>provided</u>, <u>however</u>, that no such partial redemption shall reduce the
portion of the principal amount of a Security not redeemed to less than the minimum authorized
denomination for Securities of such series.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall promptly notify the Company and the Security Registrar (if other than
itself) in writing of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Security redeemed or to
be redeemed only in part, to the portion of the principal amount of such Security which has been or
is to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1104. Notice of Redemption.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption shall be given in the manner provided in Section&nbsp;106, not less than
30&nbsp;days nor more than 60&nbsp;days prior to the Redemption Date, unless a shorter period is specified by
the terms of such series established pursuant to Section&nbsp;301, to each Holder of Securities to be
redeemed, but failure to give such notice in the manner herein provided to the Holder of any
Security designated for redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of any other such
Security or portion thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice that is mailed to the Holders of Registered Securities in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not the Holder receives
the notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices of redemption shall state:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Redemption Date,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Redemption Price and accrued interest, if any, to the Redemption Date
payable as provided in Section&nbsp;1106,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if less than all Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amount) of the
particular Security or Securities to be redeemed,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in case any Security is to be redeemed in part only, the notice which relates
to such Security shall state that on and after the Redemption Date, upon surrender of such
Security, the Holder will receive, without a charge, a new Security or Securities of
authorized denominations for the principal amount thereof remaining unredeemed,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that on the Redemption Date, the Redemption Price and
accrued interest, if any, to the
Redemption Date payable as provided in Section&nbsp;1106 will become due and payable upon each
such Security, or the portion thereof, to be redeemed and, if applicable, that interest
thereon shall cease to accrue on and after said date,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the Place or Places of Payment where such Securities, together in the case of
Bearer Securities with all coupons appertaining thereto, if any,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">maturing after the Redemption Date, are to be surrendered for payment of the Redemption
Price and accrued interest, if any,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) that the redemption is for a sinking fund, if such is the
case,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) that, unless otherwise specified in such notice, Bearer Securities of any
series, if any, surrendered for redemption must be accompanied by all coupons maturing
subsequent to the Redemption Date or the amount of any such missing coupon or coupons will be
deducted from the Redemption Price, unless security or indemnity satisfactory to the Company,
the Trustee for such series and any Paying Agent is furnished,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) if Bearer Securities of any series are to be redeemed and any Registered
Securities of such series are not to be redeemed, and if such Bearer Securities may be
exchanged for Registered Securities not subject to redemption on this Redemption Date
pursuant to Section&nbsp;305 or otherwise, the last date, as determined by the Company, on which
such exchanges may be made, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the CUSIP number of such Security, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A notice of redemption published as contemplated by Section&nbsp;106 need not identify
particular Registered Securities to be redeemed. Notice of redemption of Securities to be redeemed
shall be given by the Company or, at the Company&#146;s request and provision to the Trustee of the
redemption information, by the Trustee in the name and at the expense of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1105. Deposit of Redemption Price.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or prior to 10:00 am, New York City time, on any Redemption Date, the Company shall
deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, which it may not do in the case of a sinking fund payment under Article&nbsp;Twelve, segregate
and hold in trust as provided in Section&nbsp;1003) an amount of money in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant to Section&nbsp;301 for
the Securities of such series and except, if applicable, as provided in Sections&nbsp;312(b), 312(d) and
312(e)) sufficient to pay on the Redemption Date the Redemption Price of, and (unless otherwise
specified pursuant to Section&nbsp;301) accrued interest on, all the Securities or portions thereof
which are to be redeemed on that date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1106. Securities Payable on Redemption Date.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in
the Currency in which the Securities of such series are payable (except as otherwise specified
pursuant to Section&nbsp;301 for the Securities of such series and except, if applicable, as provided in
Sections&nbsp;312(b), 312(d) and 312(e)) (together with accrued interest, if any, to the Redemption
Date), and from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest, if any) such Securities shall if the same
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">were interest-bearing cease to bear interest and the coupons for such interest appertaining to
any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon
surrender of any such Security for redemption in accordance with said notice, together with all
coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be
paid by the Company at the Redemption Price, together with accrued interest, if any, to the
Redemption Date; <u>provided</u>, <u>however</u>, that installments of interest on Bearer Securities whose Stated
Maturity is on or prior to the Redemption Date shall be payable only at an office or agency located
outside the United States (except as otherwise provided in Section&nbsp;1002) and, unless otherwise
specified as contemplated by Section&nbsp;301, only upon presentation and surrender of coupons for such
interest; and <u>provided</u> <u>further</u> that, unless otherwise specified as contemplated by Section&nbsp;301,
installments of interest on Registered Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record Dates according to
their terms and the provisions of Section&nbsp;307.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Bearer Security surrendered for redemption shall not be accompanied by all
appurtenant coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing coupons, or the
surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there
be furnished to them such security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or
any Paying Agent any such missing coupon in respect of which a deduction shall have been made from
the Redemption Price, such Holder shall be entitled to receive the amount so deducted; <u>provided</u>,
<u>however</u>, that interest represented by coupons shall be payable only at an office or agency located
outside the United States (except as otherwise provided in Section&nbsp;1002) and, unless otherwise
specified as contemplated by Section&nbsp;301, only upon presentation and surrender of those
coupons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the Redemption Price shall, until paid, bear interest from the Redemption Date at the
rate of interest set forth in such Security or, in the case of an Original Issue Discount Security,
at the Yield to Maturity of such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1107. Securities Redeemed in Part.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Registered Security which is to be redeemed only in part (pursuant to the provisions
of this Article or of Article&nbsp;Twelve) shall be surrendered at a Place of Payment therefor (with, if
the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such
Holder&#146;s attorney duly authorized in writing) and the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security without service charge a new Security or
Securities of the same series and of like tenor, of any authorized denomination as requested by
such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of
the principal of the Security so surrendered. If a temporary global Security or permanent global
Security is so surrendered, such new Security so issued shall be a new temporary global Security or
permanent global Security, respectively. However, if less than all the Securities of any series
with differing issue dates, interest rates and stated maturities are to
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be redeemed, the Company in its sole discretion shall select the particular Securities to be
redeemed and shall notify the Trustee in writing thereof at least 45&nbsp;days prior to the relevant
redemption date.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SINKING FUNDS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1201. Applicability of Article.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Article shall be applicable to any sinking fund for the retirement
of Securities of a series except as otherwise specified as contemplated by Section&nbsp;301 for
Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The minimum amount of any sinking fund payment provided for by the terms of Securities
of any series is herein referred to as a
&#147;mandatory sinking fund payment,&#148; and any payment in excess of such minimum amount provided for by
the terms of such Securities of any series is herein referred to as an &#147;optional sinking fund
payment.&#148; If provided for by the terms of any Securities of any series, the cash amount of any
mandatory sinking fund payment may be subject to reduction as provided in Section&nbsp;1202. Each
sinking fund payment shall be applied to the redemption of Securities of any series as provided for
by the terms of Securities of such series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1202. Satisfaction of Sinking Fund Payments with Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may, at its option, in satisfaction of all or any part of any mandatory
sinking fund payment with respect to the Securities of a series, (1)&nbsp;deliver Outstanding Securities
of such series (other than any previously called for redemption) together in the case of any Bearer
Securities of such series with all unmatured coupons appertaining thereto and (2)&nbsp;apply as a credit
Securities of such series which have been redeemed either at the election of the Company pursuant
to the terms of such Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Securities, as provided for by the terms of such Securities;
<u>provided</u> that such Securities so delivered or applied as a credit have not been previously so
credited. Such Securities shall be received and credited for such purpose by the Trustee at the
applicable Redemption Price specified in such Securities for redemption through operation of the
sinking fund and the amount of such mandatory sinking fund payment shall be reduced
accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1203. Redemption of Securities for Sinking Fund.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not less than 60&nbsp;days prior to each sinking fund payment date for Securities of any
series, the Company will deliver to the Trustee an Officers&#146; Certificate specifying the amount of
the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that
series, the portion thereof, if any, which is to be satisfied by payment of cash in the Currency in
which the Securities of such series are payable (except as otherwise specified pursuant to Section
301 for the Securities of such series and except, if applicable, as provided in Sections&nbsp;312(b),
312(d) and 312(e)) and the portion thereof, if any, which is to be satisfied by delivering and
crediting Securities of that series pursuant to Section&nbsp;1202, and the optional amount, if any, to
be added in
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">cash to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee
any Securities to be so delivered and credited. If such Officers&#146; Certificate shall specify an
optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company
shall thereupon be obligated to pay the amount therein specified. Not less than 30&nbsp;days before each
such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section&nbsp;1103 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company in the manner
provided in Section&nbsp;1104. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections&nbsp;1106 and 1107.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XIII</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REPAYMENT AT THE OPTION OF HOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1301. Applicability of Article.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of Securities of any series before their Stated Maturity at the option of
Holders thereof shall be made in accordance with the terms of such Securities and (except as
otherwise specified by the terms of such series established pursuant to Section&nbsp;301) in accordance
with this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1302. Repayment of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities of any series subject to repayment in whole or in part at the option of the
Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at the
Repayment Price thereof, together with interest, if any, thereon accrued to the Repayment Date
specified in or pursuant to the terms of such Securities. The Company covenants that on or before
10:00 am, New York City time, on the Repayment Date it will deposit with the Trustee or with a
Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section&nbsp;1003) an amount of money in the Currency in which the Securities of such series
are payable (except as otherwise specified pursuant to Section&nbsp;301 for the Securities of such
series and except, if applicable, as provided in Sections&nbsp;312(b), 312(d) and 312(e)) sufficient to
pay the Repayment Price of, and (unless otherwise specified pursuant to Section&nbsp;301) accrued
interest on, all the Securities or portions thereof, as the case may be, to be repaid on such
date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1303. Exercise of Option.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities of any series subject to repayment at the option of the Holders thereof will
contain an &#147;Option to Elect Repayment&#148; form on the reverse of such Securities. To be repaid at the
option of the Holder, any Security so providing for such repayment, with the &#147;Option to Elect
Repayment&#148; form on the reverse of such Security duly completed by the Holder (or by the Holder&#146;s
attorney duly authorized in writing), must be received by the Company at the Place of Payment
therefor specified in the terms of such Security (or at such other place or places of which the
Company shall from time to time notify the Holders of such Securities) not earlier than 45&nbsp;days nor
later than 30&nbsp;days prior to the Repayment Date. If less than the entire Repayment
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Price of such Security is to be repaid in accordance with the terms of such Security, the
portion of the Repayment Price of such Security to be repaid, in increments of the minimum
denomination for Securities of such series, and the denomination or denominations of the Security
or Securities to be issued to the Holder for the portion of such Security surrendered that is not
to be repaid, must be specified. Any Security providing for repayment at the option of the Holder
thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such
Security would be less than the minimum authorized denomination of Securities of the series of
which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any
Security providing for repayment at the option of the Holder thereof, exercise of the repayment
option by the Holder shall be irrevocable unless waived by the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1304. When Securities Presented for Repayment Become Due and Payable.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Securities of any series providing for repayment at the option of the Holders thereof
shall have been surrendered as provided in this Article and as provided by or pursuant to the terms
of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall
become due and payable and shall be paid by the Company on the Repayment Date therein specified,
and on and after such Repayment Date (unless the Company shall default in the payment of such
Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease
to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be
repaid, except to the extent provided below, shall be void. Upon surrender of any such Security for
repayment in accordance with such provisions, together with all coupons, if any, appertaining
thereto maturing after the Repayment Date, the Repayment Price of such Security so to be repaid
shall be paid by the Company, together with accrued interest, if any, to the Repayment Date;
<u>provided</u>, <u>however</u>, that coupons whose Stated Maturity is on or prior to the Repayment Date shall be
payable only at an office or agency located outside the United States (except as otherwise provided
in Section&nbsp;1002) and, unless otherwise specified pursuant to Section&nbsp;301, only upon presentation
and surrender of such coupons; and <u>provided</u> <u>further</u> that installments of interest on Registered
Securities, whose Stated Maturity is prior to (or, if specified pursuant to Section&nbsp;301, on) the
Repayment Date shall be payable (but without interest thereon, unless the Company shall default in
the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates according to their terms
and the provisions of Section&nbsp;307.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Bearer Security surrendered for repayment shall not be accompanied by all
appurtenant coupons maturing after the Repayment Date, such Security may be paid after deducting
from the amount payable therefor as provided in Section&nbsp;1302 an amount equal to the face amount of
all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the
Company and the Trustee if there be furnished to them such security or indemnity as they may
require to save each of them and any Paying Agent harmless. If thereafter the Holder of such
Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of
which a deduction shall have been made as provided in the preceding sentence, such Holder shall be
entitled to receive the amount so deducted; <u>provided</u>, <u>however</u>, that interest represented by coupons
shall be payable only at an office or agency located outside
</DIV>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the United States (except as otherwise provided in Section&nbsp;1002) and, unless otherwise
specified as contemplated by Section&nbsp;301, only upon presentation and surrender of those
coupons.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Security surrendered for repayment shall not be so repaid upon surrender thereof,
the Repayment Price shall, until paid, bear interest from the Repayment Date at the rate of
interest set forth in such Security or, in the case of an Original Issue Discount Security, at the
Yield to Maturity of such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1305. Securities Repaid in Part.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon surrender of any Registered Security which is to be repaid in part only, the Company
shall execute and the Trustee shall authenticate and deliver to the Holder of such Security,
without service charge and at the expense of the Company, a new Registered Security or Securities
of the same series, and of like tenor, of any authorized denomination specified by the Holder, in
an aggregate principal amount equal to and in exchange for the portion of the principal of such
Security so surrendered which is not to be repaid. If a temporary global Security or permanent
global Security is so surrendered, such new Security so issued shall be a new temporary global
Security or a new permanent global Security, respectively.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XIV<BR><br style="font-size: 6pt">
DEFEASANCE AND COVENANT DEFEASANCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1401. Applicability of Article; Company&#146;s Option to Effect Defeasance or
Covenant Defeasance.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If pursuant to Section&nbsp;301 provision is made for either or both of (a)&nbsp;defeasance of the
Securities of or within a series under Section&nbsp;1402 or (b)&nbsp;covenant defeasance of the Securities of
or within a series under Section&nbsp;1403, then the provisions of such Section or Sections, as the case
may be, together with the other provisions of this Article (with such modifications thereto as may
be specified pursuant to Section&nbsp;301 with respect to any Securities), shall be applicable to such
Securities and any coupons appertaining thereto, and the Company may at its option by Board
Resolution, at any time, with respect to such Securities and any coupons appertaining thereto,
elect to have either Section&nbsp;1402 (if applicable) or Section&nbsp;1403 (if applicable) be applied to
such Outstanding Securities and any coupons appertaining thereto upon compliance with the
conditions set forth below in this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1402. Defeasance and Discharge.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Company&#146;s exercise of the above option applicable to this Section with respect
to any Securities of or within a series, the Company shall be deemed to have been discharged from
its obligations with respect to such Outstanding Securities and any coupons appertaining thereto on
and after the date the conditions set forth in Section&nbsp;1404 are satisfied (hereinafter,
&#147;defeasance&#148;). For this purpose, such defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by such Outstanding Securities and any
coupons appertaining thereto, which shall thereafter be deemed to be &#147;Outstanding&#148; only for the
purposes of Section&nbsp;1405 and the other Sections of this Indenture referred to in clauses (A)&nbsp;and
(B)&nbsp;of this Section, and to have satisfied all its other obligations under such Securities and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any coupons appertaining thereto and this Indenture insofar as such Securities and any coupons
appertaining thereto are concerned (and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A)&nbsp;the rights of Holders of such Outstanding
Securities and any coupons appertaining thereto to receive, solely from the trust fund described in
Section&nbsp;1404 and as more fully set forth in such Section, payments in respect of the principal of
(and premium, if any) and interest, if any, on such Securities and any coupons appertaining thereto
when such payments are due, (B)&nbsp;the Company&#146;s obligations with respect to such Securities under
Sections&nbsp;305, 306, 1002 and 1003 and with respect to the payment of Additional Amounts, if any, on
such Securities as contemplated by Section&nbsp;1004, (C)&nbsp;the rights, powers, trusts, duties and
immunities of the Trustee hereunder and (D)&nbsp;this Article. Subject to compliance with this Article
Fourteen, the Company may exercise its option under this Section notwithstanding the prior exercise
of its option under Section&nbsp;1403 with respect to such Securities and any coupons appertaining
thereto. Following a defeasance, payment of such Securities may not be accelerated because of an
Event of Default.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1403. Covenant Defeasance.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Company&#146;s exercise of the above option applicable to this Section with respect
to any Securities of or within a series, the Company shall be released from its obligations under
Section&nbsp;1006, and, if specified pursuant to Section&nbsp;301, its obligations under any other covenant,
with respect to such Outstanding Securities and any coupons appertaining thereto on and after the
date the conditions set forth in Section&nbsp;1404 are satisfied (hereinafter, &#147;covenant defeasance&#148;),
and such Securities and any coupons appertaining thereto shall thereafter be deemed to be not
&#147;Outstanding&#148; for the purposes of any direction, waiver, consent or declaration or Act of Holders
(and the consequences of any thereof) in connection with Section&nbsp;1006, or such other covenant, but
shall continue to be deemed &#147;Outstanding&#148; for all other purposes hereunder. For this purpose, such
covenant defeasance means that, with respect to such Outstanding Securities and any coupons
appertaining thereto, the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such Section or such other covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such Section or such
other covenant or by reason of reference in any such Section or such other covenant to any other
provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section&nbsp;501(4) or 501(7) or otherwise, as the case may be,
but, except as specified above, the remainder of this Indenture and such Securities and any coupons
appertaining thereto shall be unaffected thereby. Following a covenant defeasance, payment of such
Securities may not be accelerated because of an Event of Default solely by reference to such
Sections specified above in this Section&nbsp;1503.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1404. Conditions to Defeasance or Covenant Defeasance.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following shall be the conditions to application of either Section&nbsp;1402 or Section
1403 to any Outstanding Securities of or within a series and any coupons appertaining thereto:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall have irrevocably deposited or caused to be irrevocably
deposited with the Trustee (or another trustee satisfying the requirements of Section&nbsp;607 who shall
agree to comply with the provisions of this Article&nbsp;Fourteen applicable to it) as
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">trust funds in trust for the purpose of making the following payments, specifically pledged as
security for the benefit of, and dedicated solely to, the Holders of such Securities and any
coupons appertaining thereto, (1)&nbsp;an amount (in such Currency in which such Securities and any
coupons appertaining thereto are then specified as payable at Stated Maturity), or (2)&nbsp;Government
Obligations applicable to such Securities and coupons appertaining thereto (determined on the basis
of the Currency in which such Securities and coupons appertaining thereto are then specified as
payable at Stated Maturity) which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms will provide, not later than one day before the due
date of any payment of principal of (and premium, if any) and interest, if any, on such Securities
and any coupons appertaining thereto, money in an amount, or (3)&nbsp;a combination thereof in an
amount, sufficient, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, to pay and
discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and
discharge, (i)&nbsp;the principal of (and premium, if any) and interest, if any, on such Outstanding
Securities and any coupons appertaining thereto on the Stated Maturity of such principal or
installment of principal or interest and (ii)&nbsp;any mandatory sinking fund payments or analogous
payments applicable to such Outstanding Securities and any coupons appertaining thereto on the day
on which such payments are due and payable in accordance with the terms of this Indenture and of
such Securities and any coupons appertaining thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Such defeasance or covenant defeasance shall not result in a breach or
violation of, or constitute a default under, this Indenture or any other material agreement or
instrument to which the Company is a party or by which it is bound.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;No Default or Event of Default with respect to such Securities and any
coupons appertaining thereto shall have occurred and be continuing on the date of such deposit or,
insofar as Sections&nbsp;501(5) and 501(6) are concerned, at any time during the period ending on the
91st day after the date of such deposit (it being understood that this condition shall not be
deemed satisfied until the expiration of such period).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the case of an election under Section&nbsp;1402, the Company shall have
delivered to the Trustee an Opinion of Counsel stating that (i)&nbsp;the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (ii)&nbsp;since the date of
execution of this Indenture, there has been a change in the applicable Federal income tax law, in
either case to the effect that, and based thereon such opinion shall confirm that, the Holders of
such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or
loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal
income tax on the same amounts, in the same manner and at the same times as would have been the
case if such defeasance had not occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;In the case of an election under Section&nbsp;1403, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding
Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal
income tax purposes as a result of such covenant defeasance and will be subject to Federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if
such covenant defeasance had not occurred.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Company shall have delivered to the Trustee an Officers&#146; Certificate and
an Opinion of Counsel, each stating that all conditions precedent to either the defeasance under
Section&nbsp;1402 or the covenant defeasance under Section&nbsp;1403 (as the case may be) have been complied
with and an Opinion of Counsel to the effect that either (i)&nbsp;as a result of a deposit pursuant to
subsection (a)&nbsp;above and the related exercise of the Company&#146;s option under Section&nbsp;1402 or Section
1403 (as the case may be), registration is not required under the Investment Company Act of 1940,
as amended, by the Company, with respect to the trust funds representing such deposit or by the
trustee for such trust funds or (ii)&nbsp;all necessary registrations under said Act have been
effected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Notwithstanding any other provisions of this Section, such defeasance or
covenant defeasance shall be effected in compliance with any additional or substitute terms,
conditions or limitations which may be imposed on the Company in connection therewith pursuant to
Section&nbsp;301.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1405. Deposited Money and Government Obligations to Be Held in Trust;
Other Miscellaneous Provisions.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the last paragraph of Section&nbsp;1003, all money and Government
Obligations (or other property as may be provided pursuant to Section&nbsp;301) (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section&nbsp;1405, the &#147;Trustee&#148;) pursuant to Section&nbsp;1404 in respect of any Outstanding Securities of
any series and any coupons appertaining thereto shall be held in trust and applied by the Trustee,
in accordance with the provisions of such Securities and any coupons appertaining thereto and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and
any coupons appertaining thereto of all sums due and to become due thereon in respect of principal
(and premium, if any) and interest, if any, but such money need not be segregated from other funds
except to the extent required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified with respect to any Security pursuant to Section&nbsp;301, if,
after a deposit referred to in Section 1404(a) has been made, (a)&nbsp;the Holder of a Security in
respect of which such deposit was made is entitled to, and does, elect pursuant to Section 312(b)
or the terms of such Security to receive payment in a Currency other than that in which the deposit
pursuant to Section 1404(a) has been made in respect of such Security, or (b)&nbsp;a Conversion Event
occurs as contemplated in Section 312(d) or 312(e) or by the terms of any Security in respect of
which the deposit pursuant to Section 1404(a) has been made, the indebtedness represented by such
Security and any coupons appertaining thereto shall be deemed to have been, and will be, fully
discharged and satisfied through the payment of the principal of (and premium, if any) and
interest, if any, on such Security as the same becomes due out of the proceeds yielded by
converting (from time to time as specified below in the case of any such election) the amount or
other property deposited in respect of such Security into the Currency in which such Security
becomes payable as a result of such election or Conversion Event based on the applicable Market
Exchange Rate for such Currency in effect on the second Business Day prior to each payment date,
except, with respect to a Conversion Event, for such Currency in effect (as nearly as feasible) at
the time of the Conversion Event.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the money or Government Obligations deposited pursuant to Section
1404 or the principal and interest received in respect thereof other than any such tax, fee or
other charge which by law is for the account of the Holders of such Outstanding Securities and any
coupons appertaining thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon Company Request any money or Government Obligations (or
other property and any proceeds therefrom) held by it as provided in Section&nbsp;1404 which, in the
opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof which would
then be required to be deposited to effect a defeasance or covenant defeasance, as applicable, in
accordance with this Article.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XV<BR><br style="font-size: 6pt">
MEETINGS OF HOLDERS OF SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1501. Purposes for Which Meetings May Be Called.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Securities of a series are issuable as Bearer Securities, a meeting of Holders of
Securities of such series may be called at any time and from time to time pursuant to this Article
to make, give or take any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be made, given or taken by Holders of Securities of such
series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1502. Call, Notice and Place of Meetings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustee may at any time call a meeting of Holders of Securities of any
series for any purpose specified in Section&nbsp;1501, to be held at such time and at such place in the
Borough of Manhattan, The City of New York or in London as the Trustee shall determine. Notice of
every meeting of Holders of Securities of any series, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting, shall be given, in
the manner provided in Section&nbsp;106, not less than 21 nor more than 180&nbsp;days prior to the date fixed
for the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In case at any time the Company, pursuant to a Board Resolution, or the
Holders of at least 10% in principal amount of the Outstanding Securities of any series shall have
requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose
specified in Section&nbsp;1501, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have made the first publication or
mailing of the notice of such meeting within 21&nbsp;days after receipt of such request or shall not
thereafter proceed to cause the meeting to be held as provided herein, then the Company or the
Holders of Securities of such series in the amount above specified, as the case may be, may
determine the time and the place in the Borough of Manhattan, The City of New York or in London for
such meeting and may call such meeting for such purposes by giving notice thereof as provided in
subsection (a)&nbsp;of this Section.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1503. Persons Entitled to Vote at Meetings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be entitled to vote at any meeting of Holders of Securities of any series, a Person
shall be (1)&nbsp;a Holder of one or more Outstanding Securities of such series, or (2)&nbsp;a Person
appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding
Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders of Securities of any series shall be the Persons
entitled to vote at such meeting and their counsel, any representatives of the Trustee and its
counsel and any representatives of the Company and its counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1504. Quorum; Action.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Persons entitled to vote a majority in principal amount of the Outstanding Securities
of a series shall constitute a quorum for a meeting of Holders of Securities of such series;
<u>provided</u>, <u>however</u>, that if any action is to be taken at such meeting with respect to a consent,
waiver, request, demand, notice, authorization, direction or other action which this Indenture
expressly provides may be made, given or taken by the Holders of not less than a specified
percentage in principal amount of the Outstanding Securities of a series, the Persons entitled to
vote such specified percentage in principal amount of the Outstanding Securities of such series
shall constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed for
any such meeting, the meeting shall, if convened at the request of Holders of Securities of such
series, be dissolved. In any other case the meeting may be adjourned for a period of not less than
10&nbsp;days as determined by the chairman of the meeting prior to the adjournment of such meeting. In
the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further
adjourned for a period of not less than 10&nbsp;days as determined by the chairman of the meeting prior
to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in Section&nbsp;1502(a), except that such notice need be given only once not
less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of
the reconvening of any adjourned meeting shall state expressly the percentage, as provided above,
of the principal amount of the Outstanding Securities of such series which shall constitute a
quorum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as limited by the proviso to Section&nbsp;902, any resolution presented to a meeting or
adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the
affirmative vote of the Holders of a majority in principal amount of the Outstanding Securities of
that series; <u>provided</u>, <u>however</u>, that, except as limited by the proviso to Section&nbsp;902, any
resolution with respect to any consent, waiver, request, demand, notice, authorization, direction
or other action which this Indenture expressly provides may be made, given or taken by the Holders
of a specified percentage, which is less than a majority, in principal amount of the Outstanding
Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at
which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified
percentage in principal amount of the Outstanding Securities of that series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any resolution passed or decision taken at any meeting of Holders of Securities of any
series duly held in accordance with this Section shall be binding on all the Holders of Securities
of such series and the related coupons, whether or not present or represented at the meeting.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;1504, if any action is to be
taken at a meeting of Holders of Securities of any series with respect to any consent, waiver,
request, demand, notice, authorization, direction or other action that this Indenture expressly
provides may be made, given or taken by the Holders of a specified percentage in principal amount
of all Outstanding Securities affected thereby, or of the Holders of such series and one or more
additional series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there shall be no minimum quorum requirement for such meeting; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the principal amount of the Outstanding Securities of such series that vote in
favor of such consent, waiver, request, demand, notice, authorization, direction or other action
shall be taken into account in determining whether such request, demand, authorization, direction,
notice, consent, waiver or other action has been made, given or taken under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1505. Determination of Voting Rights; Conduct and Adjournment of
Meetings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Notwithstanding any other provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of Holders of Securities of a
series in regard to proof of the holding of Securities of such series and of the appointment of
proxies and in regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote, and such other
matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall be proved in the
manner specified in Section&nbsp;104 and the appointment of any proxy shall be proved in the manner
specified in Section&nbsp;104 or by having the signature of the Person executing the proxy witnessed or
guaranteed by any trust company, bank or banker authorized by Section&nbsp;104 to certify to the holding
of Bearer Securities. Such regulations may provide that written instruments appointing proxies,
regular on their face, may be presumed valid and genuine without the proof specified in Section&nbsp;104
or other proof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee shall, by an instrument in writing appoint a temporary chairman
of the meeting, unless the meeting shall have been called by the Company or by Holders of
Securities as provided in Section&nbsp;1502(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner appoint a temporary
chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of
the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such
series represented at the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At any meeting of Holders, each Holder of a Security of such series or proxy
shall be entitled to one vote for each $1,000 principal amount of the Outstanding Securities of
such series held or represented by such Holder; provided, however, that no vote shall be cast or
counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the
chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to
vote, except as a Holder of a Security of such series or proxy.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any meeting of Holders of Securities of any series duly called pursuant to
Section&nbsp;1502 at which a quorum is present may be adjourned from time to time by Persons entitled to
vote a majority in principal amount of the Outstanding Securities of such series represented at the
meeting, and the meeting may be held as so adjourned without further notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1506. Counting Votes and Recording Action of Meetings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The vote upon any resolution submitted to any meeting of Holders of Securities of any
series shall be by written ballots on which shall be subscribed the signatures of the Holders of
Securities of such series or of their representatives by proxy and the principal amounts and serial
numbers of the Outstanding Securities of such series held or represented by them. The permanent
chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with the secretary of the meeting
their verified written reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities of any Series shall be
prepared by the secretary of the meeting and there shall be attached to said record the original
reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section&nbsp;1502 and, if applicable, Section&nbsp;1504.
Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of
the meeting and one such copy shall be delivered to the Company and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any
record so signed and verified shall be conclusive evidence of the matters therein stated.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XVI<BR><br style="font-size: 6pt">
SUBORDINATION OF SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1601. Agreement to Subordinate.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, for itself, its successors and assigns, covenants and agrees, and each
Holder of Senior Subordinated Securities by his acceptance thereof, likewise covenants and agrees,
that the payment of the principal of (and premium, if any) and interest, if any, on each and all of
the Senior Subordinated Securities is hereby expressly subordinated, to the extent and in the
manner hereinafter set forth, in right of payment to the prior payment in full of all Senior
Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company, for itself, its successors and assigns, covenants and agrees, and each
Holder of Junior Subordinated Securities by his acceptance thereof, likewise covenants and agrees,
that the payment of the principal of (and premium, if any) and interest, if any, on each and all of
the Junior Subordinated Securities is hereby expressly subordinated, to the extent and in the
manner hereinafter set forth, in right of payment to the prior payment in full of all Senior
Indebtedness and Senior Subordinated Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1602. Distribution on Dissolution, Liquidation and Reorganization;
Subrogation of Subordinated Securities.</B>
</DIV>






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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any distribution of assets of the Company upon any dissolution, winding up,
liquidation or reorganization of the Company, whether in bankruptcy, insolvency, reorganization or
receivership proceedings or upon an assignment for the benefit of creditors or any other
marshalling of the assets and liabilities of the Company or otherwise (subject to the power of a
court of competent jurisdiction to make other equitable provision reflecting the rights conferred
in this Indenture upon the Senior Indebtedness and the holders thereof with respect to the
Securities and the holders thereof by a lawful plan of reorganization under applicable bankruptcy
law):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the holders of all Senior Indebtedness shall be entitled to receive payment
in full of the principal thereof (and premium, if any) and interest due thereon before the Holders
of the Subordinated Securities are entitled to receive any payment upon the principal (or premium,
if any) or interest, if any, on indebtedness evidenced by the Subordinated Securities; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the holders of all Senior Subordinated Indebtedness shall be entitled to
receive payment in full of the principal thereof (and premium, if any) and interest due thereon
before the Holders of the Junior Subordinated Securities are entitled to receive any payment upon
the principal (or premium, if any) or interest, if any, on indebtedness evidenced by the Junior
Subordinated Securities; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to which the Holders of the Securities or the
Trustee would be entitled except for the provisions of this Article&nbsp;Sixteen shall be paid by the
liquidating trustee or agent or other person making such payment or distribution, whether a trustee
in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Senior
Indebtedness or their representative or representatives or to the trustee or trustees under any
indenture under which any instruments evidencing any of such Senior Indebtedness may have been
issued, ratably according to the aggregate amounts remaining unpaid on account of the principal of
(and premium, if any) and interest on the Senior Indebtedness held or represented by each, to the
extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving
effect to any concurrent payment or distribution to the holders of such Senior Indebtedness;
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;in the event that, notwithstanding the foregoing, any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or securities, shall
be received by the Trustee or the Holders of the Subordinated Securities before all Senior
Indebtedness is paid in full, such payment or distribution shall be paid over, upon written notice
to the Trustee, to the holder of such Senior Indebtedness or their representative or
representatives or to the trustee or trustees under any indenture under which any instrument
evidencing any of such Senior Indebtedness may have been issued, ratably as aforesaid, for
application to payment of all Senior Indebtedness remaining unpaid until all such Senior
Indebtedness shall have been paid in full, after giving effect to any concurrent payment or
distribution to the holders of such Senior Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the payment in full of all Senior Indebtedness, the Holders of the
Subordinated Securities shall be subrogated to the rights of the holders of Senior Indebtedness to
receive
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payments or distributions of cash, property or securities of the Company applicable to Senior
Indebtedness until the principal of (and premium, if any) and interest, if any, on the Subordinated
Securities shall be paid in full and no such payments or distributions to the Holders of the
Subordinated Securities of cash, property or securities otherwise distributable to the holders of
Senior Indebtedness shall, as between the Company, its creditors other than the holders of Senior
Indebtedness, and the Holders of the Subordinated Securities be deemed to be a payment by the
Company to or on account of the Subordinated Securities. It is understood that the provisions of
this Article&nbsp;Sixteen are and are intended solely for the purpose of defining the relative rights of
the Holders of the Subordinated Securities, on the one hand, and the holders of the Senior
Indebtedness, on the other hand. Nothing contained in this Article&nbsp;Sixteen or elsewhere in this
Indenture or in the Subordinated Securities is intended to or shall impair, as between the Company,
its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated
Securities, the obligation of the Company, which is unconditional and absolute, to pay to the
Holders of the Subordinated Securities the principal of (and premium, if any) and interest, if any,
on the Subordinated Securities as and when the same shall become due and payable in accordance with
their terms, or to affect the relative rights of the Holders of the Subordinated Securities and
creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein
or in the Subordinated Securities prevent the Trustee or the Holder of any Subordinated Security
from exercising all remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article&nbsp;Sixteen of the holders of Senior
Indebtedness in respect of cash, property or securities of the Company received upon the exercise
of any such remedy. Upon any payment or distribution of assets of the Company referred to in this
Article&nbsp;Sixteen, the Trustee, subject to the provisions of Section&nbsp;601, shall be entitled to rely
upon a certificate of the liquidating trustee or agent or other person making any distribution to
the Trustee for the purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article&nbsp;Sixteen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee or any Holder of Subordinated Securities does not file a proper claim or
proof of debt in the form required in any proceeding referred to above prior to 30&nbsp;days before the
expiration of the time to file such claim in such proceeding, then the holder of any Senior
Indebtedness is hereby authorized, and has the right, to file an appropriate claim or claims for or
on behalf of such Holder of Subordinated Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or
to observe only such of its covenants or obligations as are specifically set forth in this Article
and no implied covenants or obligations with respect to holders of Senior Indebtedness shall be
read into this Indenture against the Trustee. The Trustee does not owe any fiduciary duties to the
holders of Securities other than Securities issued under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1603. No Payment on Subordinated Securities in Event of Default on
Senior Indebtedness.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No payment by the Company on account of principal (or premium, if any), sinking funds or
interest, if any, on the Subordinated Securities shall be made unless full payment of amounts
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then due for principal (premium, if any), sinking funds and interest on Senior Indebtedness
has been made or duly provided for in money or money&#146;s worth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1604. Payments on Subordinated Securities Permitted.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained in this Indenture or in any of the Subordinated Securities shall (a)
affect the obligation of the Company to make, or prevent the Company from making, at any time
except as provided in Sections&nbsp;1602 and 1603, payments of principal of (or premium, if any) or
interest, if any, on the Subordinated Securities or (b)&nbsp;prevent the application by the Trustee of
any moneys deposited with it hereunder to the payment of or on account of the principal of (or
premium, if any) or interest, if any, on the Subordinated Securities, unless the Trustee shall have
received at its Corporate Trust Office written notice of any event prohibiting the making of such
payment more than three Business Days prior to the date fixed for such payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1605. Authorization of Holders to Trustee to Effect Subordination.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder of Subordinated Securities by his acceptance thereof authorizes and directs
the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the
subordination as provided in this Article&nbsp;Sixteen and appoints the Trustee his attorney-in-fact for
any and all such purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1606. Notices to Trustee.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of this Article or any other provisions of this Indenture,
neither the Trustee nor any Paying Agent (other than the Company) shall be charged with knowledge
of the existence of any Senior Indebtedness or of any event which would prohibit the making of any
payment of moneys to or by the Trustee or such Paying Agent, unless and until the Trustee or such
Paying Agent shall have received (in the case of the Trustee, at its Corporate Trust Office)
written notice thereof from the Company or from the holder of any Senior Indebtedness or from the
trustee for any such holder, together with proof satisfactory to the Trustee of such holding of
Senior Indebtedness or of the authority of such trustee; <u>provided</u>, <u>however</u>, that if at least three
Business Days prior to the date upon which by the terms hereof any such moneys may become payable
for any purpose (including, without limitation, the payment of either the principal (or premium, if
any) or interest, if any, on any Subordinated Security) the Trustee shall not have received with
respect to such moneys the notice provided for in this Section&nbsp;1606, then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and authority to
receive such moneys and to apply the same to the purpose for which they were received, and shall
not be affected by any notice to the contrary, which may be received by it within three Business
Days prior to such date. The Trustee shall be entitled to conclusively rely on the delivery to it
of a written notice by a Person representing himself to be a holder of Senior Indebtedness (or a
trustee on behalf of such holder) to establish that such a notice has been given by a holder of
Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee
determines in good faith that further evidence is required with respect to the right of any Person
as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this
Article&nbsp;Sixteen, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent
to which such Person is entitled to participate in
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such payment or distribution and any other facts pertinent to the rights of such Person under
this Article&nbsp;Sixteen and, if such evidence is not furnished, the Trustee may defer any payment to
such Person pending judicial determination as to the right of such Person to receive such
payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1607. Trustee as Holder of Senior Indebtedness.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee in its individual capacity shall be entitled to all the rights set forth in
this Article&nbsp;Sixteen in respect of any Senior Indebtedness at any time held by it to the same
extent as any other holder of Senior Indebtedness and nothing in Section&nbsp;613 or elsewhere in this
Indenture shall be construed to deprive the Trustee of any of its rights as such holder.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Article&nbsp;Sixteen shall apply to claims of, or payments to, the Trustee under or
pursuant to Section&nbsp;606.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1608. Modifications of Terms of Senior Indebtedness.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any renewal or extension of the time of payment of any Senior Indebtedness or the
exercise by the holders of Senior Indebtedness of any of their rights under any instrument creating
or evidencing Senior Indebtedness, including, without limitation, the waiver of default thereunder,
may be made or done all without notice to or assent from the Holders of the Subordinated Securities
or the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No compromise, alteration, amendment, modification, extension, renewal or other change
of, or waiver, consent or other action in respect of, any liability or obligation under or in
respect of, or of any of the terms, covenants or conditions of any indenture or other instrument
under which any Senior Indebtedness is outstanding or of such Senior Indebtedness, whether or not
such release is in accordance with the provisions of any applicable document, shall in any way
alter or affect any of the provisions of this Article&nbsp;Sixteen or of the Subordinated Securities
relating to the subordination thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1609. Reliance on Judicial Order or Certificate of Liquidating
Agent.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any payment or distribution of assets of the Company referred to in this Article
Sixteen, the Trustee and the Holders of the Securities shall be entitled to rely upon any order or
decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy,
receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is
pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver,
assignee for the benefit of creditors, agent or other person making such payment or distribution,
delivered to the Trustee or to the Holders of Subordinated Securities, for the purpose of
ascertaining the persons entitled to participate in such payment or distribution, the holders of
Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article&nbsp;Sixteen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1610. Trustee Not Fiduciary for Holders of Senior Indebtedness.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness and shall not be liable to any such holders if the Trustee shall in good faith
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">mistakenly pay over or distribute to Holders of Securities or to the Company or to any other
person cash, property or securities to which any holders of Senior Indebtedness shall be entitled
by virtue of this Article or otherwise. With respect to the holders of Senior Indebtedness, the
Trustee undertakes to perform or to observe only such of its covenants or obligations as are
specifically set forth in this Article and no implied covenants or obligations with respect to
holders of Senior Indebtedness shall be read into this Indenture against the Trustee.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* * * * *
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and
the same Indenture.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of
the day and year first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap>THE GABELLI GLOBAL UTILITY &#38; INCOME TRUST<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&#091;Chief Financial Officer&#093;&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT A</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORMS OF CERTIFICATION</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->94<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT A-1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED<BR>
TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST<BR>
PAYABLE PRIOR TO THE EXCHANGE DATE<BR>
CERTIFICATE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Insert title or sufficient description of Securities<BR>
to be delivered&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to certify that, as of the date hereof, and except as set forth below, the
above-captioned Securities held by you for our account (i)&nbsp;are owned by person(s) that are not
citizens or residents of the United States, domestic partnerships, domestic corporations or any
estate or trust the income of which is subject to United States federal income taxation regardless
of its source (&#147;United States person(s)&#148;), (ii)&nbsp;are owned by United States person(s) that are (a)
foreign branches of United States financial institutions (financial institutions, as defined in
United States Treasury Regulations Section&nbsp;1.165-12(c)(1)(v) are herein referred to as &#147;financial
institutions&#148;) purchasing for their own account or for resale, or (b)&nbsp;United States person(s) who
acquired the Securities through foreign branches of United States financial institutions and who
hold the Securities through such United States financial institutions on the date hereof (and in
either case (a)&nbsp;or (b), each such United States financial institution hereby agrees, on its own
behalf or through its agent, that you may advise the Gabelli Global
Utility &#038; Income Trust or its agent
that such financial institution will comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or
(C)&nbsp;of the United States Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (iii)&nbsp;are owned by United States or foreign financial institution(s) for purposes
of resale during the restricted period (as defined in United States Treasury Regulations Section
1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign financial
institution described in clause (iii)&nbsp;above (whether or not also described in clause (i)&nbsp;or (ii)),
this is to further certify that such financial institution has not acquired the Securities for
purposes of resale directly or indirectly to a United States person or to a person within the
United States or its possessions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, &#147;United States&#148; means the United States of America (including the States
and the District of Columbia); and its &#147;possessions&#148; include Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We undertake to advise you promptly by tested telex on or prior to the date on which you
intend to submit your certification relating to the above-captioned Securities held by you for our
account in accordance with your Operating Procedures if any applicable statement herein is not
correct on such date, and in the absence of any such notification it may be assumed that this
certification applies as of such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This certificate excepts and does not relate to &#091;U.S.$&#093; &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; of such interest in
the above-captioned Securities in respect of which we are not able to certify and as to which we
understand an exchange for an interest in a Permanent Global Security or an exchange for and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->95<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">delivery of definitive Securities (or, if relevant, collection of any interest) cannot be made
until we do so certify.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that this certificate may be required in connection with certain tax legislation
in the United States. If administrative or legal proceedings are commenced or threatened in
connection with which this certificate is or would be relevant, we irrevocably authorize you to
produce this certificate or a copy thereof to any interested party in such proceedings.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be dated no earlier than the 15th day prior to (i)&nbsp;the
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exchange Date or (ii)&nbsp;the relevant Interest Payment
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date occurring prior to the Exchange Date, as
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">applicable&#093;
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;Name of Person Making Certification&#093;<BR>
<BR>

&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">(Authorized Signatory)</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT A-2</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF CERTIFICATE TO BE GIVEN BY &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;<BR>
 IN CONNECTION WITH THE EXCHANGE OF<BR>
A PORTION OF A TEMPORARY GLOBAL SECURITY<BR>
OR TO OBTAIN INTEREST PAYABLE PRIOR<BR>
TO THE EXCHANGE DATE<BR>
CERTIFICATE</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Insert title or sufficient description of Securities<BR>
to be delivered&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to certify that, based solely on written certifications that we have received in
writing, by tested telex or by electronic transmission from each of the persons appearing in our
records as persons entitled to a portion of the principal amount set forth below (our &#147;Member
Organizations&#148;) substantially in the form attached hereto, as of the date hereof, &#091;U.S.$&#093; principal
amount of the above-captioned Securities (i)&nbsp;is owned by person(s) that are not citizens or
residents of the United States, domestic partnerships, domestic corporations or any estate or trust
the income of which is subject to United States Federal income taxation regardless of its source
(&#147;United States person(s)&#148;), (ii)&nbsp;is owned by United States person(s) that are (a)&nbsp;foreign branches
of United States financial institutions (financial institutions, as defined in U.S. Treasury
Regulations Section&nbsp;1.165-12(c)(1)(v) are herein referred to as &#147;financial institutions&#148;)
purchasing for their own account or for resale, or (b)&nbsp;United States person(s) who acquired the
Securities through foreign branches of United States financial institutions and who hold the
Securities through such United States financial institutions on the date hereof (and in either case
(a)&nbsp;or (b), each such financial institution has agreed, on its own behalf or through its agent,
that we may advise The Gabelli Global Utility &#38; Income Trust or its agent that such financial institution will
comply with the requirements of Section&nbsp;165(j)(3)(A), (B)&nbsp;or (C)&nbsp;of the Internal Revenue Code of
1986, as amended, and the regulations thereunder), or (iii)&nbsp;is owned by United States or foreign
financial institution(s) for purposes of resale during the restricted period (as defined in United
States Treasury Regulations Section&nbsp;1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that
financial institutions described in clause (iii)&nbsp;above (whether or not also described in clause (i)
or (ii)) have certified that they have not acquired the Securities for purposes of resale directly
or indirectly to a United States person or to a person within the United States or its
possessions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, &#147;United States&#148; means the United States of America (including the States
and the District of Columbia); and its &#147;possessions&#148; include Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We further certify that (i)&nbsp;we are not making available herewith for exchange (or, if
relevant, collection of any interest) any portion of the temporary global Security representing the
above-captioned Securities excepted in the above-referenced certificates of Member Organizations
and (ii)&nbsp;as of the date hereof we have not received any notification from any of our Member
Organizations to the effect that the statements made by such Member Organizations
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->97<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with respect to any portion of the part submitted herewith for exchange (or, if relevant,
collection of any interest) are no longer true and cannot be relied upon as of the date hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that this certification is required in connection with certain tax
legislation in the United States. If administrative or legal proceedings are commenced or
threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate or a copy thereof to any interested party in such
proceedings.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;To be dated no earlier than the Exchange
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date or the relevant Interest Payment
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date occurring prior to the Exchange
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date, as applicable&#093;
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>

<TD colspan="3" align="left" NOWRAP>&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;,
as Operator of the &#91;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#93;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->98<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.L
<SEQUENCE>7
<FILENAME>y92093a1exv99wl.htm
<DESCRIPTION>EX-99.L
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wl</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit (l)
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SKADDEN, ARPS, SLATE, MEAGHER &#038; FLOM LLP<BR>
FOUR TIMES SQUARE<BR>
NEW YORK, NY 10036-6522<BR>
(212)&nbsp;735-3000
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">September&nbsp;19, 2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Gabelli Global Utility &#038; Income Trust<BR>
One Corporate Center<BR>
Rye, New York 100580-1422

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RE:</TD>
    <TD>&nbsp;</TD>
    <TD><U>The Gabelli Global Utility &#038; Income Trust Registration Statement on Form&nbsp;N-2</U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special counsel to The Gabelli Global Utility &#038; Income Trust, a Delaware
statutory trust (the &#147;Fund&#148;), in connection with the registration of common shares of the Fund
(&#147;Common Shares&#148;), preferred shares of the Fund (&#147;Preferred Shares&#148;), and other securities of the
Fund, having an aggregate offering price of up to $100,000,000, which are covered by the
registration statement on Form N-2 (File Nos. 333-175701 and 811-21529) filed by the Fund with the
Securities and Exchange Commission (the &#147;Commission&#148;) on July&nbsp;21, 2011 under the Securities Act of
1933 (the &#147;Securities Act&#148;) allowing for offerings pursuant to Rule&nbsp;415 of the General Rules and
Regulations under the Securities Act (the &#147;Rules and Regulations&#148;), and Pre-Effective Amendment
No.1 thereto being filed by the Fund herewith, including information deemed to be a part of the
registration statement pursuant to Rule&nbsp;430B of the Rules and Regulations (such registration
statement, as so amended, being hereinafter referred to as the &#147;Registration Statement&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is being furnished as an exhibit to the Registration Statement in accordance with
the requirements of Item&nbsp;601(b)(5) of Regulation&nbsp;S-K under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinions stated herein, we have examined and relied upon the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registration Statement as filed with the Commission on July&nbsp;21, 2011;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Certificate of Trust of the Fund, as filed with the Secretary of State of the State
of Delaware on March&nbsp;8, 2004, and a Certificate of Amendment of Trust as filed with the
Secretary of State of the State of Delaware on September&nbsp;12, 2007;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Second Amended and Restated Agreement and Declaration of Trust of the Fund, dated
as of February&nbsp;16, 2011 (the &#147;Declaration of Trust&#148;), and filed as an exhibit to the
Registration Statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>resolutions adopted by the Board of Trustees of the Fund (the &#147;Board of Trustees&#148;)
relating to the registration of the Common Shares and Preferred Shares and related matters.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also examined originals or copies, certified or otherwise identified to our
satisfaction, of such records of the Fund and such agreements, certificates and receipts of public
officials, certificates of officers or other representatives of the Fund and others, and such other
documents as we have deemed necessary or appropriate as a basis for the opinions set forth
below.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our examination, we have assumed the genuineness of all signatures including endorsements,
the legal capacity and competency of all natural persons, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all documents submitted to us
as facsimile, electronic, certified or photostatic copies, and the authenticity of the originals of
such copies. In making our examination of executed documents, we have assumed that the
parties thereto, other than the Fund had or will have the power, corporate or other, to enter into
and perform all obligations thereunder and have also assumed the due authorization by all requisite
action, corporate or other, and due execution and delivery by such parties of such documents and
the validity and binding effect thereof on such parties. In rendering the opinion set
forth below, we have assumed that the Common Shares and the Preferred Shares will be recorded on
the applicable register of the Fund upon the issuance thereof. We have also assumed that the terms
of the Preferred Shares will contain the provisions required by the Investment Company Act of 1940
and that the terms of the Common Shares and Preferred Shares will be consistent with the
requirements for shares set forth in the Declaration of Trust. As to any facts relevant to the
opinions stated herein which we did not independently establish or verify, we have relied upon
statements and representations of officers and other representatives of the Fund and others and of
public officials.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinions set forth herein are limited to Delaware statutory trust law and, to the extent
that judicial or regulatory orders or decrees or consents, approvals, licenses, authorizations,
validations, filings, recordings or registrations with governmental authorities are relevant, to
those required under such law (all of the foregoing being referred to as collectively, the &#147;Opined
on Law&#148;). We do not express any opinion with respect to the laws of any jurisdiction other than
Opined on Law or as to the effect of any such non-Opined on Law on the opinions herein
stated.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon and subject to the foregoing, we are of the opinion that, when (i)&nbsp;the Registration
Statement as finally amended (including all necessary post-effective amendments) becomes effective
under the Securities Act; (ii)&nbsp;the Board of Trustees has approved the issuance of the Common
Shares or the Preferred Shares, as applicable, in accordance with the Declaration of Trust and
(iii)&nbsp;the Common Shares or the Preferred Shares, as applicable, have been issued against payment at
a price per share and on such terms as determined by the Board of Trustees, the issuance and sale
of the Common Shares or the Preferred Shares, as applicable, will have been duly authorized, and
the Common Shares or the Preferred Shares, as applicable, will be validly issued, fully paid and
nonassessable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion with the Commission as an exhibit to the
Registration Statement. We also consent to the reference to our firm under the caption &#147;Legal
Matters&#148; in the Registration Statement. In giving this consent, we do not thereby admit that we are
included in the
category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the
rules and regulations of the Commission.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/Skadden, Arps, Slate, Meagher &#038; Flom LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N.I
<SEQUENCE>8
<FILENAME>y92093a1exv99wnwi.htm
<DESCRIPTION>EX-99.N.I
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wnwi</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99(n)(i)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 of
our report dated February&nbsp;28, 2011, relating to the financial statements and financial highlights
which appears in the December&nbsp;31, 2010 Annual Report to Shareholders of the Gabelli Global Utility
&#038; Income Trust, which are also incorporated by reference into the Registration Statement. We also
consent to the references to us under the headings &#147;Financial Highlights&#148;, &#147;Independent Registered
Public Accounting Firm&#148; and &#147;Financial Statements&#148; in such Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ PricewaterhouseCoopers LLP<BR>
New York, New York<BR>
September&nbsp;19, 2011

</DIV>


<P align="center" style="font-size: 10pt">
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N.II
<SEQUENCE>9
<FILENAME>y92093a1exv99wnwii.htm
<DESCRIPTION>EX-99.N.II
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99wnwii</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit (n)(ii)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Powers of Attorney</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KNOW ALL MEN BY THESE PRESENTS, that each person whose name appears below nominates, constitutes
and appoints Bruce N. Alpert and Agnes Mullady and each of them (with power of substitution) as his
true and lawful attorney-in-fact to execute and sign the Registration Statement on Form N-2 under
the Securities Act of 1933 and the Investment Company Act of 1940 of The Gabelli Global Utility &#038;
Income Trust (the &#147;Fund&#148;), and all amendments and supplements thereto, and to file with the
Securities and Exchange Commission, and any other regulatory authority having jurisdiction over the
offer and sale of shares or notes of the Fund, any and all exhibits and other documents requisite
in connection therewith, granting unto said attorneys and each of them, full power and authority to
do and perform each and every act and thing requisite and necessary to be done and about the
premises as fully to all intents and purposes as the undersigned officers and Trustees themselves
might or could do.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, each of the undersigned Trustees have hereunto set their hand this
14<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> day of July&nbsp;2011.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>TITLE</B></TD>
</TR>
<tr style="font-size: 10pt">
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Anthony J. Colavita
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Anthony J. Colavita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James P. Conn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James P. Conn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mario d&#146;Urso
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mario d&#146;Urso</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Vincent D. Enright
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vincent D. Enright</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael J. Melarkey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael J. Melarkey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Salvatore M. Salibello
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Salvatore M. Salibello</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Salvatore J. Zizza
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Trustee</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Salvatore J. Zizza</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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