<SEC-DOCUMENT>0001398344-21-003840.txt : 20210526
<SEC-HEADER>0001398344-21-003840.hdr.sgml : 20210526

<ACCEPTANCE-DATETIME>20210219164911

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001398344-21-003840

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		4

FILED AS OF DATE:		20210219

DATE AS OF CHANGE:		20210408


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			CORNERSTONE STRATEGIC VALUE FUND INC

		CENTRAL INDEX KEY:			0000814083

		IRS NUMBER:				133407699

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-05150

		FILM NUMBER:		21656657



	BUSINESS ADDRESS:	

		STREET 1:		225 PICTORIA DRIVE, SUITE 450

		CITY:			CINCINNATI

		STATE:			OH

		ZIP:			45246

		BUSINESS PHONE:		(513) 587-3400



	MAIL ADDRESS:	

		STREET 1:		225 PICTORIA DRIVE, SUITE 450

		CITY:			CINCINNATI

		STATE:			OH

		ZIP:			45246



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	CORNERSTONE STRATEGIC VALUE FUND INC/ NEW

		DATE OF NAME CHANGE:	20010503



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	CLEMENTE STRATEGIC VALUE FUND INC

		DATE OF NAME CHANGE:	19990622



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	CLEMENTE GLOBAL GROWTH FUND INC

		DATE OF NAME CHANGE:	19920703




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			CORNERSTONE STRATEGIC VALUE FUND INC

		CENTRAL INDEX KEY:			0000814083

		IRS NUMBER:				133407699

		STATE OF INCORPORATION:			MD

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-253310

		FILM NUMBER:		21656656



	BUSINESS ADDRESS:	

		STREET 1:		225 PICTORIA DRIVE, SUITE 450

		CITY:			CINCINNATI

		STATE:			OH

		ZIP:			45246

		BUSINESS PHONE:		(513) 587-3400



	MAIL ADDRESS:	

		STREET 1:		225 PICTORIA DRIVE, SUITE 450

		CITY:			CINCINNATI

		STATE:			OH

		ZIP:			45246



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	CORNERSTONE STRATEGIC VALUE FUND INC/ NEW

		DATE OF NAME CHANGE:	20010503



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	CLEMENTE STRATEGIC VALUE FUND INC

		DATE OF NAME CHANGE:	19990622



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	CLEMENTE GLOBAL GROWTH FUND INC

		DATE OF NAME CHANGE:	19920703



<IS-FILER-A-NEW-REGISTRANT>N

<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N

<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>N

<IS-FUND-24F2-ELIGIBLE>N

</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>fp0062457_n2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on [&#9679;], 2021</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1933 Act File No. 333-[&#9679;]</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1940 Act File No. 811-05150</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM N-2</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Check appropriate box or boxes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="vertical-align: top; width: 95%; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>REGISTRATION
    STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></TD></TR>
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">PRE-EFFECTIVE
    AMENDMENT NO. __</FONT></TD></TR>
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">POST-EFFECTIVE
    AMENDMENT NO. __</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; text-align: center; width: 95%"><FONT STYLE="font-size: 11pt"><B>REGISTRATION
    STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</B></FONT></TD></TR>
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">AMENDMENT
    NO. 18</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>Cornerstone
Strategic Value Fund, Inc.</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant Exact Name of as Specified
in Charter)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>225 Pictoria
Drive, Suite 450, Cincinnati, OH 45246</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(866) 668-6558 </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s Telephone Number, including
Area Code)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><I>Name and Address
    of Agent for Service:</I></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><I>Copies of Communications
    to<B>:</B></I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>Benjamin
    V. Mollozzi, Esq.</B></FONT></TD>
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>Thomas
    R. Westle, Esq.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>c/o Ultimus Fund
    Solutions, LLC</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>Blank Rome LLP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>225 Pictoria Drive,
    Suite 450</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>1271 Avenue of the
    Americas</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>Cincinnati, OH 45246</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>New York, NY 10020</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Approximate Date of Proposed Public Offering: </B>As soon
as practicable after the effective date of this Registration Statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="width: 95%; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">The only
    securities being registered on the form are being offered pursuant to a dividend or interest reinvestment plan.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">Any securities being
    registered on this form will be offered on a delayed or continuous basis in reliance on Rule&nbsp;415&nbsp;under the&nbsp;Securities
    Act of 1933, (&ldquo;Securities Act&rdquo;) other than securities offered in connection with a dividend reinvestment plan.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">This form is a registration
    statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">This form is a registration
    statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with
    the Commission pursuant to Rule&nbsp;462(e)&nbsp;under the&nbsp;Securities Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">This form is a post-effective
    amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional
    classes of securities pursuant to Rule&nbsp;413(b)&nbsp;under the&nbsp;Securities Act.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>It is proposed that this filing will become effective (check
appropriate box):</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="width: 95%; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">when declared
    effective pursuant to section 8(c) of the Securities Act</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If appropriate, check the following box:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif">[&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="width: 95%; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">This [post-effective]
    amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">This form is filed
    to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the&nbsp;Securities Act, and the&nbsp;Securities
    Act&nbsp;registration statement number of the earlier effective registration statement for the same offering is: _______.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">This form is a post-effective
    amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the&nbsp;Securities Act, and the&nbsp;Securities Act&nbsp;registration
    statement number of the earlier effective registration statement for the same offering is: ______.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">This Form is a post-effective
    amendment filed pursuant to Rule&nbsp;462(d)&nbsp;under the&nbsp;Securities Act, and the&nbsp;Securities Act&nbsp;registration
    statement number of the earlier effective registration statement for the same offering is: ______.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Check each box that appropriately characterizes the Registrant:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Registered
    Closed-End Fund (closed-end company that is registered under the&nbsp;Investment Company Act of 1940&nbsp;(the &ldquo;Investment
    Company Act&rdquo;)).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Business Development
    Company (closed-end company that intends or has elected to be regulated as a business development company under the&nbsp;Investment
    Company Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Interval Fund (Registered
    Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule&nbsp;23c-3&nbsp;under the&nbsp;Investment
    Company Act).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[X]</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">A.2 Qualified (qualified
    to register securities pursuant to General Instruction A.2 of this Form).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Well-Known Seasoned
    Issuer (as defined by Rule&nbsp;405&nbsp;under the&nbsp;Securities Act).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Emerging Growth Company
    (as defined by Rule 12b-2 under the Securities and&nbsp;Exchange Act of 1934).</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">If an Emerging Growth
    Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
    any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">New Registrant (registered
    or regulated under the&nbsp;Investment Company Act&nbsp;for less than 12 calendar months preceding this filing).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE UNDER
THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">Title
    of Securities </FONT><BR>
    <FONT STYLE="font-size: 11pt">Being Registered</FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">Amount
    Being </FONT><BR>
    <FONT STYLE="font-size: 11pt">Registered<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">Proposed
    Maximum </FONT><BR>
    <FONT STYLE="font-size: 11pt">Offering Price Per Unit</FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">Proposed
    Maximum </FONT><BR>
    <FONT STYLE="font-size: 11pt">Aggregate Offering Price<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 11pt">Amount
    of </FONT><BR>
    <FONT STYLE="font-size: 11pt">Registration Fee</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">Common
    Stock, $0.001 par value per share</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">86,431</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">$11.57</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">$1,000,007</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">$109.10</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">Rights
    to purchase common stock<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">77,672,435</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&mdash;</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&mdash;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&mdash;</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Includes [&#9679;]
                                         shares subject to the additional subscription privilege.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-align: justify; text-indent: -0.2in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">Estimated solely
                                         for the purpose of calculating fee as required by Rule 457(o) under the Securities Act
                                         of 1933 based upon the closing price reported on the New York Stock Exchange consolidated
                                         reporting system of $12.86 on January 31, 2021.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">Evidencing the rights
                                         to subscribe for shares of common stock of the Registrant being registered herewith.
                                         Pursuant to Rule 457(g) of the Securities Act of 1933, no separate registration fee is
                                         required for the rights because the rights are being registered on the same registration
                                         statement as the common stock of the Registrant underlying the rights.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pursuant to Rule 473 under the Securities
Act of 1933, as amended, the Registrant hereby amends the Registration Statement to delay its effective date until the Registrant
shall file a further amendment that specifically states that the Registration Statement shall thereafter become effective in accordance
with Section 8(a) of the Securities Act of 1933, or until the Registration Statement shall become effective on such date as the
Commission, acting pursuant to Section 8(a), may determine.</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132.9pt; text-align: center">&nbsp;<B>Cornerstone Strategic Value
Fund, Inc.</B><BR STYLE="clear: both">
[&#9679;] <B>Rights for </B>[&#9679;] <B>Shares of Common Stock</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132.9pt; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132.95pt 0pt 132.9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cornerstone Strategic Value Fund, Inc.
(the &ldquo;Fund&rdquo;) is issuing non-transferable rights (&ldquo;Rights&rdquo;) to its holders of record of shares (&ldquo;Shares&rdquo;)
of common stock (&ldquo;Common Stock&rdquo;) (such holders hereinafter referred to as &ldquo;Stockholders&rdquo;, and the shares
of Common Stock, the &ldquo;Shares&rdquo;) which Rights will allow Stockholders to subscribe for new Shares (the &ldquo;Offering&rdquo;).
For every three (3) Rights a Stockholder receives, such Stockholder will be entitled to buy one (1) new Share. Each Stockholder
will receive one Right for each outstanding Share it owns on [&#9679;], 2021 (the &ldquo;Record Date&rdquo;). Fractional Shares
will not be issued upon the exercise of the Rights. Accordingly, the number of Rights to be issued to a Stockholder on the Record
Date will be rounded up to the nearest whole number of Rights evenly divisible by three. Stockholders on the Record Date may purchase
Shares not acquired by other Stockholders in this Rights offering, subject to certain limitations discussed in this Prospectus.
Additionally, if there are not enough unsubscribed Shares to honor all additional subscription requests, the Fund may, in its
sole discretion, issue additional Shares up to 100% of the Shares available in the Offering to honor additional subscription requests.
See &ldquo;The Offering&rdquo; below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Rights are non-transferable, and may
not be purchased or sold. Rights will expire without residual value at the Expiration Date (defined below). The Rights will not
be listed for trading on the NYSE American LLC (&ldquo;NYSE American&rdquo;), and there will not be any market for trading Rights.
The Shares to be issued pursuant to the Offering will be listed for trading on the NYSE American, subject to the NYSE American
being officially notified of the issuance of those Shares. On [&#9679;], 2021, the last reported net asset value (&ldquo;NAV&rdquo;)
per Share was $[&#9679;] and the last reported sales price per Share on the NYSE American was $[&#9679;], which represents a [&#9679;]%
premium to the Fund&rsquo;s NAV per Share. The subscription price per Share (the &ldquo;Subscription Price&rdquo;) will be the
greater of (i) 107% of NAV per Share as calculated at the close of trading on the date of expiration of the Offering and (ii)
90% of the market price per Share at such time. The considerable number of shares that may be issued as a result of the Offering
may cause the premium above NAV at which the Fund&rsquo;s shares are currently trading to decline, especially if stockholders
exercising the Rights attempt to sell sizeable numbers of shares immediately after such issuance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>STOCKHOLDERS WHO CHOOSE TO EXERCISE
THEIR RIGHTS WILL NOT KNOW THE SUBSCRIPTION PRICE PER SHARE AT THE TIME THEY EXERCISE SUCH RIGHTS BECAUSE THE OFFERING WILL EXPIRE
(I.E., CLOSE) PRIOR TO THE AVAILABILITY OF THE FUND&rsquo;S NAV AND OTHER RELEVANT MARKET INFORMATION ON THE EXPIRATION DATE.
ONCE A STOCKHOLDER SUBSCRIBES FOR SHARES AND THE FUND RECEIVES PAYMENT, SUCH STOCKHOLDER WILL NOT BE ABLE TO CHANGE HIS, HER OR
ITS DECISION. THE OFFERING WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON </B>[&#9679;]<B>, 2021 (THE &ldquo;EXPIRATION DATE&rdquo;),
UNLESS EXTENDED, AS DISCUSSED IN THIS PROSPECTUS.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a diversified, closed-end
management investment company. The Fund&rsquo;s investment objective is to seek long-term capital appreciation through investing
primarily in the equity securities of U.S. and non-U.S. companies. There can be no assurance that the Fund&rsquo;s objective will
be achieved.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For more information, please call AST
Fund Solutions, LLC (the &ldquo;Information Agent&rdquo;) toll free at (800) 581-4001.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Investing in the Fund involves risks. See &ldquo;Risk
Factors&rdquo; on page [&#9679;] of this prospectus.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 131.85pt">&nbsp;</P>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
 <tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="text-align: center">&nbsp;</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center"><b>Estimated<br>
 Subscription<br>
 Price<sup>(1)</sup></b></td><td style="font-weight: bold; text-align: center">&nbsp;</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td style="font-weight: bold; text-align: center">Estimated Sales<br>
 Load</td><td style="font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center"><b>Estimated<br>
 Proceeds to<br>
 the Fund<sup>(2)(3)</sup></b></td><td style="font-weight: bold; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="width: 53%; text-align: left">Per Share</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 2%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">[&#9679;]</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 2%">&nbsp;</td>
    <td style="width: 12%; text-align: center">None</td><td style="width: 2%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">[&#9679;]</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">[&#9679;]</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: center">None</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">[&#9679;]</td><td style="text-align: left">&nbsp;</td></tr>
 </table>



<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Because the Subscription Price will not be determined until
after printing and distribution of this prospectus, the &ldquo;Estimated Subscription Price&rdquo; above is an estimate of the
subscription price based on the Fund&rsquo;s per-Share NAV and market price at the close of trading on [&#9679;], 2021. See &ldquo;The
Offering - Subscription Price&rdquo; and &ldquo;The Offering - Payment for Shares.&rdquo;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">Proceeds to the Fund are before deduction of expenses incurred
by the Fund in connection with the Offering, such expenses are estimated to be approximately $[&#9679;] or approximately $[&#9679;]
per Share, if fully subscribed. The calculation of the per Share amount does not take into account the Over-Subscription Shares.
Funds received prior to the final due date of this Offering will be deposited in a segregated account pending allocation and distribution
of Shares. Interest, if any, on subscription monies will be paid to the Fund regardless of whether Shares are issued by the Fund;
interest will not be used as credit toward the purchase of Shares.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 20.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">Fees and expenses incurred by the Fund in connection with
the Offering are estimated to be approximately $[&#9679;] or approximately $[&#9679;] per Share, if fully subscribed. Proceeds
to the Fund, after deduction of such fees and expenses incurred by the Fund in connection with the Offering, are estimated to
be approximately $[&#9679;] or approximately $[&#9679;] per Share, if fully subscribed. The calculation of the per Share amounts
indicated above do not take into account the Over- Subscription Shares.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is [&#9679;],
2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s Shares are
listed on the NYSE American under the ticker symbol &ldquo;CLM.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investment Adviser.
</I>Cornerstone Advisors, LLC (the &ldquo;Investment Adviser&rdquo;) acts as the Fund&rsquo;s investment adviser. See &ldquo;Management
of the Fund.&rdquo; As of December 31, 2020, the Investment Adviser managed one other closed-end fund with combined assets with
the Fund of approximately $1,164.3 million. The Investment Adviser&rsquo;s address is 1075 Hendersonville Road, Suite 250, Asheville,
North Carolina, 28803.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus sets forth
concisely the information about the Fund that you should know before deciding whether to invest in the Fund. A Statement of Additional
Information, dated [&#9679;], 2021 (the &ldquo;Statement of Additional Information&rdquo;), and other materials, containing additional
information about the Fund, have been filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). The Statement
of Additional Information is incorporated by reference in its entirety into this prospectus, which means it is considered to be
part of this prospectus. You may obtain a free copy of the Statement of Additional Information, the table of contents of which
is on page [&#9679;] of this prospectus, and other information filed with the SEC, by calling toll free (800) 581-4001 or by writing
to the Fund c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 or by visiting the Fund&rsquo;s
website at www.cornerstonestrategicvaluefund.com. The Fund files annual and semi-annual stockholder reports, proxy statements
and other information with the SEC. You can obtain this information or the Fund&rsquo;s Statement of Additional Information or
any information regarding the Fund filed with the SEC from the SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s Shares do not represent
a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not
federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any governmental agency.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You should rely only on the information
contained or incorporated by reference in this prospectus. We have not authorized anyone to provide you with different information.
We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. The information
contained in this prospectus is accurate only as of the date of this prospectus. The Fund will amend this prospectus if, during
the period this prospectus is required to be delivered, there are any material changes to the facts stated in this prospectus
subsequent to the date of this prospectus.</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132.9pt; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132.9pt; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="4" style="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
 <tr style="vertical-align: top">
    <td style="width: 90%">&nbsp;</td>
    <td style="width: 10%; text-align: right"><b>Page</b></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td>SUMMARY</td>
    <td style="text-align: right">1</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>SUMMARY OF FUND EXPENSES</td>
    <td style="text-align: right">10</td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td>THE FUND</td>
    <td style="text-align: right">11</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>THE OFFERING</td>
    <td style="text-align: right">11</td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td>FINANCIAL HIGHLIGHTS</td>
    <td style="text-align: right">21</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>USE OF PROCEEDS</td>
    <td style="text-align: right">24</td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td>INVESTMENT OBJECTIVES AND POLICIES</td>
    <td style="text-align: right">24</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>RISK FACTORS</td>
    <td style="text-align: right">31</td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td>LISTING OF SHARES</td>
    <td style="text-align: right">34</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>MANAGEMENT OF THE FUND</td>
    <td style="text-align: right">34</td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td>DETERMINATION OF NET ASSET VALUE</td>
    <td style="text-align: right">36</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>DISTRIBUTION POLICY</td>
    <td style="text-align: right">37</td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td>DISTRIBUTION REINVESTMENT PLAN</td>
    <td style="text-align: right">40</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>CERTAIN ADDITIONAL MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</td>
    <td style="text-align: right">42</td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td>DESCRIPTION OF CAPITAL STRUCTURE</td>
    <td style="text-align: right">46</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>LEGAL MATTERS</td>
    <td style="text-align: right">49</td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td>REPORTS TO STOCKHOLDERS</td>
    <td style="text-align: right">49</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</td>
    <td style="text-align: right">49</td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td>ADDITIONAL INFORMATION</td>
    <td style="text-align: right">49</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td>TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION</td>
    <td style="text-align: right">50</td></tr>
 </table>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132.9pt; text-align: center"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132.9pt; text-align: center"><B>SUMMARY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 132.9pt; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary does not contain all of the information
that you should consider before investing in the Fund. You should review the more detailed information contained or incorporated
by reference in this prospectus and in the Statement of Additional Information, particularly the information set forth under the
heading &ldquo;Risk Factors.&rdquo;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A 1-for-4 reverse stock split (the &ldquo;Reverse
Stock Split&rdquo;) was announced on October 14, 2014 and became effective on December 29, 2014. All share and per share amounts
in this prospectus prior to December 29, 2014 have been adjusted to reflect this Reverse Stock Split.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 26.15pt 0pt 5.9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="6" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"><B>The
    Fund</B></TD>
    <TD STYLE="width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: justify">Cornerstone
Strategic Value Fund, Inc.&nbsp;&nbsp;is a diversified, closed-end management investment company. It was incorporated in Maryland
on May 1, 1987 and commenced investment operations on June 30, 1987. The Fund&rsquo;s Shares of Common Stock are traded on the
NYSE American under the ticker symbol &ldquo;CLM&rdquo;. As of December 31, 2020, the Fund had 77,475,671 Shares issued and outstanding.</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>The
                                         Offering</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The
Fund is issuing non-transferable rights (&ldquo;Rights&rdquo;) to its Stockholders as of the close of business on [&#9679;], 2021
which Rights will allow Stockholders to subscribe for an aggregate of [&#9679;] Shares (the &ldquo;Offering&rdquo;). For every
three (3) Rights a Stockholder receives, such Stockholder will be entitled to buy one (1) new Share at a subscription price equal
to the greater of (i) 107% of NAV of the Shares as calculated on the Expiration Date and (ii) 90% of the market price at the close
of trading on such date. Each Stockholder will receive one Right for each outstanding Share he or she owns on the Record Date
(the &ldquo;Basic Subscription&rdquo;). Fractional Shares will not be issued upon the exercise of the Rights. Accordingly, the
number of Rights to be issued to a Stockholder as of the Record Date will be rounded up to the nearest whole number of Rights
evenly divisible by three. Stockholders as of the Record Date may purchase Shares not acquired by other Stockholders in this Rights
offering, subject to certain limitations discussed in this prospectus. Additionally, if there are not enough unsubscribed Shares
to honor all over-subscription requests, the Fund may, in its discretion, issue additional Shares up to 100% of the Shares available
in the Offering to honor additional subscription requests.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Shares will be
        issued within the 15-day period immediately following the record date of the Fund&rsquo;s monthly distribution and Stockholders
        exercising rights will not be entitled to receive such distribution with respect to the shares issued pursuant to such
        exercise.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund previously
        conducted a rights offering that expired on July 20, 2018 (the &ldquo;2018 Offering&rdquo;) and included similar terms
        and conditions as this Offering. Pursuant to the 2018 Offering, the Fund issued 26,784,596 Shares (11,930,479 Shares of
        which were Over-Subscription Shares) in fulfillment of Basic Subscription requests at a subscription price of $13.46 per
        Share, for a total offering of $360,520,662.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund previously
        conducted a rights offering that expired on August 25, 2017 (the &ldquo;2017 Offering&rdquo;) and included similar terms
        and conditions as this Offering. Pursuant to the 2017 Offering, the Fund issued 14,454,716 Shares (4,787,408 Shares of
        which were Over-Subscription Shares) in fulfillment of Basic Subscription requests at a subscription price of $13.86 per
        Share, for a total offering of $200,342,364.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund
previously conducted a rights offering that expired on October 21, 2016 (the &ldquo;2016 Offering&rdquo;) and included similar
terms and conditions as this Offering. Pursuant to the 2016 Offering, the Fund issued 6,783,942 Shares in fulfillment of Basic
Subscription requests at a subscription price of $14.11 per Share, for a total offering of $95,721,421.&nbsp;</P></TD></TR>
</TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="6" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund previously conducted a
                                                                                                                                                                 rights offering that expired on November 29, 2013 (the &ldquo;2013 Offering&rdquo;) and included similar terms and conditions
                                                                                                                                                                 as this Offering. Pursuant to the 2013 Offering, which was fully subscribed, the Fund issued 3,158,284 Shares (1,579,142
                                                                                                                                                                 Shares of which were Over-Subscription Shares) at a subscription price of $23.68 per Share, for a total offering of
                                                                                                                                                                 $74,788,165.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to 2013
        Offering, the Fund previously conducted a rights offering that expired on December 21, 2012 (the &ldquo;2012 Offering&rdquo;)
        and included similar terms and conditions as this Offering. Pursuant to the 2012 Offering, the Fund issued 970,072 Shares
        in fulfillment of Basic Subscription requests at a subscription price of $23.96 per Share, for a total offering of $23,242,931.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the
        2012 Offering, the Fund previously conducted a rights offering that expired on December 16, 2011 (the &ldquo;2011 Offering&rdquo;)
        and included similar terms and conditions as this Offering. Pursuant to the 2011 Offering, which was fully subscribed,
        the Fund issued 1,433,722 Shares (716,861 Shares of which were Over-Subscription Shares) at a subscription price of $24.36
        per Share, for a total offering of $34,925,455.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the
        2011 Offering, the Fund conducted a rights offering that expired on December 10, 2010 (the &ldquo;2010 Offering&rdquo;)
        and included similar terms and conditions as this Offering. Pursuant to the 2010 Offering, the Fund issued 358,457 Shares
        in fulfillment of Basic Subscription requests at a subscription price of $32.96 per Share, for a total offering of $11,812,869.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Use of proceeds from the 2018
Offering, 2017 Offering, the 2016 Offering, the 2013 Offering, the 2012 Offering, the 2011 Offering, and the 2010 Offering (collectively,
the &ldquo;Prior Rights Offerings&rdquo;) have been used, and the use of proceeds from the current Offering and any future rights
offerings may be used, to maintain the Fund&rsquo;s Distribution Policy (as defined below) by providing funding for future distributions,
which may constitute a return of its Stockholders&rsquo; capital.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 0; border-left: Black 1pt solid"><B>Purpose
                                         of the Offering</B></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; border-right: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">At
a meeting held on February 19, 2021, the Board of Directors considered, in addition to other factors, the success of the Prior
Rights Offerings, and determined that the current Offering was in the best interests of the Fund and its Stockholders to increase
the assets of the Fund. The primary reasons include:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; border-left: Black 1pt solid; width: 20%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; font: 11pt Times New Roman, Times, Serif; width: 0.5in; padding-bottom: 0">&#9679;</TD>
    <TD STYLE="padding-top: 0; border-right: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-bottom: 0"><P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">The Basic Subscription will provide existing Stockholders an opportunity to purchase additional Shares at a price that is potentially below market value without incurring any commission or transaction charges.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 0; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="text-align: justify; padding-top: 0; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif">Raising more cash will better position the Fund to take advantage of investment opportunities that exist or may arise,
however, as has been the case with Prior Rights Offerings, a portion of the increase in the Fund&rsquo;s assets will also be used
to maintain the Fund&rsquo;s managed distribution policy (the &ldquo;Distribution Policy&rdquo;) (see discussion below).&nbsp;</TD></TR>
</TABLE>



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<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 0; border-top: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; border-top: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#9679;</P></TD>
    <TD STYLE="padding-bottom: 0; border-top: Black 1pt solid; border-right: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Increasing
                                                                                                                                        the Fund&rsquo;s assets will provide the Fund additional flexibility in maintaining the Fund&rsquo;s Distribution Policy.
                                                                                                                                        This policy permits Stockholders to receive a predictable level of cash flow and some liquidity periodically with respect to
                                                                                                                                        their Shares without having to sell Shares. Previously, the Fund&rsquo;s investments have not provided adequate income to
                                                                                                                                        meet the requirements of the Fund&rsquo;s Distribution Policy, therefore, the Fund has made return of capital distributions
                                                                                                                                        to maintain the Fund&rsquo;s Distribution Policy. Specifically, Stockholders should be aware that a majority of the
                                                                                                                                        distributions that the Funds made to its Stockholders for 2016, 2019 and 2020 consisted of a return of its
                                                                                                                                        Stockholder&rsquo;s capital, and not of income or gains generated from the Fund&rsquo;s investment portfolio. For 2017, a
                                                                                                                                        portion of the distributions that the Fund made to its Stockholders consisted of a return of its Stockholders&rsquo; capital,
                                                                                                                                        and not of income or gains generated from the Fund&rsquo;s investment portfolio. For 2018, substantially all of the
                                                                                                                                        distributions that the Fund made to its Stockholders consisted of a return of its Stockholders&rsquo; capital, and not of
                                                                                                                                        income or gains generated from the Fund&rsquo;s investment portfolio.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; padding-top: 0; width: 20%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-top: 0; width: 0.5in; padding-bottom: 0">&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 0; font: 11pt Times New Roman, Times, Serif; padding-bottom: 0"><P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">Increasing Fund assets may lower the Fund&rsquo;s expenses as a proportion of net assets because the Fund&rsquo;s fixed costs would be spread over a larger asset base. There can be no assurance that by increasing the size of the Fund, the Fund&rsquo;s expense ratio will be lowered. However, increasing the Fund&rsquo;s assets results in a benefit to the Fund&rsquo;s Investment Adviser because the Management fee that is paid to the Investment Adviser increases as the Fund&rsquo;s net assets increase.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-top: 0; padding-bottom: 0">&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 0; font: 11pt Times New Roman, Times, Serif; padding-bottom: 0"><P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0">The Offering is expected to be anti-dilutive with respect to the net asset value per share, but not to voting, to all Stockholders, including those electing not to participate. This expectation is based on the fact that all the costs of the Offering will be borne by the Stockholders whether or not they exercise their Rights, because the Offering price is set at a premium to NAV and the estimated expenses incurred for the Offering will be more than offset by the increase in the net assets of the Fund such that non-participating Stockholders will receive an increase in their net asset value, so long as the number of Shares issued to participating Stockholders is not materially less than a full exercise of the Basic Subscription amount. Historically, all Prior Rights Offerings have been anti- dilutive with respect to net asset value per share. Stockholders have exercised not only the basic subscription but also a significant percentage of the additional subscription shares offered. The Offering is expected to be dilutive with respect to Stockholder&rsquo;s voting percentages because Stockholders electing not to participate in the Offering will own a smaller percentage of the total number of shares outstanding after the completion of the Offering.</P>                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 0; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 0; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: justify; padding-top: 0; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif">Because the Offering will increase the Fund&rsquo;s outstanding Shares, it may increase the number of Stockholders over
the long term, which could increase the level of market interest in and visibility of the Fund and improve the trading liquidity
of the Shares on the NYSE American.</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Investment
                                         Objective and Policies</B></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The
Fund&rsquo;s investment objective is to seek long-term capital appreciation through investment in equity securities of U.S. and
non-U.S. companies.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no assurance that the
Fund will achieve its investment objective. The Fund&rsquo;s investment objective and some of its investment policies are considered
fundamental policies and may not be changed without Stockholder approval. The Statement of Additional Information contains a list
of the fundamental and non-fundamental investment policies of the Fund under the heading &ldquo;Investment Restrictions.&rdquo;</P></TD></TR>
</TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="6" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">During
    periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its net
    assets in cash or cash equivalents.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Investment
                                         Strategies</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The
Fund&rsquo;s portfolio, under normal market conditions, will consist principally of the equity securities of U.S. and non-U.S.
companies. Currently, the Fund primarily invests in companies with large capitalizations, however, the Fund may invest in companies
of all capitalization ranges. The Fund invests in common stocks and may also invest in preferred stocks, rights, warrants and
securities convertible into common stocks that are listed on stock exchanges or traded over the counter.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In determining
        which securities to buy for the Fund&rsquo;s portfolio, the Investment Adviser uses a balanced approach, including &ldquo;value&rdquo;
        and &ldquo;growth&rdquo; investing by seeking out companies at reasonable prices, without regard to sector or industry,
        which demonstrate favorable long-term growth characteristics. Valuation and growth characteristics may be considered for
        purposes of selecting potential investment securities. In general, valuation analysis is used to determine the inherent
        value of the company by analyzing financial information such as a company&rsquo;s price to book, price to sales, return
        on equity, and return on assets ratios; and growth analysis is used to determine a company&rsquo;s potential for long-term
        dividends and earnings growth due to market-oriented factors such as growing market share, the launch of new products
        or services, the strength of its management and market demand. Fluctuations in these characteristics may trigger trading
        decisions to be made by the Investment Adviser.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Although the
        Fund has the ability to invest a significant portion of its assets in non-U.S. companies, the Fund has consistently maintained
        the investment of at least 95% of its assets in U.S. listed companies for the last decade.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may
        invest without limitation in other closed-end investment companies and Exchange-Traded Funds (&ldquo;ETFs&rdquo;), provided
        that the Fund limits its investment in securities issued by other investment companies so that not more than 3% of the
        outstanding voting stock of any one investment company will be owned by the Fund. As a stockholder in any investment company,
        the Fund will bear its ratable share of the investment company&rsquo;s expenses and would remain subject to payment of
        the Fund&rsquo;s advisory and administrative fees with respect to the assets so invested.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may
        invest up to 15% of its assets in illiquid U.S. and non-U.S. securities, provided that the Fund may not invest more than
        3% of the Fund&rsquo;s assets in the securities of companies that, at the time of investment, had less than a year of
        operations, including operations of predecessor companies. The Fund will invest only in such illiquid securities that,
        in the opinion of Fund management, present opportunities for substantial growth over a period of two to five years.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">To comply with
provisions of the 1940 Act, on any matter upon which the Fund is solicited to vote as a shareholder in an investment company in
which it invests, the Investment Adviser votes such shares in the same general proportion as shares held by other shareholders
of that investment company. The Fund does not and will not invest in any other closed-end funds managed by the Investment Adviser.&nbsp;</P></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="6" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 3.1pt 0pt 111.15pt; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The
                                         Fund may, without limitation, hold cash or invest in assets in money market instruments,
                                         including U.S. and non-U.S. government securities, high grade commercial paper and certificates
                                         of deposit and bankers&rsquo; acceptances issued by U.S. and non-U.S. banks having deposits
                                         of at least $500 million.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The
Fund&rsquo;s annual portfolio turnover rate is expected to continue to be relatively low, ranging between 10% and 90%.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; border-left: black 1pt solid; font: 11pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt"><B>Investment
    Adviser and Fee</B></FONT></TD>
    <TD STYLE="width: 80%; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; border-right: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At
                                         the Fund&rsquo;s annual meeting of stockholders held on April 16, 2019, stockholders
                                         of the Fund approved a new investment management agreement with Cornerstone Advisors
                                         Asset Management LLC, which agreement became effective May 1, 2019. Cornerstone Advisors
                                         Asset Management LLC&rsquo;s name changed to Cornerstone Advisors, LLC on June 25, 2019.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cornerstone Advisors,
        LLC (the &ldquo;Investment Adviser&rdquo;), the investment adviser of the Fund, is registered with the Securities and
        Exchange Commission (&ldquo;SEC&rdquo;) as an investment adviser under the Investment Advisers Act of 1940, as amended.
        As of December 31, 2020, the Investment Adviser managed one other closed-end fund with combined assets with the Fund,
        of approximately $1,164.3 million.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Adviser is entitled
to receive a monthly fee at the annual rate of 1.00% of the Fund&rsquo;s average weekly net assets. See &ldquo;Management of the
Fund.&rdquo;</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Administrator
    and Fund Accounting Agent</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">Ultimus
    Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH (&ldquo;Ultimus&rdquo;) serves as the Fund&rsquo;s administrator
    and accounting agent. Under the fund accounting and administration agreement with the Fund, Ultimus is responsible for generally
    managing the administrative affairs of the Fund, including supervising the preparation of reports to Stockholders, reports
    to and filings with the SEC and materials for meetings of the Board. Ultimus is also responsible for calculating the net asset
    value per share and maintaining the financial books and records of the Fund. Ultimus is entitled to receive a base fee of
    $5,000 per month plus an asset-based fee of 0.05% of the first $250 million of average daily net assets, 0.04% of such assets
    greater than $250 million to $1 billion, 0.03% of such assets greater than $1 billion to $2 billion and 0.02% of such assets
    in excess of $2 billion.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Custodian
    and Transfer Agent</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">U.S.
    Bank National Association serves as the Fund&rsquo;s custodian and American Stock Transfer and Trust Company, LLC serves as
    the Fund&rsquo;s transfer agent. See &ldquo;Management of the Fund&rdquo;.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Closed-End
    Fund Structure</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 11pt">Closed-end
    funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed- end funds
    do not redeem their shares at the option of the stockholder and generally list their shares for trading on a securities exchange.
    By comparison, mutual funds issue securities that are redeemable daily at net asset value at the option of the stockholder
    and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous asset in-flows and out-flows
    that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested in securities consistent
    with the closed-end fund&rsquo;s investment objectives and policies. In addition, in comparison to open-end funds, closed-end
    funds have greater flexibility in the employment of financial leverage and in the ability to make certain types of investments,
    including investments in illiquid securities.</FONT></TD></TR>
</TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="6" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although
                                         the Fund&rsquo;s Shares have frequently traded at a premium to its net asset value during
                                         the past several years, shares of closed- end funds frequently trade at a discount from
                                         their net asset value. In recognition of the possibility that the Shares might trade
                                         at a discount to net asset value and that any such discount may not be in the interest
                                         of Stockholders, the Fund&rsquo;s Board of Directors, in consultation with the Investment
                                         Adviser, may, from time to time, review possible actions to reduce any such discount,
                                         including considering open market repurchases or tender offers for the Fund&rsquo;s Shares.
                                         There can be no assurance that the Board of Directors will decide to undertake any of
                                         these actions or that, if undertaken, such actions would result in the Shares trading
                                         at a price equal to or close to net asset value per Share.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition,
        the Fund&rsquo;s Distribution Policy may continue to be an effective action to counter a trading discount. See &ldquo;Distribution
        Policy.&rdquo;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors may also
consider the conversion of the Fund to an open-end investment company. The Board of Directors believes, however, that the closed-end
structure is desirable, given the Fund&rsquo;s investment objective and policies. Investors should assume, therefore, that it
is highly unlikely that the Board of Directors would vote to convert the Fund to an open-end investment company.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Summary
                                         of Principal Risks</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Investing
in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose
part or all of your investment. Therefore, before investing you should consider carefully the following principal risks that you
assume when you invest in the Fund.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Stock
        Market Volatility. </I></B>Stock markets can be volatile. In other words, the prices of stocks can rise or fall rapidly
        in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
        The Fund is subject to the general risk that the value of its investments may decline if the stock markets perform poorly.
        There is also a risk that the Fund&rsquo;s investments will underperform either the securities markets generally or particular
        segments of the securities markets.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Market
        Disruption and Geopolitical Risk.</I></B> The Fund is subject to the risk that geopolitical events will disrupt securities
        markets and adversely affect global economies and markets. The current novel coronavirus (&ldquo;COVID-19") global pandemic
        and the aggressive responses taken by many governments, including closing borders, restricting international and domestic
        travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of,
        or operational changes to, many retail and other businesses, have had and may continue to have negative impacts, and in many
        cases severe negative impacts, on markets worldwide. War, terrorism, and related geopolitical events (and their aftermath)
        have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on
        U.S. and world economies and markets generally. Likewise, natural and environmental disasters, such as, for example,
        earthquakes, fires, floods, hurricanes, tsunamis and weather-related phenomena generally, as well as the spread of infectious
        illness or other public health issues, including widespread epidemics or pandemics such as the COVID-19 outbreak in 2020, and
        systemic market dislocations can be highly disruptive to economies and markets. Those events as well as other changes in
        non-U.S. and domestic economic and <FONT STYLE="font-family: Times New Roman, Times, Serif">political conditions </FONT>also
        could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings,
        inflation, investor sentiment, and other factors affecting the value of Fund investments.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Issuer
        Specific Changes.</I></B> Changes in the financial condition of an issuer, changes in the specific economic or political
        conditions that affect a particular type of security or issuer, and changes in general economic or political conditions
        can affect the credit quality or value of an issuer&rsquo;s securities. Lower-quality debt securities tend to be more
        sensitive to these changes than higher-quality debt securities.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Closed-End
        Fund Risk. </I></B>Closed-end investment companies are subject to the risks of investing in the underlying securities.
        The Fund, as a holder of the securities of the closed-end investment company, will bear its pro rata portion of the closed-end
        investment company&rsquo;s expenses, including advisory fees. These expenses are in addition to the direct expenses of
        the Fund&rsquo;s own operations.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Common Stock
Risk. </I></B>The Fund will invest a significant portion of its net assets in common stocks. Common stocks represent an ownership
interest in a company. The Fund may also invest in securities that can be exercised for or converted into common stocks (such
as convertible preferred stock). Common stocks and similar equity securities are more volatile and more risky than some other
forms of investment. Therefore, the value of your investment in the Fund may sometimes decrease instead of increase. Common stock
prices fluctuate for many reasons, including changes in investors&rsquo; perceptions of the financial condition of an issuer,
the general condition of the relevant stock market or when political or economic events affecting the issuers occur. In addition,
common stock prices may be sensitive to rising interest rates, as the costs of capital rise for issuers. Because convertible securities
can be converted into equity securities, their values will normally increase or decrease as the values of the underlying equity
securities increase or decrease. The common stocks in which the Fund will invest are structurally subordinated to preferred securities,
bonds and other debt instruments in a company&rsquo;s capital structure in terms of priority to corporate income and assets and,
therefore, will be subject to greater risk than the preferred securities or debt instruments of such issuers.&nbsp;</P></TD></TR>
</TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="6" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Defensive
                                         Positions. </I></B>During periods of adverse market or economic conditions, the Fund
                                         may temporarily invest all or a substantial portion of its assets in cash or cash equivalents.
                                         The Fund would not be pursuing its investment objective in these circumstances and could
                                         miss favorable market developments.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Foreign
        Securities Risk.</I></B> Investments in securities of non-U.S. issuers involve special risks not presented by investments
        in securities of U.S. issuers, including the following: less publicly available information about companies due to less
        rigorous disclosure or accounting standards or regulatory practices; the impact of political, social or diplomatic events,
        including war; possible seizure, expropriation or nationalization of the company or its assets; possible imposition of
        currency exchange controls; and changes in foreign currency exchange rates. These risks are more pronounced to the extent
        that the Fund invests a significant amount of its investments in companies located in one region. These risks may be greater
        in emerging markets and in less developed countries. For example, prior governmental approval for foreign investments
        may be required in some emerging market countries, and the extent of foreign investment may be subject to limitation in
        other emerging countries. With respect to risks associated with changes in foreign currency exchange rates, the Fund does
        not expect to engage in foreign currency hedging transactions. See &ldquo;Foreign Currency Risk.&rdquo;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Global Market
        Risk. </I></B>An investment in Fund shares is subject to investment risk, including the possible loss of the entire principal
        amount invested. The Fund is subject to the risk that geopolitical and other similar events will disrupt the economy on
        a national or global level. For instance, war, terrorism, market manipulation, government defaults, government shutdowns,
        political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics
        and epidemics) and natural/environmental disasters can all negatively impact the securities markets.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Managed
        Distribution Risk. </I></B>Under the Fund&rsquo;s Distribution Policy, the Fund makes monthly distributions to Stockholders
        at a rate that may include periodic distributions of its net income and net capital gains (&ldquo;Net Earnings&rdquo;),
        or from return-of-capital. For any fiscal year where total cash distributions exceeded Net Earnings (the &ldquo;Excess&rdquo;),
        the Excess would decrease the Fund&rsquo;s total assets and, as a result, would have the likely effect of increasing the
        Fund&rsquo;s expense ratio. There is a risk that the total Net Earnings from the Fund&rsquo;s portfolio would not be great
        enough to offset the amount of cash distributions paid to Stockholders. If this were to be the case, the Fund&rsquo;s
        assets would be depleted, and there is no guarantee that the Fund would be able to replace the assets. In addition, in
        order to make such distributions, the Fund may have to sell a portion of its investment portfolio, including securities
        purchased with the proceeds of the Offering, at a time when independent investment judgment might not dictate such action.
        Furthermore, such assets used to make distributions will not be available for investment pursuant to the Fund&rsquo;s
        investment objective. The Fund adopted the Distribution Policy in 2002, and during recent years the Fund&rsquo;s distributions
        have exceeded its Net Earnings. The Fund may use the proceeds of the Offering to maintain the Distribution Policy by providing
        funding for future distributions, which may constitute a return of capital to Stockholders and lower the tax basis in
        their Shares which, for the taxable Stockholders, will defer any potential gains until the Shares are sold. For the taxable
        Stockholders, the portion of distribution that constitutes ordinary income and/or capital gains is taxable to such Stockholders
        in the year the distribution is declared. A return of capital is non-taxable to the extent of the Stockholder&rsquo;s
        basis in the shares. The Stockholders would reduce their basis in the Shares by the amount of the distribution and therefore
        may result in an increase in the amount of any taxable gain on a subsequent disposition of such Shares, even if such Shares
        are sold at a loss to the Stockholder&rsquo;s original investment amount. Any return of capital will be separately identified
        when Stockholders receive their tax statements. Any return of capital that exceeds cost basis may be treated as capital
        gain. Stockholders are advised to consult with their own tax advisers with respect to the tax consequences of their investment
        in the Fund. Furthermore, the Fund may need to raise additional capital in order to maintain the Distribution Policy.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Management
        Risk. </I></B>The Fund is subject to management risk because it is an actively managed portfolio. The Fund&rsquo;s successful
        pursuit of its investment objective depends upon the Investment Adviser&rsquo;s ability to find and exploit market inefficiencies
        with respect to undervalued securities. Such situations occur infrequently and sporadically and may be difficult to predict,
        and may not result in a favorable pricing opportunity that allows the Investment Adviser to fulfill the Fund&rsquo;s investment
        objective. The Investment Adviser&rsquo;s security selections and other investment decisions might produce losses or cause
        the Fund to underperform when compared to other funds with similar investment goals. If one or more key individuals leave
        the employ of the Investment Adviser, the Investment Adviser may not be able to hire qualified replacements, or may require
        an extended time to do so. This could prevent the Fund from achieving its investment objective. The Investment Adviser
        may also benefit from the Offering because its fee is based on the assets of the Fund, which could be perceived as a conflict
        of interest.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Investment Company
Securities Risk. </I></B>The Fund invests in the securities of other closed-end investment companies and in ETFs. Investing in
other investment companies and ETFs involves substantially the same risks as investing directly in the underlying instruments,
but the total return on such investments at the investment company level may be reduced by the operating expenses and fees of
such other investment companies, including advisory fees. To the extent the Fund invests a portion of its assets in investment
company securities, those assets will be subject to the risks of the purchased investment company&rsquo;s portfolio securities,
and a stockholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, the
expenses of the purchased investment company. There can be no assurance that the investment objective of any investment company
or ETF in which the Fund invests will be achieved.</P></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="6" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Managed
                                         Distribution Policy</B></TD>
    <TD STYLE="width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Effective
June 25, 2002, the Fund initiated a fixed monthly distribution to Stockholders. On November 29, 2006, the Distribution Policy
was updated to provide for the annual resetting of the monthly distribution amount per share based on the Fund&rsquo;s net asset
value on the last business day in October. The terms of the Distribution Policy will be reviewed and approved at least annually
by the Fund&rsquo;s Board of Directors and can be modified at the Board&rsquo;s discretion. To the extent that these distributions
exceed the current earnings of the Fund, the balance will be generated from sales of portfolio securities held by the Fund, and
will be distributed as either short-term or long-term capital gains or a tax-free return-of-capital. To the extent these distributions
are not represented by net investment income and capital gains, they will not represent yield or investment return on the Fund&rsquo;s
investment portfolio. As shown on page [&#9679;] in the table which identifies the constituent components of the Fund&rsquo;s distributions
under its Managed Distribution Policy for years 2016-2020, a majority of the distributions that the Fund made to its Stockholders
for 2016, 2019 and 2020 consisted of a return of its Stockholders&rsquo; capital, and not of income or gains generated from the
Fund&rsquo;s investment portfolio, and substantially all of the distributions that the Fund made to its Stockholders for 2018
consisted of a return of its Stockholders&rsquo; capital, and not of income or gains generated from the Fund&rsquo;s investment
portfolio. For 2017, a portion of the distributions that the made to its Stockholders consisted of a return of its Stockholders&rsquo;
capital, and not of income or gains generated from the Fund&rsquo;s investment portfolio. Although return of capital distributions
may not be taxable, such distributions may reduce a Stockholder&rsquo;s cost basis in his or her Shares, and therefore may result
in an increase in the amount of any taxable gain on a subsequent disposition of such Shares, even if such Shares are sold at a
loss to the Stockholder&rsquo;s original investment amount. The Fund plans to maintain the Distribution Policy even if a return-of-capital
distribution would exceed an investor&rsquo;s tax basis and therefore be a taxable distribution.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">On August 7,
2020, the Board of Directors of the Fund determined that the distribution percentage for the calendar year 2021 would remain at
21%, which was the same distribution percentage used in 2020, which was then be applied to the net asset value of the Fund at
the end of October 2020 to determine the distribution amounts for calendar year 2021. During 2021, the Board of Directors of the
Fund will make a determination regarding the distribution percentage for 2022 which will then be applied to the net asset value
of the Fund at the end of October 2021 to determine the distribution amounts for calendar year 2022. The distribution percentage
is not a function of, nor is it related to, the investment return on the Fund&rsquo;s portfolio.</P></TD></TR>
</TABLE>



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<TABLE CELLSPACING="0" CELLPADDING="6" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 80%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To
                                         the extent necessary to meet the amounts distributed under the Fund&rsquo;s Distribution
                                         Policy, portfolio securities, including those purchased with the proceeds of this Offering,
                                         may be sold to the extent adequate income is not available. Sustaining the Distribution
                                         Policy could require the Fund to raise additional capital in the future.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although it
has no current intention to do so, the Board may terminate this Distribution Policy at any time, and such termination may have
an adverse effect on the market price for the Fund&rsquo;s Shares. The Fund determines annually whether to distribute any net
realized long-term capital gains in excess of net realized short-term capital losses, including capital loss carryovers, if any.
To the extent that the Fund&rsquo;s taxable income in any calendar year exceeds the aggregate amount distributed pursuant to the
Distribution Policy, an additional distribution may be made to avoid the payment of a 4% U.S. federal excise tax, and to the extent
that the aggregate amount distributed in any calendar year exceeds the Fund&rsquo;s taxable income, the amount of that excess
may constitute a return-of-capital for tax purposes. Dividends and distributions to Stockholders are recorded by the Fund on the
ex-dividend date.</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Distribution
                                         Reinvestment Plan </B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless
a Stockholder elects otherwise, the Stockholder&rsquo;s distributions will be reinvested in additional Shares under the Fund&rsquo;s
distribution reinvestment plan. Stockholders who elect not to participate in the Fund&rsquo;s distribution reinvestment plan will
receive all distributions in cash paid to the Stockholder of record (or, if the Shares are held in street or other nominee name,
then to such nominee). See &ldquo;Distribution Reinvestment Plan.&rdquo;&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid"><B>Stock
    Purchases and Tenders</B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: justify">The
Board of Directors may consider repurchasing the Fund&rsquo;s Shares in the open market or in private transactions, or tendering
for Shares, in an attempt to reduce or eliminate a market value discount from net asset value, if one should occur. There can
be no assurance that the Board of Directors will determine to effect any such repurchase or tender or that it would be effective
in reducing or eliminating any market value discount.</TD></TR>
</TABLE>



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    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">SUMMARY OF FUND
EXPENSES</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05pt; text-indent: -1.1pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">The following table shows Fund expenses that you as an investor in the Fund&rsquo;s Shares will bear directly or indirectly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05pt; text-indent: -1.1pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Stockholder Transaction Expenses</B>&nbsp;</FONT></P>

</td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 85%"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Sales load</font></td>
    <TD STYLE="text-align: center; width: 15%"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Offering expenses <sup>(1)</sup></font></td>
    <TD STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.03%</font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Distribution Reinvestment Plan fees</font></td>
    <TD STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Annual Expenses (as a percentage of net assets
    attributable to the Shares)</b></font></td>
    <TD STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management fees</font></td>
    <TD STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.00%</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other expenses<sup> (2)</sup></font></td>
    <TD STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.14%</font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Acquired Fund fees and expenses <sup>(3)</sup></font></td>
    <TD STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.20%</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <TD><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total
        Annual Expenses</font></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <TD STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.34%</font></td></tr>
 </table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Example </B><SUP>(4)</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">The following example illustrates the hypothetical
expenses (including estimated expenses with respect to year 1 of this Offering of approximately $250,000) that you would pay on
a $1,000 investment in the Shares, assuming (i) annual expenses of 1.34% of net assets attributable to the Shares and (ii) a 5%
annual return:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="2" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
 <tr style="vertical-align: top">
    <TD STYLE="width: 52%; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</font></td>
    <td style="width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>1
    Year</b></font></td>
    <td style="width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>3
    Years</b></font></td>
    <td style="width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>5
    Years</b></font></td>
    <td style="width: 12%; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>10
    Years</b></font></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">You would pay the following expenses on a $1,000
    investment, assuming a 5% annual return</font></td>
    <td style="text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.95pt 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$14</font></p></td>
    <td style="text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$42</font></p></td>
    <td style="text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$73</font></p></td>
    <td style="text-align: center; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">$161</font></p></td></tr>
 </table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Assuming the Fund will have 103,563,247 Shares outstanding
if fully subscribed and Offering expenses to be paid by the Fund are estimated to be approximately $250,000 or approximately $0.002
per Share.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">&ldquo;Other Expenses&rdquo; are based upon gross estimated
amounts for the current fiscal year and include, among other expenses, administration and fund accounting fees. The Fund has no
current intention to borrow money for investment purposes and has adopted a fundamental policy against selling securities short.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">The Fund invests in other closed-end investment companies
and ETFs (collectively, the &ldquo;Acquired Funds&rdquo;). The Fund&rsquo;s stockholders indirectly bear a pro rata portion of
the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund fees and expenses are based on estimated
amounts for the current fiscal year.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(4)</TD><TD STYLE="text-align: justify">The example assumes that the estimated &ldquo;Other Expenses&rdquo;
set forth in the Annual Expenses table remain the same each year and that all dividends and distributions are reinvested at net
asset value. Actual expenses may be greater or less than those assumed. The example further assumes that the Fund uses no leverage,
as currently intended and the Fund does not intent to utilize any leverage within one year from the effective date of this Registration
Statement. Moreover, the Fund&rsquo;s actual rate of return will vary and may be greater or less than the hypothetical 5% annual
return.</TD>
</TR></TABLE>




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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">The purpose of the above table is to help a Stockholder
understand the fees and expenses that such Stockholder would bear directly or indirectly. <B>The example should not be considered
a representation of actual future expenses. Actual expenses may be higher or lower than those shown.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>THE FUND</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">The Fund is a diversified, closed-end management
investment company. The Fund was organized as a Maryland corporation on May 1, 1987. The Fund&rsquo;s principal office is located
c/o Ultimus Fund Solutions, LLC at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, and its telephone number is (866) 668-6558.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">THE OFFERING</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Terms of the Offering</U></B>.
The Fund is issuing to Record Date Stockholders (i.e., Stockholders who hold Shares on the Record Date) non-transferable Rights
to subscribe for Shares. Each Record Date Stockholder is being issued one non-transferable Right for every one Share owned on
the Record Date. The Rights entitle a Record Date Stockholder to acquire one Share at the Subscription Price for every three Rights
held. Fractional Shares will not be issued upon the exercise of the Rights. Accordingly, the number of Rights to be issued to
a Record Date Stockholder on the Record Date will be rounded up to the nearest whole number of Rights evenly divisible by three.
Rights may be exercised at any time during the Subscription Period which commences on or about [&#9679;], 2021 and ends at 5:00
p.m., New York City time, on [&#9679;], 2021 unless extended by the Fund. See &ldquo;Expiration of the Offering.&rdquo; The right
to acquire one additional Share for every three Rights held during the Subscription Period at the Subscription Price is hereinafter
referred to as the &ldquo;Basic Subscription.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In addition to the Basic
Subscription, Record Date Stockholders who exercise all of their Rights are entitled to subscribe for Shares which were not otherwise
subscribed for by others in the Basic Subscription (the &ldquo;Additional Subscription Privilege&rdquo;). If sufficient Shares
are not available to honor all requests under the Additional Subscription Privilege, the Fund may, in its discretion, issue additional
Shares up to 100% of the Shares available in the Offering (or [&#9679;] Shares for a total of [&#9679;] Shares) (the &ldquo;Over-Subscription
Shares&rdquo;) to honor additional subscription requests, with such Shares subject to the same terms and conditions of the Offering.
See &ldquo;Additional Subscription Privilege&rdquo; below. For purposes of determining the maximum number of Shares a Stockholder
may acquire pursuant to the Offering, broker- dealers whose Shares are held of record by any Nominee will be deemed to be the
holders of the Rights that are issued to such Nominee on their behalf. The term &ldquo;Nominee&rdquo; shall mean, collectively,
CEDE &amp; Company (&ldquo;Cede&rdquo;), as nominee for the Depository Trust Company (&ldquo;DTC&rdquo;), or any other depository
or nominee. Shares acquired pursuant to the Additional Subscription Privilege are subject to allotment and will be distributed
on a pro rata basis if allotment does not exist to fulfill all requests, which is more fully discussed below under &ldquo;Additional
Subscription Privilege.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">SHARES WILL BE ISSUED WITHIN
THE 15-DAY PERIOD IMMEDIATELY FOLLOWING THE RECORD DATE OF THE FUND&rsquo;S MONTHLY DISTRIBUTION AND STOCKHOLDERS EXERCISING RIGHTS
WILL NOT BE ENTITLED TO RECEIVE SUCH DISTRIBUTION WITH RESPECT TO THE SHARES ISSUED PURSUANT TO SUCH EXERCISE.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Rights will be Evidenced
by Subscription Certificates</U></B>. The number of Rights issued to each Record Date Stockholder will be stated on the Subscription
Certificates delivered to the Record Date Stockholder. The method by which Rights may be exercised and Shares paid for is set
forth below in &ldquo;Method of Exercising Rights&rdquo; and &ldquo;Payment for Shares.&rdquo; A RIGHTS HOLDER WILL HAVE NO RIGHT
TO RESCIND A PURCHASE AFTER THE SUBSCRIPTION AGENT HAS RECEIVED PAYMENT. See &ldquo;Payment for Shares&rdquo; below.</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Rights are non-transferable
and may not be purchased or sold. Rights will expire without residual value at the Expiration Date. The Rights will not be listed
for trading on the NYSE American, and there will not be any market for trading Rights. The Shares to be issued pursuant to the
Offering will be listed for trading on the NYSE American, subject to the NYSE American being officially notified of the issuance
of those Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Purpose of the Offering</U></B>.
At a meeting held on February 19, 2021, the Board considered, in addition to other factors, the success of the Prior Rights Offerings,
and determined that the current Offering was in the best interests of the Fund and its existing Stockholders to increase the assets
of the Fund and approved the current Offering. The primary reasons include:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif">The
                                         Basic Subscription will provide existing Stockholders an opportunity to purchase additional
                                         Shares at a price that is potentially below market value without incurring any commission
                                         or transaction charges.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif">Raising
                                         more cash will better position the Fund to take advantage of investment opportunities
                                         that exist or may arise, however as has been the case with Prior Rights Offerings, a
                                         portion of the increase in the Fund&rsquo;s assets will also be used to maintain the
                                         Fund&rsquo;s Distribution Policy. Since the Fund adopted the Distribution Policy, the
                                         Fund&rsquo;s investments have failed to provide adequate net income or net capital gains
                                         to meet the requirements of the Fund&rsquo;s Distribution Policy and the Fund has made
                                         return of capital distributions to maintain its Distribution Policy.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif">Increasing
                                         the Fund&rsquo;s assets will provide the Fund additional flexibility in maintaining the
                                         Fund&rsquo;s Distribution Policy. The Distribution Policy permits Stockholders to receive
                                         a predictable level of cash flow and some liquidity periodically with respect to their
                                         Shares without having to sell Shares. Stockholders should be aware that a majority of
                                         the distributions that the Fund made to its Stockholders for the 2016, 2019 and 2020
                                         consisted of a return of its Stockholder&rsquo;s capital, and not of income or gains
                                         generated from the Fund&rsquo;s investment portfolio. For 2018 substantially all of the
                                         distributions that the Fund made to its Stockholders consisted of a return of its Stockholders&rsquo;
                                         capital, and not of income or gains generated from the Fund&rsquo;s investment portfolio.
                                         For 2017, a portion of the distributions that the Fund made to its Stockholders consisted
                                         of a return of its Stockholders&rsquo; capital, and not of income or gains generated
                                         from the Fund&rsquo;s investment portfolio.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif">Increasing
                                         Fund assets may lower the Fund&rsquo;s expenses as a proportion of net assets because
                                         the Fund&rsquo;s fixed costs would be spread over a larger asset base. There can be no
                                         assurance that by increasing the size of the Fund, the Fund&rsquo;s expense ratio will
                                         be lowered. However, increasing the Fund&rsquo;s assets results in a benefit to the Fund&rsquo;s
                                         Investment Investment Adviser because the Management fee that is paid to the Investment
                                         Adviser increases as the Fund&rsquo;s net assets increase.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif">Because
                                         the Offering will increase the Fund&rsquo;s outstanding Shares, it may increase the number
                                         of Stockholders over the long term, which could increase the level of market interest
                                         in and visibility of the Fund and improve the trading liquidity of the Shares on the
                                         NYSE American.</TD></TR></TABLE>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif">The
                                         Board expects the Offering to be anti-dilutive with respect to net asset value per share,
                                         but not to voting, to all Stockholders. Those Stockholders electing not to participate
                                         will not be diluted, notwithstanding the fact that all the costs of the Offering will
                                         be borne by the Stockholders whether or not they exercise their Rights, because the Offering
                                         price is set at a premium to NAV and the estimated expenses incurred for the Offering
                                         will be more than offset by the increase in the net assets of the Fund such that non-participating
                                         Stockholders will receive an increase in their net asset value, so long as the number
                                         of Shares issued to participating Stockholders is not materially less than a full exercise
                                         of the Basic Subscription amount. Historically, all Prior Rights Offerings have been
                                         anti- dilutive with respect to the net asset value per share. Stockholders have exercised
                                         not only the basic subscription but also a significant percentage of the additional subscription
                                         shares offered. The Offering is expected to be dilutive with respect to Stockholder&rsquo;s
                                         voting percentages because Stockholders electing not to participate in the Offering will
                                         own a smaller percentage of the total number of shares outstanding after the completion
                                         of the Offering.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Board Considerations
in Approving the Offering</U></B>. At a meeting held on February 19, 2021, the Board considered the approval of the Offering.
In considering whether or not to approve the Offering, the Board relied on materials and information prepared and presented by
the Fund&rsquo;s management at such meeting and discussions at that time. Based on such materials and their deliberations at this
meeting, the Board determined that it would be in the best interests of the Fund and its Stockholders to conduct the Offering
in order to increase the assets of the Fund available for current and future investment opportunities. In making its determination,
the Board considered the various factors set forth in &ldquo;The Offering &ndash; Purpose of the Offering&rdquo;. The Board also
considered a number of other factors, including the success of the 2010 Offering, the 2011 Offering, the 2012 Offering, the 2013
Offering, the 2016 Offering, the 2017 Offering and the 2018 Offering (collectively, the &ldquo;Prior Rights Offerings&rdquo;)
and that the Prior Rights Offerings were anti-dilutive to Stockholders with respect to value, the ability of the Investment Adviser
to invest the proceeds of the Offering, the Fund&rsquo;s assets, including those resulting from Prior Rights Offerings, have been
used to maintain the Fund&rsquo;s Distribution Policy because a portion of the assets raised in the rights offering may be utilized
to maintain monthly distributions and the potential effect of the Offering on the Fund&rsquo;s stock price and adherence to the
terms of the Fund&rsquo;s exemptive relief, which restricts a public offering of its common stock. The Board considered that,
during the course of each of the Prior Rights Offerings, the Fund&rsquo;s market price declined, however the Board noted that
the Fund continued at all times during the 2018 Offering and most of the time since the 2018 Offering&rsquo;s conclusion to sell
at a premium to NAV, and the market price, after adjusting for distributions, has approached the level that it was prior to the
2018 Offering. When considering the potential effect of the Offering on the Fund&rsquo;s stock price, the Board took into account
the 2018 Offering, including the positive impact it had on the Fund&rsquo;s net asset value per share and the short-term price
effect. The Board concluded that the impact on the Fund&rsquo;s price was uncertain and, regardless of the potential impact, the
Offering was in the best interest of the Stockholders. As a result of these considerations, the Board determined that it was appropriate
and in the best interest of the Fund and its Stockholders to proceed with the Offering, while continuing with the Distribution
Policy.</P>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">At a meeting held on
February 19, 2021 the Board unanimously voted to approve the terms of the Offering. One of the Fund&rsquo;s
Directors who voted to authorize the Offering is affiliated with the Investment Adviser and, therefore, could benefit
indirectly from the Offering. The other seven directors are not &ldquo;interested persons&rdquo; of the Fund within the
meaning of the 1940 Act. The Investment Adviser may also benefit from the Offering because its fee is based on the assets of
the Fund. It is not possible to state precisely the amount of additional compensation the Investment Adviser might receive as
a result of the Offering because it is not known how many Shares will be subscribed for and the proceeds of the Offering will
be invested in additional portfolio securities, which will fluctuate in value. It is likely that affiliates of the Investment
Adviser who are also Stockholders will participate in the Offering and, accordingly, will receive the same benefits of
acquiring Shares as other Stockholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">There can be no assurance that
the Fund or its Stockholders will achieve any of the foregoing objectives or benefits through the Offering.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may, in the future,
choose to make additional rights offerings from time to time for a number of Shares and on terms that may or may not be similar
to the Offering. Any such future rights offerings will be made in accordance with the then applicable requirements of the 1940
Act and the Securities Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Notice of NAV Decline</U></B>.
If the Shares begin to trade at a discount, the Board may make a determination whether to discontinue the Offering, provided that
the Fund, as required by the SEC&rsquo;s registration form, will suspend the Offering until it amends this prospectus if, subsequent
to the date of this prospectus, the Fund&rsquo;s NAV declines more than 10% from its NAV as of that date. Accordingly, the Expiration
Date would be extended and the Fund would notify Record Date Stockholders of the decline and permit Stockholders to cancel their
exercise of Rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>The Subscription
Price</U></B>. The Subscription Price for the Shares to be issued under the Offering will be equal to the greater of (i) 107%
of NAV per Share as calculated at the close of trading on the Expiration Date or (ii) 90% of the market price per Share at such
time. For example, if the Offering were held using the &ldquo;Estimated Subscription Price&rdquo; (i.e., an estimate of the Subscription
Price based on the Fund&rsquo;s per-share NAV and market price at the end of business on [&#9679;], 2021 ($[&#9679;] and $[&#9679;],
respectively), the Subscription Price would be $[&#9679;] per share ([&#9679;]% of $[&#9679;]).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Additional Subscription
Privilege</U></B>. If all of the Rights initially issued are not exercised, any Shares for which subscriptions have not been received
will be offered, by means of the Additional Subscription Privilege, to Record Date Stockholders who have exercised all of the
Rights initially issued to them and who wish to acquire more than the number of Shares for which the Rights held by them are exercisable.
Record Date Stockholders who exercise all of their Rights will have the opportunity to indicate on the Subscription Certificate
how many unsubscribed Shares they are willing to acquire pursuant to the Additional Subscription Privilege.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If enough unsubscribed
Shares remain after the Basic Subscriptions have been exercised, all additional subscription requests will be honored in full.
If there are not enough unsubscribed Shares to honor all additional subscription requests, the Fund may, in its discretion, issue
additional Shares up to 100% of Shares available in the Offering to honor Additional Subscription Privilege requests (defined
above as the &ldquo;Over-Subscription Shares&rdquo;), with such Shares subject to the same terms and conditions of the Offering.
In the event that the Subscription Price is less than the Estimated Subscription Price, Over-Subscription Shares may be used by
the Fund to fulfill any Shares subscribed for under the Basic Subscription. The method by which any unsubscribed Shares or Over-Subscription
Shares (collectively, the &ldquo;Excess Shares&rdquo;) will be distributed and allocated pursuant to the Additional Subscription
Privilege is as follows:</P>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(i)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify">If
                                         there are sufficient Excess Shares to satisfy all additional subscriptions by Stockholders
                                         exercising their rights under the Additional Subscription Privilege, each such Stockholder
                                         shall be allotted the number of Shares which the Stockholder requested.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(ii)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify">If
                                         the aggregate number of Shares subscribed for under the Additional Subscription Privilege
                                         exceeds the number of Excess Shares, the Excess Shares will be allocated to Record Date
                                         Stockholders who have exercised all of their Rights in accordance with their Additional
                                         Subscription Privilege request.</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt; text-align: left">(iii)</TD><TD STYLE="text-align: justify">If there are not enough Excess Shares to fully satisfy
all Additional Subscription Privilege requests by Record Date Stockholders pursuant to paragraph (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT>above, the Excess Shares will be allocated among Record Date Stockholders who have exercised all of their Rights in proportion,
not to the number of Shares requested pursuant to the Additional Subscription Privilege, but to the number of Rights exercised
by them under their Basic Subscription Rights; provided, however, that no Stockholder shall be allocated a greater number of Excess
Shares than such Record Date Stockholder paid for and in no event shall the number of Shares allocated in connection with the
Additional Subscription Privilege exceed 100% of the Shares available in the Offering. The formula to be used in allocating the
Excess Shares under this paragraph is as follows: (Rights Exercised by over-subscribing Record Date Stockholder divided by Total
Rights Exercised by all over-subscribing Record Date Stockholders) multiplied by Excess Shares Remaining.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The percentage of Excess Shares
each over-subscriber may acquire will be rounded up to result in delivery of whole Shares (fractional Shares will not be issued).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The forgoing allocation
process may involve a series of allocations in order to assure that the total number of Shares available for over-subscription
are distributed on a pro-rata basis. The Fund will not offer or sell any Shares which are not subscribed for under the Basic Subscription
or the Additional Subscription Privilege. The Additional Subscription Privilege may result in additional dilution of a Stockholder&rsquo;s
ownership percentage and voting rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund will not offer or sell
any Shares which are not subscribed for under the Basic Subscription or the Additional Subscription Privilege.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify"><B><U>Expiration of the Offering</U></B>. The
Offering will expire at 5:00 p.m., New York City time, on the Expiration Date ([&#9679;], 2021), unless extended by the Fund (the
&ldquo;Extended Expiration Date&rdquo;). Rights will expire on the Expiration Date or Extended Expiration Date, as the case may
be, and thereafter may not be exercised.</P>


<!-- Field: Page; Sequence: 21; Value: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Method of Exercising
Rights</U></B>. Rights may be exercised by filling in and signing the reverse side of the Subscription Certificate and mailing
it in the envelope provided, or otherwise delivering the completed and signed Subscription Certificate to the Subscription Agent,
together with payment for the Shares as described below under &ldquo;Payment for Shares.&rdquo; Rights may also be exercised through
a Rights holder&rsquo;s broker, who may charge the Rights holder a servicing fee in connection with such exercise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In the event that the Estimated
Subscription Price is more than the Subscription Price on the Expiration Date, any resulting excess amount paid by a Stockholder
towards the purchase of Shares in the Offering will be applied by the Fund towards the purchase of additional Shares under the
Basic Subscription or, if such Stockholder has exercised all of the Rights initially issued to such Stockholder under the Basic
Subscription, towards the purchase of an additional number of Shares pursuant to the Additional Subscription Privilege. Any Stockholder
who desires that such excess not be treated by the Fund as a request by the Stockholder to acquire additional Shares in the Offering
and that such excess be refunded to the Stockholder must so indicate in the space provided on the Subscription Certificate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Completed Subscription
Certificates must be received by the Subscription Agent prior to 5:00 p.m., New York City time, on the Expiration Date (or Extended
Expiration Date, as the case may be). The Subscription Certificate and payment should be delivered to the Subscription Agent at
the following address:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 11pt Times New Roman, Times, Serif">
 <tr style="vertical-align: top">
    <td style="width: 50%"><font style="font-size: 11pt"><b><u>If by first class mail</u></b><u>:</u></font></td>
    <td style="width: 50%"><font style="font-size: 11pt"><b><u>If by mail or overnight courier</u></b>:</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 11pt">&nbsp;</font></td>
    <td><font style="font-size: 11pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 11pt">American Stock Transfer &amp; Trust Company, LLC</font></td>
    <td><font style="font-size: 11pt">American Stock Transfer &amp; Trust Company, LLC</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 11pt">6201 15th Avenue</font></td>
    <td><font style="font-size: 11pt">6201 15th Avenue</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 11pt">Brooklyn, New York 11219 </font></td>
    <td><font style="font-size: 11pt">Brooklyn, New York 11219 </font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 11pt">Attn: Corporate Actions</font></td>
    <td><font style="font-size: 11pt">Attn: Corporate Actions</font></td></tr>
 </table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Subscription Agent</U></B>.
The Subscription Agent is American Stock Transfer &amp; Trust Company, LLC, with an address at 6201 15<SUP>th</SUP> Avenue, Brooklyn,
New York 11219. The Subscription Agent will receive from the Fund an amount estimated to be $25,000, comprised of the fee for
its services and the reimbursement for certain expenses related to the Offering. INQUIRIES BY ALL HOLDERS OF RIGHTS SHOULD BE
DIRECTED TO THE INFORMATION AGENT, AST FUND SOLUTIONS, LLC, AT (800) 581-4001; HOLDERS MAY ALSO CONSULT THEIR BROKERS OR NOMINEES.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Payment for Shares</U></B>.
Payment for Shares shall be calculated by multiplying the Estimated Subscription Price by the sum of (i) the number of Shares
intended to be purchased in the Basic Subscription (e.g., the number of Rights exercised divided by three), plus (ii) the number
of additional Shares intended to be over-subscribed under the Additional Subscription Privilege. For example, based on the Estimated
Subscription Price of $[&#9679;] per Share, if a Stockholder receives 300 Rights and wishes to subscribe for 100 Shares in the
Basic Subscription, and also wishes to over-subscribe for 50 additional Shares under the Additional Subscription Privilege, such
Stockholder would remit payment in the amount of $[&#9679;] ($[&#9679;] plus $[&#9679;]).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Record Date Stockholders
who wish to acquire Shares in the Basic Subscription or pursuant to the Additional Subscription Privilege must, together with
the properly completed and executed Subscription Certificate, send payment for the Shares acquired in the Basic Subscription and
any additional Shares subscribed for pursuant to the Additional Subscription Privilege, to the Subscription Agent based on the
Estimated Subscription Price of $[&#9679;] per Share. To be accepted, such payment, together with the Subscription Certificate,
must be received by the Subscription Agent prior to 5:00 p.m., New York City time, on the Expiration Date, or Extended Expiration
Date, as the case may be.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If the Estimated Subscription
Price is greater than the actual per Share purchase price, the excess payment will be applied toward the purchase of unsubscribed
Shares to the extent that there remain sufficient unsubscribed Shares available after the Basic Subscription and Additional Subscription
Privilege allocations are completed. To the extent that sufficient unsubscribed Shares are not available to apply all of the excess
payment toward the purchase of unsubscribed Shares, available Shares will be allocated in the manner consistent with that described
in the section entitled &ldquo;Additional Subscription Privilege&rdquo; above.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">PAYMENT MUST ACCOMPANY ANY SUBSCRIPTION
CERTIFICATE FOR SUCH SUBSCRIPTION CERTIFICATE TO BE ACCEPTED.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Within five (5) business
days following the Expiration Date or Extended Expiration Date as the case may be, a confirmation will be sent by the Subscription
Agent to each Stockholder (or, if the Shares on the Record Date are held by Cede or any other depository or nominee, to Cede or
such other depository or nominee). The date of the confirmation is referred to as the &ldquo;Confirmation Date.&rdquo; The confirmation
will show (i) the number of Shares acquired pursuant to the Basic Subscription; (ii) the number of Shares, if any, acquired pursuant
to the Additional Subscription Privilege; (iii) the per Share and total purchase price for the Shares; and (iv) any additional
amount payable by such Stockholder to the Fund (i.e., if the Estimated Subscription Price was less than the Subscription Price
on the Expiration Date) or any excess to be refunded by the Fund to such Stockholder (i.e., if the Estimated Subscription Price
was more than the Subscription Price on the Expiration Date and the Stockholder indicated on the Subscription Certificate that
such excess not be treated by the Fund as a request by the Stockholder to acquire additional Shares in the Offering). Any additional
payment required from a Stockholder must be received by the Subscription Agent prior to 5:00 p.m., New York City time, on the
date specified as the deadline for final payment for Shares, and any excess payment to be refunded by the Fund to such Stockholder
will be mailed by the Subscription Agent within ten (10) business days after the Confirmation Date. All payments by a Stockholder
must be made in United States Dollars by money order or by checks drawn on banks located in the continental United States payable
to &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">American Stock Transfer &amp; Trust Company,
LLC as Subscription Agent</FONT>&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Issuance and delivery of certificates
for the Shares subscribed for are subject to collection of funds and actual payment by the subscribing Stockholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Subscription Agent
will deposit all checks received by it prior to the final due date into a segregated account pending distribution of the Shares
from the Offering. Any interest earned on such account will accrue to the benefit of the Fund and investors will not earn interest
on payments submitted nor will interest be credited toward the purchase of Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">YOU WILL HAVE NO RIGHT TO
RESCIND YOUR SUBSCRIPTION AFTER THE SUBSCRIPTION AGENT HAS RECEIVED THE SUBSCRIPTION CERTIFICATE.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If a Record Date Stockholder
who acquires Shares pursuant to the Basic Subscription or the Additional Subscription Privilege does not make payment of any amounts
due, the Fund reserves the right to take any or all of the following actions: (i) find other purchasers for such subscribed-for
and unpaid-for Shares; (ii) apply any payment actually received by it toward the purchase of the greatest whole number of Shares
which could be acquired by such holder upon exercise of the Basic Subscription or the Additional Subscription Privilege; (iii)
sell all or a portion of the Shares actually purchased by the holder in the open market, and apply the proceeds to the amounts
owed; or (iv) exercise any and all other rights or remedies to which it may be entitled, including, without limitation, the right
to set off against payments actually received by it with respect to such subscribed Shares and to enforce the relevant guaranty
of payment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Holders who hold Shares
for the account of others, such as brokers, trustees, or depositaries for securities, should notify the respective beneficial
owners of the Shares as soon as possible to ascertain the beneficial owners&rsquo; intentions and to obtain instructions with
respect to the Rights. If the beneficial owner so instructs, the record holder of the Rights should complete Subscription Certificates
and submit them to the Subscription Agent with the proper payment. In addition, beneficial owners of Shares or Rights held through
such a holder should contact the holder and request the holder to effect transactions in accordance with the beneficial owner&rsquo;s
instructions.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The instructions accompanying
the Subscription Certificates should be read carefully and followed in detail. DO NOT SEND SUBSCRIPTION CERTIFICATES TO THE FUND
OR THE INVESTMENT ADVISER.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The method of delivery
of Subscription Certificates and payment of the Subscription Price to the Subscription Agent will be at the election and risk
of the Rights holders, but if sent by mail it is recommended that the certificates and payments be sent by registered mail, properly
insured, with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the Subscription
Agent and clearance of payment prior to 5:00 p.m., New York City time, on the Expiration Date. Because uncertified personal checks
may take at least five (5) business days to clear, each Record Date Stockholder participating in the Offering is strongly urged
to pay, or arrange for payment, by means of a certified or cashier&rsquo;s check or money order.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">All questions concerning
the timeliness, validity, form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations
will be final and binding. The Fund in its sole discretion may waive any defect or irregularity, or permit a defect or irregularity
to be corrected within such time as it may determine, or reject the purported exercise of any Right. If the Fund elects in its
sole discretion to waive any defect or irregularity, it may do so on a case-by-case basis which means that not all defects or
irregularities may be waived, if at all, or waived in the same manner as with other defects or irregularities. Subscriptions will
not be deemed to have been received or accepted until all irregularities have been waived or cured within such time as the Fund
determines in its sole discretion. Neither the Fund nor the Subscription Agent will be under any duty to give notification of
any defect or irregularity in connection with the submission of Subscription Certificates or incur any liability for failure to
give such notification.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Delivery of the Shares</U></B>.
The Shares purchased pursuant to the Basic Subscription will be delivered to subscribers in book-entry form as soon as practicable
after the corresponding Rights have been validly exercised and full payment for the Shares has been received and cleared. The
Shares purchased pursuant to the Additional Subscription Privilege will be delivered to subscribers in book-entry form as soon
as practicable after the Expiration Date and after all allocations have been conducted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Federal Income Tax
Consequences Associated with the Offering</U></B>. The following is a general summary of the significant federal income tax consequences
of the receipt of Rights by a Record Date Stockholder and a subsequent lapse or exercise of such Rights. The discussion is based
upon applicable provisions of the Code, the Treasury Regulations promulgated thereunder, and other authorities currently in effect
but does not address any state, local, or foreign tax consequences of the Offering. Each Stockholder should consult its own tax
advisor regarding specific questions as to federal, state, local, or foreign taxes. Each Stockholder should also review the discussion
of certain tax considerations affecting it and the Fund set forth under &ldquo;Certain Additional Material United States Federal
Income Considerations.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">For purposes of the following
discussion, the term &ldquo;Old Share&rdquo; shall mean a currently outstanding Share with respect to which a Right is issued
and the term &ldquo;New Share&rdquo; shall mean a newly issued Share that Record Date Stockholders receive upon the exercise of
their Rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>For all Record Date Stockholders:</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Neither the receipt nor
the exercise of Rights by a Record Date Stockholder will result in taxable income to such Stockholder for federal income tax purposes
regardless of whether or not the Stockholder makes the below-described election which is available under Section 307(b)(2) of
the Code (a &ldquo;Section 307(b)(2) Election&rdquo;).</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If the fair market value
of the Rights distributed to all of the Record Date Stockholders is more than 15% of the total fair market value of all of the
Fund&rsquo;s outstanding Shares on the date of distribution, or if a Record Date Stockholder makes a Section 307(b)(2) Election
for the taxable year in which such Rights were received, the Record Date Stockholder&rsquo;s federal income tax basis in any Right
received pursuant to the Offering will be equal to a portion of the Record Date Stockholder&rsquo;s existing federal income tax
basis in the related Old Share. If made, a Section 307(b)(2) Election is effective with respect to all Rights received by a Record
Date Stockholder. A Section 307(b)(2) Election is made by attaching a statement to the Record Date Stockholder&rsquo;s federal
income tax return for the taxable year of the Record Date (which is the same as the year as when the Rights were received). Record
Date Stockholders should carefully review the differing federal income tax consequences described below before deciding whether
or not to make a Section 307(b)(2) Election.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>For Record Date Stockholders
When the Fair Market Value of Rights Distributed Exceeds 15% of the Total Fair Market Value of the Fund&rsquo;s Shares or When
Making a 307(b)(2) Election:</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>Lapse of Rights. </I>If
the fair market value of rights distributed exceeds 15% of the total fair market value of the Shares or if a Record Date Stockholder
makes a Section 307(b)(2) Election, no taxable loss will be realized for federal income tax purposes if the Record Date Stockholder
retains a Right but allows it to lapse without exercise. Moreover, the existing federal income tax basis of the related Old Share
will not be reduced if such lapse occurs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>Exercise of Rights.
</I>If a Record Date Stockholder exercises a Right, the Record Date Stockholder&rsquo;s existing federal income tax basis in the
related Old Share must be allocated between such Right and the Old Share in proportion to their respective fair market values
as of the date of distribution of such Rights (effectively reducing the Record Date Stockholder&rsquo;s basis in his Old Share).
Upon such exercise of the Record Date Stockholder&rsquo;s Rights, the New Shares received by the Record Date Stockholder pursuant
to such exercise will have a federal income tax basis equal to the sum of the basis of such Rights as described in the previous
sentence and the Subscription Price paid for the New Shares (as increased by any servicing fee charged to the Record Date Stockholder
by his broker, bank or trust company and other similar costs). If the Record Date Stockholder subsequently sells such New Shares
(and holds such Shares as capital assets at the time of their sale), the Record Date Stockholder will recognize a capital gain
or loss equal to the difference between the amount received from the sale of the New Shares and the Record Date Stockholder&rsquo;s
federal income tax basis in the New Shares as described above. Such capital gain or loss will be long-term capital gain or loss
if the New Shares are sold more than one year after the date that the New Shares are acquired by the Record Date Stockholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>For Record Date Stockholders
Not Making a Section 307(b)(2) Election When the Fair Market Value of the Rights Distributed is Less than 15% of the Total Fair
Market Value of the Fund&rsquo;s Outstanding Shares:</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>Lapse of Rights</I>.
If the fair market value of the Rights distributed is less than 15% of the total fair market value of the outstanding Shares and
a Record Date Stockholder does not make a Section 307(b)(2) Election for the taxable year in which such Rights were received,
no taxable loss will be realized for federal income tax purposes if the Record Date Stockholder retains a Right but allows it
to lapse without exercise. Moreover, the federal income tax basis of the related Old Share will not be reduced if such lapse occurs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>Exercise of Rights</I>.
If a non-electing Record Date Stockholder exercises his Rights, the federal income tax basis of the related Old Shares will remain
unchanged and the New Shares will have a federal income tax basis equal to the Subscription Price paid for the New Shares (as
increased by any servicing fee charged to the Record Date Stockholder by his broker, bank or trust company and other similar costs).
If the Record Date Stockholder subsequently sells such New Shares (and holds such Shares as capital assets at the time of their
sale), the Record Date Stockholder will recognize a capital gain or loss equal to the difference between the amount received from
the sale of the New Shares and the stockholder&rsquo;s federal income tax basis in the New Shares as described above. Such capital
gain or loss will be long-term capital gain or loss if the New Shares are sold more than one year after the Record Date Stockholder
acquires the New Shares through the Offering.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Employee Plan Considerations</U></B>.
Record Date Stockholders that are employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended
(&ldquo;ERISA&rdquo;), including corporate savings and 401(k) plans, Keogh Plans of self-employed individuals and Individual Retirement
Accounts (&ldquo;IRA&rdquo;) (each a &ldquo;Benefit Plan&rdquo; and collectively, &ldquo;Benefit Plans&rdquo;), should be aware
that additional contributions of cash in order to exercise Rights may be treated as Benefit Plan contributions and, when taken
together with contributions previously made, may subject a Benefit Plan to excise taxes for excess or nondeductible contributions.
In the case of Benefit Plans qualified under Section 401(a) of the Code, additional cash contributions could cause the maximum
contribution limitations of Section 415 of the Code or other qualification rules to be violated. Benefit Plans contemplating making
additional cash contributions to exercise Rights should consult with their counsel prior to making such contributions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Benefit Plans and other
tax exempt entities, including governmental plans, should also be aware that if they borrow in order to finance their exercise
of Rights, they may become subject to the tax on unrelated business taxable income (&ldquo;UBTI&rdquo;) under Section 511 of the
Code. If any portion of an IRA is used as security for a loan, the portion so used is also treated as distributed to the IRA depositor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">ERISA contains prudence
and diversification requirements and ERISA and the Code contain prohibited transaction rules that may impact the exercise of Rights.
Among the prohibited transaction exemptions issued by the Department of Labor that may exempt a Benefit Plan&rsquo;s exercise
of Rights are Prohibited Transaction Exemption 84-24 (governing purchases of shares in investment companies) and Prohibited Transaction
Exemption 75-1 (covering sales of securities).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Due to the complexity of
these rules and the penalties for noncompliance, Benefit Plans should consult with their counsel regarding the consequences of
their exercise of Rights under ERISA and the Code.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Benefit to the Investment
Adviser</U></B>. The Investment Adviser will benefit from the Offering because its fees are based on the average total net assets
of the Fund. It is not possible to state precisely the amount of additional compensation the Investment Adviser will receive as
a result of the Offering because the proceeds of the Offering will be invested in additional portfolio securities that will fluctuate
in value. However, if all Rights are exercised at the Estimated Subscription Price of $[&#9679;], the annual compensation to be
received by the Investment Adviser would be increased by approximately $[&#9679;]. If the Fund issues all of the Over-Subscription
Shares, the annual compensation to be received by the Investment Adviser would be increased by an additional $[&#9679;]. One of
the Fund&rsquo;s Directors who voted to approve the Offering is an &ldquo;interested person&rdquo; of the Investment Adviser within
the meaning of the 1940 Act. This Director, Mr. Ralph Bradshaw, could benefit indirectly from the Offering because of his beneficial
interest in the Investment Adviser. The other Directors were aware of the potential benefit to the Investment Adviser (and indirectly
to Mr. Bradshaw), but nevertheless concluded that the Offering was in the best interest of the Fund&rsquo;s Stockholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may, in the future
and at its discretion, choose to make additional rights offerings from time to time for a number of Shares and on terms which
may or may not be similar to the Offering. Any such future rights offerings will be made in accordance with the 1940 Act and the
Securities Act. Under the laws of Maryland, the state in which the Fund is incorporated, under certain circumstances, the Board
is authorized to approve rights offerings without obtaining Stockholder approval. The staff of the SEC has interpreted the 1940
Act as not requiring stockholder approval of a rights offering at a price below the then current NAV so long as certain conditions
are met, including a good faith determination by the fund&rsquo;s board of directors that such offering would result in a net
benefit to the Fund&rsquo;s existing stockholders.</P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><U>Use of Proceeds
from Prior Rights Offerings</U></B>. Use of proceeds from the Prior Rights Offerings have been, and the use of proceeds from the
current Offering and any future rights offerings, may be used to maintain the Fund&rsquo;s Distribution Policy by providing funding
for future distributions, which may constitute a return of its Stockholders&rsquo; capital.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>FINANCIAL HIGHLIGHTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Set forth below is, for
each year indicated, per share operating performance data for one share of the Fund&rsquo;s common stock (&ldquo;Share&rdquo;),
total investment return, ratios to average net assets and other supplemental data. This information has been derived from the
financial statements and market price data for the Fund&rsquo;s Shares. The financial highlights for the fiscal year ended December
31, 2020 have been audited by [&#9679;], independent registered public accounting firm. The financial statements
and notes thereto for the fiscal year ended December 31, 2020, together with the report thereon of the Fund&rsquo;s independent
registered public accounting firm, are incorporated by reference in the SAI and are available without charge by visiting the Fund&rsquo;s
website at www.cornerstonestrategicvaluefund.com, by calling toll free (866) 668-6558 or by writing to the Fund c/o Ultimus Fund
Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2020 [to come]</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2017</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2016</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold">PER&nbsp;&nbsp;SHARE&nbsp;&nbsp;OPERATING PERFORMANCE</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net asset value, beginning of year</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">10.50</TD><TD STYLE="width: 2%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">13.55</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">13.24</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">15.11</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net investment income #</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.23</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net realized and unrealized gain/(loss) on investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.66</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.85</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.65</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.01</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net increase/(decrease) in net assets resulting from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.76</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.74</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.24</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Dividends and distributions to stockholders: Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.10</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.11</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.13</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.22</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Net realized capital gains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.52</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.26</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.29</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.71</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Return-of-capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.84</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.47</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.37</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.47</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Total dividends and distributions to stockholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.46</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.84</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.79</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3.40</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="color: white; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="color: Black">Common stock
    transactions:</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Anti-dilutive effect due to shares issued:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Rights offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.29</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Reinvestment of dividends and distributions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="text-align: left">+</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Common stock repurchases</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Total common stock transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.53</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.30</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2pt; text-indent: -10pt; padding-left: 10pt">Net asset value, end of year</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">10.80</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">10.50</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">13.55</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">13.24</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 2pt; text-indent: -10pt; padding-left: 10pt">Market value, end of year</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">11.21</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">11.18</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">15.47</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">15.17</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total investment return <SUP>(a)</SUP></FONT></TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">25.42</TD><TD STYLE="padding-bottom: 2pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">(9.44</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">25.48</TD><TD STYLE="padding-bottom: 2pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">23.73</TD><TD STYLE="padding-bottom: 2pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">RATIOS/SUPPLEMENTAL DATA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net assets, end of year (000 omitted)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">810,598</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">762,236</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">596,439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">380,024</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net expenses to average net assets, net of fee waivers and fees paid indirectly, if any<SUP>(b)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.13</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.14</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.20</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net expenses to average net assets, net of fee waivers and fees paid indirectly, if any<SUP>(b)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.13</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.14</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.20</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net investment income to average net assets <SUP>(c)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.95</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.84</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.13</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.66</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Portfolio turnover rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>







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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">#</TD><TD STYLE="text-align: justify">Based on average shares outstanding.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">+</TD><TD STYLE="text-align: justify">Amount rounds to less than $0.01 per share.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 12pt"></P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">Total investment return at market value is based on the
changes in market price of a share during the period and assumes reinvestment of dividends and distributions, if any, at actual
prices pursuant to the Fund&rsquo;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">Expenses do not include expenses of investment companies
in which the Fund invests.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">Recognition of net investment income by the Fund may be
affected by the timing of the declaration of dividends, if any, by investment companies in<BR>
which the Fund invests.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(d)</TD><TD STYLE="text-align: justify">Includes the reimbursement of proxy solicitation costs
by the investment manager. If these costs had not been reimbursed by the investment manager, the ratio of expenses to average
net assets would have been 1.14% for the year ended December 31, 2019.</TD>
</TR></TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: center">2015</TD><TD STYLE="width: 2%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center">2014*</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"></TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center">2013*</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"></TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center">2012*</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"></TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center">2011*</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-indent: -10pt; padding-left: 10pt">PER&nbsp;&nbsp;SHARE&nbsp;&nbsp;OPERATING PERFORMANCE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net asset value, beginning of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20.54</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22.72</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">22.72</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24.52</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30.20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net investment income #</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net realized and unrealized gain/(loss) on investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.18</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.10</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.76</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Net increase/(decrease) in net assets resulting from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.01</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.42</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.12</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Dividends and distributions to stockholders: Net investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.17</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.32</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.40</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.48</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.52</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Net realized capital gains</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.44</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.52</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.76</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif">(0.76</P></TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Return-of-capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3.81</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.76</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.76</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif">(3.08</P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif">(5.60</P></TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Total dividends and distributions to stockholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4.42</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4.60</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4.92</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5.32</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6.12</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="color: white; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="color: Black">Common stock
    transactions:</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Anti-dilutive effect due to shares issued:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Rights offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 30pt">Reinvestment of dividends and distributions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="text-align: left">+</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.12</FONT></TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt">Common stock repurchases</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt">Total common stock transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;0.00</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">+</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.72</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.32</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.32</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2pt; text-indent: -10pt; padding-left: 10pt">Net asset value, end of year</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">15.11</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">20.54</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">22.72</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">22.72</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">24.52</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 2pt; text-indent: -10pt; padding-left: 10pt">Market value, end of year</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">15.66</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">20.02</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">26.40</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">24.00</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">26.36</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total investment return <SUP>(a)</SUP></FONT></TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">0.21</TD><TD STYLE="padding-bottom: 2pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">(6.29</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">36.67</TD><TD STYLE="padding-bottom: 2pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">13.33</TD><TD STYLE="padding-bottom: 2pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">(11.11</TD><TD STYLE="padding-bottom: 2pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">RATIOS/SUPPLEMENTAL DATA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net assets, end of year (000 omitted)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">323,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">168,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">180,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">105,704</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">88,111</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net expenses to average net assets, net of fee waivers and fees paid indirectly, if any<SUP>(b)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.31</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.40</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.55</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net expenses to average net assets, net of fee waivers and fees paid indirectly, if any<SUP>(b)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.31</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.33</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.40</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.55</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ratio of net investment income to average net assets <SUP>(c)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.97</TD><TD STYLE="text-align: left">%<SUP>(d)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.47</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.69</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.83</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.98</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Portfolio turnover rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>









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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">*</TD><TD STYLE="text-align: justify">Effective December 29, 2014, a reverse split of 1:4 occurred.
All per share amounts have been restated according to the terms of the reverse split.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.65pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">#</TD><TD STYLE="text-align: justify">Based on average shares outstanding.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.65pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">+</TD><TD STYLE="text-align: justify">Amount rounds to less than $0.01 per share.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.65pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">Total investment return at market value is based on the
changes in market price of a share during the period and assumes reinvestment of dividends and distributions, if any, at actual
prices pursuant to the Fund&rsquo;s dividend reinvestment plan. Total investment return does not reflect brokerage commissions.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.65pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">Expenses do not include expenses of investment companies
in which the Fund invests.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.65pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">Recognition of net investment income by the Fund may be
affected by the timing of the declaration of dividends, if any, by investment companies in<BR>
which the Fund invests.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.65pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(d)</TD><TD STYLE="text-align: justify">Includes reorganization costs. Without these costs, ratio
of expenses to average net assets, net of fee waivers and fees paid indirectly, if any, ratio of expenses to average net assets,
excluding fee waivers and fees paid indirectly, if any, and ratio of net investment income to average net assets would have been
1.22%, 1.22% and 1.06% for the year ended December 31, 2015, respectively.</TD>
</TR></TABLE>



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    <!-- Field: /Page -->


<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">USE OF PROCEEDS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If fully-subscribed, the
net proceeds of the Offering will be approximately $[&#9679;] or approximately $[&#9679;] per Share. The net proceeds of the Offering
will be invested in accordance with the Fund&rsquo;s investment objective and policies (as stated below) as soon as practicable
after completion of the Offering and, to the extent necessary, net proceeds of the Offering will allow the Fund to maintain its
Distribution Policy. The Fund currently anticipates being able to invest a substantial portion of the net proceeds within one
month after the completion of the Offering. Pending investment of the net proceeds in accordance with the Fund&rsquo;s investment
objective and policies, the Fund will invest in money market securities or money market mutual funds. Investors should expect,
therefore, that before the Fund has fully invested the proceeds of the Offering in accordance with its investment objective and
policies, the Fund&rsquo;s net asset value would earn interest income at a modest rate. To the extent adequate income is not available,
portfolio securities, including those purchased with proceeds of the Offering, may be sold to meet the amounts distributed under
the Fund&rsquo;s Distribution Policy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>INVESTMENT OBJECTIVES AND POLICIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Investment Objectives</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund&rsquo;s investment
objective is to seek long-term capital appreciation through investment primarily in equity securities of U.S. and non-U.S. companies
which Fund management believes have demonstrated fundamental investment value and favorable growth prospects, as determined by
the Investment Adviser. Th&rsquo; Fund&rsquo;s investment objective and some of its investment policies are considered fundamental policies
and may not be changed without Stockholder approval.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Investment Strategies</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund&rsquo;s portfolio,
under normal market conditions, will consist principally of the equity securities of U.S. and non-U.S. companies. Currently, the
Fund primarily invests in companies with large capitalizations, however, the Fund may invest in companies of all capitalization
ranges. The Fund invests in common stocks and may also invest in preferred stocks, rights, warrants and securities convertible
into common stocks that are listed on stock exchanges or traded over the counter. The Fund may, without limitation, hold cash
or invest in assets in money market instruments, including U.S. and non-U.S. government securities, high grade commercial paper
and certificates of deposit and bankers&rsquo; acceptances issued by U.S. and non-U.S. banks having deposits of at least $500
million. In addition, the Fund may engage in hedging transactions to reduce its company market and currency exchange exposure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In determining which securities
to buy for the Fund&rsquo;s portfolio, the Investment Adviser uses a balanced approach, including &ldquo;value&rdquo; and &ldquo;growth&rdquo;
investing by seeking out companies at reasonable prices, without regard to sector or industry, which demonstrate favorable long-term
growth characteristics. Valuation and growth characteristics may be considered for purposes of selecting potential investment
securities. In general, valuation analysis is used to determine the inherent value of the company by analyzing financial information
such as a company&rsquo;s price to book, price to sales, return on equity, and return on assets ratios; and growth analysis is
used to determine a company&rsquo;s potential for long-term dividends and earnings growth due to market-oriented factors such
as growing market share, the launch of new products or services, the strength of its management and market demand. Fluctuations
in these characteristics may trigger trading decisions to be made by the Investment Adviser.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Although the Fund has the
ability to invest a significant portion of its assets in non-U.S. companies, the Fund has consistently maintained the investment
of at least 95% of its assets in U.S. listed companies since June 30, 2001.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest without
limitation in other closed-end investment companies and ETFs, provided that the Fund limits its investment in securities issued
by other investment companies so that not more than 3% of the outstanding voting stock of any one investment company will be owned
by the Fund. As a stockholder in any investment company, the Fund will bear its ratable share of the investment company&rsquo;s
expenses and would remain subject to payment of the Fund&rsquo;s advisory and administrative fees with respect to the assets so
invested.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">To comply with provisions
of the 1940 Act, on any matter upon which the Fund is solicited to vote as a stockholder in an investment company in which it
invests, the Investment Adviser votes such shares in the same general proportion as shares held by other stockholders of that
investment company. The Fund does not and will not invest in any other closed-end funds managed by the Investment Adviser.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest up to
15% of its assets in illiquid U.S. and non-U.S. securities, provided that the Fund may not invest more than 3% of the Fund&rsquo;s
assets in the securities of companies that, at the time of investment, had less than a year of operations, including operations
of predecessor companies. The Fund will invest only in such illiquid securities that, in the opinion of the Investment Adviser,
present opportunities for substantial growth over a period of two to five years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund&rsquo;s investment
policies emphasize long-term investment in securities. Therefore, the Fund&rsquo;s annual portfolio turnover rate is expected
to continue to be relatively low, ranging between 10% and 90%. Higher portfolio turnover rates resulting from more actively traded
portfolio securities generally result in higher transaction costs, including brokerage commissions and related capital gains or
losses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund&rsquo;s foregoing investment
policies may be changed by the Fund&rsquo;s Board of Directors without Stockholder vote.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Although the Fund does
not anticipate having any securities lending income during the current calendar year, the Fund may lend the securities that it
owns to others, which would allow the Fund the opportunity to earn additional income. Although the Fund will require the borrower
of the securities to post collateral for the loan in accordance with market practice and the terms of the loan will require that
the Fund be able to reacquire the loaned securities if certain events occur, the Fund is still subject to the risk that the borrower
of the securities may default, which could result in the Fund losing money, which would result in a decline in the Fund&rsquo;s
net asset value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may, from time
to time, take temporary defensive positions that are inconsistent with the Fund&rsquo;s principal investment strategies in attempting
to respond to adverse market, economic, political or other conditions. During such times, the Fund may temporarily invest up to
100% of its assets in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements,
Treasury bills and other short-term obligations of the U. S. Government, its agencies or instrumentalities. In these and in other
cases, the Fund may not achieve its investment objective.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Investment Adviser may
invest the Fund&rsquo;s cash balances in any investments it deems appropriate. The Investment Adviser expects that such investments
will primarily be pursuant to a repurchase agreement, however such investments may also be made in, without limitation and as
permitted under the 1940 Act, money market funds, additional repurchase agreements, U.S. Treasury and U.S. agency securities,
municipal bonds and bank accounts. Any income earned from such investments is ordinarily reinvested by the Fund in accordance
with its investment program. Many of the considerations entering into the Investment Adviser&rsquo;s recommendations and the portfolio
manager&rsquo;s decisions are subjective.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund has no current
intent to use leverage; however, the Fund reserves the right to utilize limited leverage through issuing preferred shares. The
Fund also may borrow money in amounts not exceeding 10% of its total assets (including the amount borrowed) for temporary or emergency
purposes, including the payment of dividends and the settlement of securities transactions, which otherwise might require untimely
dispositions of Fund securities. In addition, the Fund may incur leverage through the use of investment management techniques
(e.g., &ldquo;uncovered&rdquo; sales of put and call options, futures contracts and options on futures contracts). In order to
hedge against adverse market shifts and for non-hedging, speculative purposes, the Fund may utilize up to 5% of its net assets
to purchase put and call options on securities or stock indices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Portfolio Investments</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Common Stocks</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund will invest in
common stocks. Common stocks represent an ownership interest in an issuer. While offering greater potential for long-term growth,
common stocks are more volatile and more risky than some other forms of investment. Common stock prices fluctuate for many reasons,
including adverse events, such as an unfavorable earnings report, changes in investors&rsquo; perceptions of the financial condition
of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers
occur. In addition, common stock prices may be sensitive to rising interest rates as the costs of capital rise and borrowing costs
increase.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Other Closed-End
Investment Companies</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest without
limitation in other closed-end investment companies, provided that the Fund limits its investment in securities issued by other
investment companies so that not more than 3% of the outstanding voting stock of any one investment company will be owned by the
Fund. There can be no assurance that the investment objective of any investment company in which the Fund invests will be achieved.
Closed-end investment companies are subject to the risks of investing in the underlying securities. The Fund, as a holder of the
securities of the closed-end investment company, will bear its pro rata portion of the closed-end investment company&rsquo;s expenses,
including advisory fees. These expenses are in addition to the direct expenses of the Fund&rsquo;s own operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Exchange Traded
Funds</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest in
ETFs, which are investment companies that aim to track or replicate a desired index, such as a sector, market or global segment.
ETFs are passively managed and their shares are traded on a national exchange. ETFs do not sell individual shares directly to
investors and only issue their shares in large blocks known as &ldquo;creation units.&rdquo; The investor purchasing a creation
unit may sell the individual shares on a secondary market. Therefore, the liquidity of ETFs depends on the adequacy of the secondary
market. There can be no assurance that an ETF&rsquo;s investment objective will be achieved, as ETFs based on an index may not
replicate and maintain exactly the composition and relative weightings of securities in the index. ETFs are subject to the risks
of investing in the underlying securities. The Fund, as a holder of the securities of the ETF, will bear its pro rata portion
of the ETF&rsquo;s expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&rsquo;s
own operations.</P>


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    <!-- Field: /Page -->

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Foreign Securities</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest in
foreign securities, including direct investments in securities of foreign issuers that are traded on a U.S. securities exchange
or over the counter and investments in depository receipts, such as American depositary receipts (&ldquo;ADRs&rdquo;), exchange-traded
funds (&ldquo;ETFs&rdquo;) and other closed-end investment companies that represent indirect interests in securities of foreign
issuers. The Fund is not limited in the amount of assets it may invest in such foreign securities. These investments involve risks
not associated with investments in the United States, including the risk of fluctuations in foreign currency exchange rates, unreliable
and untimely information about the issuers and political and economic instability. These risks could result in the Investment
Adviser&rsquo;s misjudging the value of certain securities or in a significant loss in the value of those securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The value of foreign securities
is affected by changes in currency rates, foreign tax laws (including withholding tax), government policies (in this country or
abroad), relations between nations and trading, settlement, custodial and other operational risks. In addition, the costs of investing
abroad are generally higher than in the United States, and foreign securities markets may be less liquid, more volatile and less
subject to governmental supervision than markets in the United States. As an alternative to holding foreign traded securities,
the Fund may invest in dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the U.S. over-the-counter
market (including depositary receipts as described below, which evidence ownership in underlying foreign securities), and ETFs
as described below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Because foreign companies
are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those
applicable to U.S. companies, there may be less publicly available information about a foreign company than about a domestic company.
Volume and liquidity in most foreign debt markets is less than in the United States and securities of some foreign companies are
less liquid and more volatile than securities of comparable U.S. companies. There is generally less government supervision and
regulation of securities exchanges, broker dealers and listed companies than in the United States. Mail service between the United
States and foreign countries may be slower or less reliable than within the United States, thus increasing the risk of delayed
settlements of portfolio transactions or loss of certificates for portfolio securities. Payment for securities before delivery
may be required. In addition, with respect to certain foreign countries, there is the possibility of expropriation or confiscatory
taxation, political or social instability, or diplomatic developments which could affect investments in those countries. Moreover,
individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national
product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Foreign securities
markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities
of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities
of comparable U.S. companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may purchase
ADRs, international depositary receipts (&ldquo;IDRs&rdquo;) and global depository receipts (&ldquo;GDRs&rdquo;) which are certificates
evidencing ownership of shares of foreign issuers and are alternatives to purchasing directly the underlying foreign securities
in their national markets and currencies. However, such depository receipts continue to be subject to many of the risks associated
with investing directly in foreign securities. These risks include foreign exchange risk as well as the political and economic
risks associated with the underlying issuer&rsquo;s country. ADRs, IDRs and GDRs may be sponsored or unsponsored. Unsponsored
receipts are established without the participation of the issuer. Unsponsored receipts may involve higher expenses, they may not
pass-through voting or other stockholder rights, and they may be less liquid. Less information is normally available on unsponsored
receipts.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Dividends paid on foreign
securities may not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result,
there can be no assurance as to what portion of the Fund&rsquo;s distributions attributable to foreign securities will be designated
as qualified dividend income. See &ldquo;Certain Additional Material United States Federal Income Tax Considerations.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Emerging Market
Securities</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest up to
5% of its net assets in emerging market securities, although through its investments in ETFs, other investment companies or depository
receipts that invest in emerging market securities, up to 20% of the Fund&rsquo;s assets may be invested indirectly in issuers
located in emerging markets. The risks of foreign investments described above apply to an even greater extent to investments in
emerging markets. The securities markets of emerging countries are generally smaller, less developed, less liquid, and more volatile
than the securities markets of the United States and developed foreign markets. Disclosure and regulatory standards in many respects
are less stringent than in the United States and developed foreign markets. There also may be a lower level of monitoring and
regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement
of existing regulations has been extremely limited. Many emerging countries have experienced substantial, and in some periods
extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue
to have very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging markets
generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely
by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed
or negotiated by the countries with which they trade. The economies of these countries also have been and may continue to be adversely
affected by economic conditions in the countries in which they trade. The economies of countries with emerging markets may also
be predominantly based on only a few industries or dependent on revenues from particular commodities. In addition, custodial services
and other costs relating to investment in foreign markets may be more expensive in emerging markets than in many developed foreign
markets, which could reduce the Fund&rsquo;s income from such securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In many cases, governments
of emerging countries continue to exercise significant control over their economies, and government actions relative to the economy,
as well as economic developments generally, may affect the Fund&rsquo;s investments in those countries. In addition, there is
a heightened possibility of expropriation or confiscatory taxation, imposition of withholding taxes on interest payments, or other
similar developments that could affect investments in those countries. There can be no assurance that adverse political changes
will not cause the Fund to suffer a loss of any or all of its investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Preferred Stocks</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest in preferred
stocks. Preferred stock, like common stock, represents an equity ownership in an issuer. Generally, preferred stock has a priority
of claim over common stock in dividend payments and upon liquidation of the issuer. Unlike common stock, preferred stock does
not usually have voting rights. Preferred stock in some instances is convertible into common stock. Although they are equity securities,
preferred stocks have characteristics of both debt and common stock. Like debt, their promised income is contractually fixed.
Like common stock, they do not have rights to precipitate bankruptcy proceedings or collection activities in the event of missed
payments. Other equity characteristics are their subordinated position in an issuer&rsquo;s capital structure and that their quality
and value are heavily dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash
flows.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Distributions on preferred
stock must be declared by the board of directors and may be subject to deferral, and thus they may not be automatically payable.
Income payments on preferred stocks may be cumulative, causing dividends and distributions to accrue even if not declared by the
company&rsquo;s board or otherwise made payable, or they may be non-cumulative, so that skipped dividends and distributions do
not continue to accrue. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or
otherwise made payable. The Fund may invest in non-cumulative preferred stock, although the Investment Adviser would consider,
among other factors, their non-cumulative nature in making any decision to purchase or sell such securities.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Shares of preferred stock
have a liquidation value that generally equals the original purchase price at the date of issuance. The market values of preferred
stock may be affected by favorable and unfavorable changes impacting the issuers&rsquo; industries or sectors, including companies
in the utilities and financial services sectors, which are prominent issuers of preferred stock. They may also be affected by
actual and anticipated changes or ambiguities in the tax status of the security and by actual and anticipated changes or ambiguities
in tax laws, such as changes in corporate and individual income tax rates, and in the dividends received deduction for corporate
taxpayers or the lower rates applicable to certain dividends.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Because the claim on an
issuer&rsquo;s earnings represented by preferred stock may become onerous when interest rates fall below the rate payable on the
stock or for other reasons, the issuer may redeem preferred stock, generally after an initial period of call protection in which
the stock is not redeemable. Thus, in declining interest rate environments in particular, the Fund&rsquo;s holdings of higher
dividend -paying preferred stocks may be reduced and the Fund may be unable to acquire securities paying comparable rates with
the redemption proceeds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Other Securities</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Although it has no current
intention do so to any material extent, the Investment Adviser may determine to invest the Fund&rsquo;s assets in some or all
of the following securities from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Corporate Bonds,
Government Debt Securities and Other Debt Securities</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest in corporate
bonds, debentures and other debt securities or in investment companies which hold such instruments. Debt securities in which the
Fund may invest may pay fixed or variable rates of interest. Bonds and other debt securities generally are issued by corporations
and other issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally
must repay the amount borrowed on or before maturity. Certain debt securities are &ldquo;perpetual&rdquo; in that they have no
maturity date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest in
government debt securities, including those of emerging market issuers or of other non-U.S. issuers. These securities may be U.S.
dollar- denominated or non-U.S. dollar-denominated and include: (a) debt obligations issued or guaranteed by foreign national,
provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities; and (b) debt
obligations of supranational entities. Government debt securities include: debt securities issued or guaranteed by governments,
government agencies or instrumentalities and political subdivisions; debt securities issued by government owned, controlled or
sponsored entities; interests in entities organized and operated for the purpose of restructuring the investment characteristics
issued by the above noted issuers; or debt securities issued by supranational entities such as the World Bank or the European
Union. The Fund may also invest in securities denominated in currencies of emerging market countries. Emerging market debt securities
generally are rated in the lower rating categories of recognized credit rating agencies or are unrated and considered to be of
comparable quality to lower rated debt securities. A non-U.S. issuer of debt or the non-U.S. governmental authorities that control
the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited resources
in the event of a default. Some of these risks do not apply to issuers in large, more developed countries. These risks are more
pronounced in investments in issuers in emerging markets or if the Fund invests significantly in one country.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund will not invest
directly in debt securities rated below investment grade (i.e., securities rated lower than Baa by Moody&rsquo;s Investors Service,
Inc. (&ldquo;Moody&rsquo;s&rdquo;) or lower than BBB by Standard &amp; Poor&rsquo;s Rating Services, a division of The McGraw-Hill
Companies, Inc. (&ldquo;S&amp;P&rdquo;), or their equivalent as determined by the Investment Adviser. These securities are commonly
referred to as &ldquo;junk bonds.&rdquo; The foregoing credit quality policy applies only at the time a security is purchased,
and the Fund is not required to dispose of securities already owned by the Fund in the event of a change in assessment of credit
quality or the removal of a rating.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Convertible Securities</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest in
convertible securities. Convertible securities include fixed income securities that may be exchanged or converted into a predetermined
number of shares of the issuer&rsquo;s underlying common stock at the option of the holder during a specified period. Convertible
securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of &ldquo;usable&rdquo;
bonds and warrants or a combination of the features of several of these securities. The investment characteristics of each convertible
security vary widely, which allows convertible securities to be employed for a variety of investment strategies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund will exchange
or convert convertible securities into shares of underlying common stock when, in the opinion of the Investment Adviser, the investment
characteristics of the underlying common shares will assist the Fund in achieving its investment objective. The Fund may also
elect to hold or trade convertible securities. In selecting convertible securities, the Investment Adviser evaluates the investment
characteristics of the convertible security as a fixed income instrument, and the investment potential of the underlying equity
security for capital appreciation. In evaluating these matters with respect to a particular convertible security, the Investment
Adviser considers numerous factors, including the economic and political outlook, the value of the security relative to other
investment alternatives, trends in the determinants of the issuer&rsquo;s profits, and the issuer&rsquo;s management capability
and practices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Illiquid Securities</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Illiquid securities are
securities that are not readily marketable. Illiquid securities include securities that have legal or contractual restrictions
on resale, and repurchase agreements maturing in more than seven days. Illiquid securities involve the risk that the securities
will not be able to be sold at the time desired or at prices approximating the value at which the Fund is carrying the securities.
Where registration is required to sell a security, the Fund may be obligated to pay all or part of the registration expenses,
and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to sell a security under
an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain
a less favorable price than prevailed when it decided to sell. The Fund may invest up to 15% of the value of its net assets in
illiquid securities. Restricted securities for which no market exists and other illiquid investments are valued at fair value
as determined in accordance with procedures approved and periodically reviewed by the Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Rule 144A Securities</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest in
restricted securities that are eligible for resale pursuant to Rule 144A under the Securities Act of 1933, as amended, (the &ldquo;1933
Act&rdquo;). Generally, Rule 144A establishes a safe harbor from the registration requirements of the 1933 Act for resale by large
institutional investors of securities that are not publicly traded. The Investment Adviser determines the liquidity of the Rule
144A securities according to guidelines adopted by the Board of Directors. The Board of Directors monitors the application of
those guidelines and procedures. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are
not subject to the Fund&rsquo;s 15% limit on investments in illiquid securities.</P>


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    <!-- Field: /Page -->

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Warrants</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest in equity
and index warrants of domestic and international issuers. Equity warrants are securities that give the holder the right, but not
the obligation, to subscribe for equity issues of the issuing company or a related company at a fixed price either on a certain
date or during a set period. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying
security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater
potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with
respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have
value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of
investments. The sale of a warrant results in a long or short-term capital gain or loss depending on the period for which the
warrant is held.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">RISK FACTORS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>An investment in the
Fund&rsquo;s Shares is subject to risks. The value of the Fund&rsquo;s investments will increase or decrease based on changes
in the prices of the investments it holds. You could lose money by investing in the Fund. By itself, the Fund does not constitute
a balanced investment program. You should consider carefully the following principal risks before investing in the Fund. There
may be additional risks that the Fund does not currently foresee or consider material. You may wish to consult with your legal
or tax advisors, before deciding whether to invest in the Fund. This section describes the principal risk factors associated with
investment in the Fund specifically, as well as those factors generally associated with investment in an investment company with
investment objectives, investment policies, capital structure or trading markets similar to the Fund&rsquo;s. Each risk summarized
below is a  risk of investing in the Fund and different risks may be more significant at different times depending upon
market conditions or other factors.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><U>Principal Risks</U></P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Stock Market Volatility.
</I></B>Stock markets can be volatile. In other words, the prices of stocks can rise or fall rapidly in response to developments
affecting a specific company or industry, or to changing economic, political or market conditions. The Fund is subject to the
general risk that the value of its investments may decline if the stock markets perform poorly. There is also a risk that the
Fund&rsquo;s investments will underperform either the securities markets generally or particular segments of the securities markets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Market Disruption and
Geopolitical Risk. </I></B>The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely
affect global economies and markets. The current novel coronavirus (&ldquo;COVID-19") global pandemic and the aggressive
responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition
of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many
retail and other businesses, have had and may continue to have negative impacts, and in many cases severe negative impacts, on
markets worldwide. War, terrorism, and related geopolitical events (and their aftermath) have led, and in the future may lead,
to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally.
Likewise, natural and environmental disasters, such as, for example, earthquakes, fires, floods, hurricanes, tsunamis and weather-related
phenomena generally, as well as the spread of infectious illness or other public health issues, including widespread epidemics
or pandemics such as the COVID-19 outbreak in 2020, and systemic market dislocations can be highly disruptive to economies and
markets. Those events as well as other changes in non-U.S. and domestic economic and political conditions also could adversely
affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor
sentiment, and other factors affecting the value of Fund investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The COVID-19 outbreak
in 2020 has resulted in continued travel restrictions and disruptions, closed borders, enhanced health screenings at ports of
entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event cancellations
and restrictions, service cancellations or reductions, disruptions to business operations, supply chains and customer activity,
lower consumer demand for goods and services, as well as general concern and uncertainty that has negatively affected the economic
environment. The impact of this outbreak and any other epidemic or pandemic that may arise in the future could adversely affect
the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors
and the health of capital markets and other markets generally in potentially significant and unforeseen ways. This crisis or other
public health crises may also exacerbate other pre-existing political, social and economic risks in certain countries or globally.
The duration of the COVID-19 outbreak and its effects cannot be determined with certainty. The foregoing could lead to a significant
economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse
effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely
affect the performance of the Fund and a stockholder&rsquo;s investment in the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Issuer Specific Changes.
</I></B>Changes in the financial condition of an issuer, changes in the specific economic or political conditions that affect
a particular type of security or issuer, and changes in general economic or political conditions can affect the credit quality
or value of an issuer&rsquo;s securities. Lower-quality debt securities tend to be more sensitive to these changes than higher-quality
debt securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Closed-End Fund Risk.
</I></B>Closed-end investment companies are subject to the risks of investing in the underlying securities. The Fund, as a holder
of the securities of the closed-end investment company, will bear its pro rata portion of the closed-end investment company&rsquo;s
expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund&rsquo;s own operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Common Stock Risk.
</I></B>The Fund will invest a significant portion of its net assets in common stocks. Common stocks represent an ownership interest
in a company. The Fund may also invest in securities that can be exercised for or converted into common stocks (such as convertible
preferred stock). Common stocks and similar equity securities are more volatile and more risky than some other forms of investment.
Therefore, the value of your investment in the Fund may sometimes decrease instead of increase. Common stock prices fluctuate
for many reasons, including changes in investors&rsquo; perceptions of the financial condition of an issuer, the general condition
of the relevant stock market or when political or economic events affecting the issuers occur. In addition, common stock prices
may be sensitive to rising interest rates, as the costs of capital rise for issuers. Because convertible securities can be converted
into equity securities, their values will normally increase or decrease as the values of the underlying equity securities increase
or decrease. The common stocks in which the Fund will invest are structurally subordinated to preferred securities, bonds and
other debt instruments in a company&rsquo;s capital structure in terms of priority to corporate income and assets and, therefore,
will be subject to greater risk than the preferred securities or debt instruments of such issuers.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Defensive Positions.
</I></B>During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion
of its net assets in cash or cash equivalents. The Fund would not be pursuing its investment objective in these circumstances
and could miss favorable market developments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Foreign Securities
Risk. </I></B>Investments in securities of non-U.S. issuers involve special risks not presented by investments in securities of
U.S. issuers, including the following: less publicly available information about companies due to less rigorous disclosure or
accounting standards or regulatory practices; the impact of political, social or diplomatic events, including war; possible seizure,
expropriation or nationalization of the company or its assets; possible imposition of currency exchange controls; and changes
in foreign currency exchange rates. These risks are more pronounced to the extent that the Fund invests a significant amount of
its investments in companies located in one region. These risks may be greater in emerging markets and in less developed countries.
For example, prior governmental approval for foreign investments may be required in some emerging market countries, and the extent
of foreign investment may be subject to limitation in other emerging countries. With respect to risks associated with changes
in foreign currency exchange rates, the Fund does not expect to engage in foreign currency hedging transactions. See &ldquo;Foreign
Currency Risk.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Global Market Risk. </I></B>An
investment in Fund shares is subject to investment risk, including the possible loss of the entire principal amount invested.
The Fund is subject to the risk that geopolitical and other similar events will disrupt the economy on a national or global level.
For instance, war, terrorism, market manipulation, government defaults, government shutdowns, political changes or diplomatic
developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental
disasters can all negatively impact the securities markets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Managed Distribution
Policy Risk. </I></B>Under the Fund&rsquo;s Distribution Policy, the Fund makes monthly distributions to Stockholders at a rate
that may include periodic distributions of its net income and net capital gains (&ldquo;Net Earnings&rdquo;), or from return-of-capital.
For any fiscal year where total cash distributions exceeded Net Earnings (the &ldquo;Excess&rdquo;), the Excess would decrease
the Fund&rsquo;s total assets and, as a result, would have the likely effect of increasing the Fund&rsquo;s expense ratio. There
is a risk that the total Net Earnings from the Fund&rsquo;s portfolio would not be great enough to offset the amount of cash distributions
paid to Stockholders. If this were to be the case, the Fund&rsquo;s assets would be depleted, and there is no guarantee that the
Fund would be able to replace the assets. In addition, in order to make such distributions, the Fund may have to sell a portion
of its investment portfolio, including securities purchased with the proceeds of the Offering, at a time when independent investment
judgment might not dictate such action. Furthermore, such assets used to make distributions will not be available for investment
pursuant to the Fund&rsquo;s investment objective. Distributions may constitute a return of capital to Stockholders and lower
the tax basis in their Shares which, for the taxable Stockholders, will defer any potential gains until the Shares are sold. For
the taxable Stockholders, the portion of distribution that constitutes ordinary income and/or capital gains is taxable to such
Stockholders in the year the distribution is declared. A return of capital is non-taxable to the extent of the Stockholder&rsquo;s
basis in the shares. The Stockholders would reduce their basis in the Shares by the amount of the distribution and therefore may
result in an increase in the amount of any taxable gain on a subsequent disposition of such Shares, even if such Shares are sold
at a loss to the Stockholder&rsquo;s original investment amount. Any return of capital will be separately identified when Stockholders
receive their tax statements. Any return of capital that exceeds cost basis may be treated as capital gain. Stockholders are advised
to consult their own tax advisers with respect to the tax consequences of their investment in the Fund. The Fund may need to raise
additional capital in order to maintain the Distribution Policy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The following table is provided
to demonstrate the historical components of the Distribution Policy. The average annual returns indicated below include the return
of Stockholders&rsquo; capital invested in the Fund. A return of capital distribution does not reflect positive investment performance.
Stockholders should not draw any conclusions about the Fund&rsquo;s investment performance from the amount of its managed distributions
or from the terms of the Distribution Policy. The Fund&rsquo;s managed distribution rates do not correlate to the Fund&rsquo;s
total return based on NAV because the Fund&rsquo;s Distribution Policy maintains a stable, high rate of distribution to its Stockholders,
and such distributions are not tied to the Fund&rsquo;s investment income or capital gains and do not represent yield or investment
return on the Fund&rsquo;s portfolio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">Cornerstone Strategic <U>Value
</U>Fund, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center;  text-indent: 0">Managed
Distributions Paid and NAV Returns from 2016 through 2020&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">Years</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">NAV <BR>Per <BR>
Share</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Average <BR>
Annual <BR>
Return*</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Average <BR>
Annual <BR>
Return**</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Managed Distribution <BR>
Per Share</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Return-of- <BR>
Capital <BR>
Distribution</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Capital Gains<BR>
 Distribution</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Net&nbsp;&nbsp;<BR>
Investment <BR>
Income <BR>
Distribution</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Gross <BR>
Expense <BR>
Ratios</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 11%; text-align: left">2016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">13.24</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">11.92</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">10.15</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">3.40</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">2.47</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.71</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">0.22</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.25</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.90</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.56</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.13</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.22</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">*</TD><TD STYLE="text-align: justify">Includes the reinvestments of distributions in accordance
with the operations of Fund&rsquo;s distribution reinvestment plan.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">**</TD><TD STYLE="text-align: justify">Includes distributions received but not reinvested.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Management Risk.
</I></B>The Fund is subject to management risk because it is an actively managed portfolio. The Fund&rsquo;s successful pursuit
of its investment objective depends upon the Investment Adviser&rsquo;s ability to find and exploit market inefficiencies with
respect to undervalued securities. Such situations occur infrequently and sporadically and may be difficult to predict and may
not result in a favorable pricing opportunity that allows the Investment Adviser to fulfill the Fund&rsquo;s investment objective.
The Investment Adviser&rsquo;s security selections and other investment decisions might produce losses or cause the Fund to underperform
when compared to other funds with similar investment goals. If one or more key individuals leave the employ of the Investment
Adviser, the Investment Adviser may not be able to hire qualified replacements or may require an extended time to do so. This
could prevent the Fund from achieving its investment objective. The Investment Adviser may also benefit from the Offering because
its fee is based on the assets of the Fund, which could be perceived as a conflict of interest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Other Investment Company
Securities Risk. </I></B>The Fund may invest in the securities of other closed-end investment companies and in ETFs. Investing
in other investment companies and ETFs involves substantially the same risks as investing directly in the underlying instruments,
but the total return on such investments at the investment company level may be reduced by the operating expenses and fees of
such other investment companies, including advisory fees. To the extent the Fund invests a portion of its assets in investment
company securities, those assets will be subject to the risks of the purchased investment company&rsquo;s portfolio securities,
and a stockholder in the Fund will bear not only his proportionate share of the expenses of the Fund, but also, indirectly the
expenses of the purchased investment company. There can be no assurance that the investment objective of any investment company
or ETF in which the Fund invests will be achieved.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Although the Fund currently
does not intend to use financial leverage, the securities of other investment companies in which the Fund invests may be leveraged,
which will subject the Fund to the risks associated with the use of leverage. Such risks include, among other things, the likelihood
of greater volatility of the net asset value and market price of such shares; the risk that fluctuations in interest rates on
the borrowings of such investment companies, or in the dividend rates on preferred shares that they must pay, will cause the yield
on the shares of such companies to fluctuate more than the yield generated by unleveraged shares; and the effect of leverage in
a declining market, which is likely to cause a greater decline in the net asset value of such shares than if such companies did
not use leverage, which may result in a greater decline in the market price of such shares.</P>


<!-- Field: Page; Sequence: 38; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><U>Non-Principal
Risks</U></P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In addition to the principal
risks set forth above, the following additional risks may apply to an investment in the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Anti-Takeover Provisions.
</I></B>The Fund&rsquo;s Charter and Bylaws include provisions that could limit the ability of other persons or entities to acquire
control of the Fund or to cause it to engage in certain transactions or to modify its structure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Convertible Securities
Risk. </I></B>The value of a convertible security, including, for example, a warrant, is a function of its &ldquo;investment value&rdquo;
(determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have
a conversion privilege) and its &ldquo;conversion value&rdquo; (the security&rsquo;s worth, at market value, if converted into
the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with
investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer
and other factors may also have an effect on the convertible security&rsquo;s investment value. The conversion value of a convertible
security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment
value, the price of the convertible security is governed principally by its investment value. Generally, the conversion value
decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches
or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value.
A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value
on the right to acquire the underlying common stock while holding a fixed income security.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">A convertible security
may be subject to redemption at the option of the issuer at a price established in the convertible security&rsquo;s governing
instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer
to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have
an adverse effect on the Fund&rsquo;s ability to achieve its investment objective.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Credit Risk.</I></B>
Fixed income securities rated B or below by S&amp;Ps or Moody&rsquo;s may be purchased by the Fund. These securities have speculative
characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of those
issuers to make principal or interest payments, as compared to issuers of more highly rated securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Debt Security Risk.
</I></B>In addition to interest rate risk, call risk and extension risk, debt securities are also subject to the risk that they
may also lose value if the issuer fails to make principal or interest payments when due, or the credit quality of the issuer falls.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Extension Risk. </I></B>The
Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by that Fund (such as
mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen
the duration (i.e. interest rate sensitivity) and potentially reduce the value of these securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Foreign Currency
Risk</I></B>. Although the Fund will report its net asset value and pay expenses and distributions in U.S. dollars, the Fund may
invest in foreign securities denominated or quoted in currencies other than the U.S. dollar. Therefore, changes in foreign currency
exchange rates will affect the U.S. dollar value of the Fund&rsquo;s investment securities and net asset value. For example, even
if the securities prices are unchanged on their primary foreign stock exchange, the Fund&rsquo;s net asset value may change because
of a change in the rate of exchange between the U.S. dollar and the trading currency of that primary foreign stock exchange. Certain
currencies are more volatile than those of other countries and Fund investments related to those countries may be more affected.
Generally, if a foreign currency depreciates against the dollar (i.e., if the dollar strengthens), the value of the existing investment
in the securities denominated in that currency will decline. When a given currency appreciates against the dollar (i.e., if the
dollar weakens), the value of the existing investment in the securities denominated in that currency will rise. Certain foreign
countries may impose restrictions on the ability of foreign securities issuers to make payments of principal and interest to investors
located outside of the country, due to a blockage of foreign currency exchanges or otherwise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Illiquid Securities.
</I></B>The Fund may invest up to 15% of its respective net assets in illiquid securities. Illiquid securities may offer a higher
yield than securities which are more readily marketable, but they may not always be marketable on advantageous terms. The sale
of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts than does the sale
of securities eligible for trading on national securities exchanges or in the over-the-counter markets. A security traded in the
U.S. that is not registered under the Securities Act will not be considered illiquid if Fund management determines that an adequate
investment trading market exists for that security. However, there can be no assurance that a liquid market will exist for any
security at a particular time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Interest Rate Risk.
</I></B>Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security
can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities
can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for the greater
risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security&rsquo;s
price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction.
Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes
in long-term interest rates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Investment in Small
and Mid-Capitalization Companies.</I></B> The Fund may invest in companies with mid or small sized capital structures (generally
a market capitalization of $5 billion or less). Accordingly, the Fund may be subject to the additional risks associated with investment
in these companies. The market prices of the securities of such companies tend to be more volatile than those of larger companies.
Further, these securities tend to trade at a lower volume than those of larger more established companies. If the Fund is heavily
invested in these securities and the value of these securities suddenly declines, that Fund will be susceptible to significant
losses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Leverage Risk. </I></B>Utilization
of leverage is a speculative investment technique and involves certain risks to the holders of common stock. These include the
possibility of higher volatility of the net asset value of the common stock and potentially more volatility in the market value
of the common stock. So long as the Fund is able to realize a higher net return on its investment portfolio than the then current
cost of any leverage together with other related expenses, the effect of the leverage will be to cause holders of common stock
to realize higher current net investment income than if the Fund were not so leveraged. On the other hand, to the extent that
the then current cost of any leverage, together with other related expenses, approaches the net return on the Fund&rsquo;s investment
portfolio, the benefit of leverage to holders of common stock will be reduced, and if the then current cost of any leverage were
to exceed the net return on the Fund&rsquo;s portfolio, the Fund&rsquo;s leveraged capital structure would result in a lower rate
of return to Stockholders than if the Fund were not so leveraged. There can be no assurance that the Fund&rsquo;s leverage strategy
will be successful.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Market Discount from
Net Asset Value. </I></B>Shares of closed-end investment companies frequently trade at a discount from their net asset value.
This characteristic is a risk separate and distinct from the risk that the Fund&rsquo;s net asset value could decrease as a result
of its investment activities and may be greater for investors expecting to sell their Shares in a relatively short period following
completion of the Offering. The net asset value of the Shares will be reduced immediately following the offering as a result of
the payment of certain costs of the Offering. Whether investors will realize gains or losses upon the sale of the Shares will
depend not upon the Fund&rsquo;s net asset value but entirely upon whether the market price of the Shares at the time of sale
is above or below the investor&rsquo;s purchase price for the Shares. Because the market price of the Shares will be determined
by factors such as relative supply of and demand for the Shares in the market, general market and economic conditions, and other
factors beyond the control of the Fund, the Fund cannot predict whether the Shares will trade at, below or above net asset value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Over-the-Counter Bulletin
Board Markets. </I></B>The Fund may invest in companies whose stock is trading on the over-the-counter Bulletin Board which have
only a limited trading market. A more active trading market may never develop. The Fund may be unable to sell its investments
in these companies on any particular day due to the limited trading market.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Portfolio Turnover
Risk. </I></B>The Investment Adviser cannot predict the Fund&rsquo;s securities portfolio turnover rate with certain accuracy,
but anticipates that its annual portfolio turnover rate will range between 10% and 90% under normal market conditions. However,
it could be materially higher under certain conditions. Higher portfolio turnover rates could result in corresponding increases
in brokerage commissions and may generate short-term capital gains taxable as ordinary income.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Preferred Securities
Risk. </I></B>Investment in preferred securities carries risks including credit risk, deferral risk, redemption risk, limited
voting rights, risk of subordination and lack of liquidity. Fully taxable or hybrid preferred securities typically contain provisions
that allow an issuer, at its discretion, to defer distributions for up to 20 consecutive quarters. Traditional preferreds also
contain provisions that allow an issuer, under certain conditions to skip (in the case of &ldquo;noncumulative preferreds&rdquo;)
or defer (in the case of &ldquo;cumulative preferreds&rdquo;), dividend payments. If the Fund owns a preferred security that is
deferring its distributions, the Fund may be required to report income for tax purposes while it is not receiving any distributions.
Preferred securities typically contain provisions that allow for redemption in the event of tax or security law changes in addition
to call features at the option of the issuer. In the event of a redemption, the Fund may not be able to reinvest the proceeds
at comparable rates of return. Preferred securities typically do not provide any voting rights, except in cases when dividends
are in arrears beyond a certain time period, which varies by issue. Preferred securities are subordinated to bonds and other debt
instruments in a company&rsquo;s capital structure in terms of priority to corporate income and liquidation payments, and therefore
will be subject to greater credit risk than those debt instruments. Preferred securities may be substantially less liquid than
many other securities, such as U.S. government securities, corporate debt or common stocks. Dividends paid on preferred securities
will generally not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. See &ldquo;Certain
Additional Material United States Federal Income Tax Considerations.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Repurchase Agreement
Risk. </I></B>The Fund does not enter into nor does it currently intend to enter into repurchase agreements, however, if the Fund
were to enter into repurchase agreements, the Fund could suffer a loss if the proceeds from a sale of the securities underlying
a repurchase agreement to which it is a party turns out to be less than the repurchase price stated in the agreement. In addition,
repurchase agreements may involve risks in the event of default or insolvency of the seller, including possible delays or restrictions
upon the Fund&rsquo;s ability to dispose of the underlying securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B><I>Securities Lending
Risk. </I></B>Securities lending is subject to the risk that loaned securities may not be available to the Fund on a timely basis
and the Fund may, therefore, lose the opportunity to sell the securities at a desirable price. Any loss in the market price of
securities loaned by the Fund that occurs during the term of the loan would be borne by the Fund and would adversely affect the
Fund&rsquo;s performance. Also, there may be delays in recovery, or no recovery, of securities loaned or even a loss of rights
in the collateral should the borrower of the securities fail financially while the loan is outstanding. The Fund retains the right
to recall securities that it lends to enable it to vote such securities if it determines such vote to be material. Despite its
right to recall securities lent, there can be no guarantee that recalled securities will be received timely to enable the Fund
to vote those securities. The Fund does not anticipate having any securities lending income during the current calendar year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>LISTING OF SHARES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund&rsquo;s Shares trade
on the NYSE American under the ticker symbol &ldquo;CLM,&rdquo; and are required to meet the NYSE American&rsquo;s continued listing
requirements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">MANAGEMENT OF THE FUND</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Directors and Officers</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Board of Directors is
responsible for the overall management of the Fund, including supervision of the duties performed by the Investment Adviser. There
are six Directors of the Fund, one of which is an &ldquo;interested person&rdquo; (as defined in the 1940 Act) of the Fund. The
Directors are responsible for the Fund&rsquo;s overall management, including adopting the investment and other policies of the
Fund, electing and replacing officers and selecting and supervising the Fund&rsquo;s Investment Adviser. The name and business
address of the Directors and officers of the Fund and their principal occupations and other affiliations during the past five
years, as well as a description of committees of the Board of Directors, are set forth under &ldquo;Management&rdquo; in the Statement
of Additional Information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Investment Adviser</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">At the Fund&rsquo;s annual
meeting of stockholders held on April 16, 2019, stockholders of the Fund approved a new investment management agreement with Cornerstone
Advisors Asset Management LLC, which agreement became effective May 1, 2019. Cornerstone Advisors Asset Management LLC subsequently
changed its name to Cornerstone Advisors, LLC. Prior to May 1, 2019, the Fund was managed by Cornerstone Advisors, Inc. (the &ldquo;Former
Investment Adviser&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Cornerstone Advisors, LLC
(the &ldquo;Investment Adviser&rdquo;), 1075 Hendersonville Road, Suite 250, Asheville, North Carolina 28803, is a limited liability
company organized under the laws of North Carolina and serves as the Fund&rsquo;s investment adviser. The Investment Adviser is
registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Investment Adviser
manages one other closed-end fund with combined assets with the Fund, of approximately $1,164.3 million, as of December 31, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Under the general supervision
of the Fund&rsquo;s Board of Directors, the Investment Adviser carries out the investment and reinvestment of the net assets of
the Fund, continuously furnishes an investment program with respect to the Fund, determines which securities should be purchased,
sold or exchanged, and implements such determinations. The Investment Adviser furnishes to the Fund investment advice and office
facilities, equipment and personnel for servicing the investments of the Fund. The Investment Adviser compensates all Directors
and officers of the Fund who are members of the Investment Adviser&rsquo;s organization and who render investment services to
the Fund, and will also compensate all other Investment Adviser personnel who provide research and investment services to the
Fund. In return for these services, facilities and payments, the Fund has agreed to pay the Investment Adviser as compensation
under the Investment Management Agreement a monthly fee computed at the annual rate of 1.00% of the average weekly net assets
of the Fund. The total estimated annual expenses of the Fund are set forth in the section titled &ldquo;Summary of Fund Expenses.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Board of Directors annually
considers the continuance of the Investment Management Agreement. A discussion regarding the basis for the Board of Directors&rsquo;
approval on February 5, 2021 of the continuance of the Investment Management Agreement between the Fund and the Investment Adviser
will be available in the Fund&rsquo;s semi-annual report to Stockholders for the six-month period ended June 30, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">During the last three fiscal
years, the Fund paid the Investment Adviser (and Former Investment Adviser, as noted) the following amounts as compensation:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
 <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year Ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: center">2020</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: center">2019<SUP>(1)</SUP></td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: center">2018<SUP>(2)</SUP></td><td>&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Gainsboro">
    <td style="width: 55%; text-align: left">Management Fees Earned</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,398,443</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">8,048,500</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">7,067,013</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Management Fee Paid</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">7,398,443</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">8,048,500</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">7,067,013</td><td style="text-align: left">&nbsp;</td></tr>
 </table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Includes $2,452,522 fees paid to the Former Investment Adviser for the period ending April
                                                                              30, 2019.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">Paid to the Former Investment Adviser.</TD>
</TR></TABLE>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Portfolio Manager</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Ralph W. Bradshaw has been
the Fund&rsquo;s portfolio manager (the &ldquo;Portfolio Manager&rdquo;) for over ten years. Mr. Bradshaw, President of Cornerstone
Advisors, LLC, is the President and Chairman of the Board of Directors of the Fund. In addition, Mr. Bradshaw may consult with
Joshua G. Bradshaw and Daniel W. Bradshaw, co-portfolio managers of the Fund, regarding investment decisions. In carrying out
responsibilities for the management of the Fund&rsquo;s portfolio of securities, the Portfolio Manager has primary responsibility.
The Investment Adviser may create a portfolio management team by assigning additional portfolio managers. In cases where the team
might not be in agreement with regard to an investment decision, Mr. Bradshaw has ultimate authority to decide the matter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Administrator and Fund Accounting
Agent</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Ultimus Fund Solutions,
LLC, located at 225 Pictoria Drive, Suite 450, Cincinnati, OH (&ldquo;Ultimus&rdquo;) serves as the administrator and funding
accounting agent to the Fund. Under the fund accounting and administration agreement with the Fund, Ultimus is responsible for
generally managing the administrative affairs of the Fund, including supervising the preparation of reports to Stockholders, reports
to and filings with the SEC and materials for meetings of the Board. Ultimus is also responsible for calculating the net asset
value per share and maintaining the financial books and records of the Fund. Ultimus is entitled to receive a base fee of $5,000
per month plus an asset-based fee of 0.05% of the first $250 million of average daily net assets, 0.04% of such assets greater
than $250 million to $1 billion, 0.03% of such assets greater than $1 billion to $2 billion and 0.02% of such assets in excess
of $2 billion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Custodian and Transfer Agent</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">U.S. Bank N.A., located at 425
Walnut Street, Cincinnati, Ohio 45202, is the custodian of the Fund and maintains custody of the securities and cash of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">American Stock Transfer
and Trust Co., LLC, with an address at 6201 15th Avenue, Brooklyn, New York 11219, serves as the transfer agent and dividend paying
agent of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Fund Expenses</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Investment Adviser is
obligated to pay expenses associated with providing the services contemplated by the Investment Management 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. The Fund is not obligated to pay the fees of any Director of the Fund who is affiliated
with the Investment Adviser.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Ultimus is obligated to
pay expenses associated with providing the services contemplated by the fund accounting and administration agreement, including
compensation of and office space for Ultimus&rsquo; officers and employees and administration of the Fund. The Fund is not obligated
to pay the fees of any Director or officer of the Fund who is affiliated with Ultimus.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund pays all other
expenses incurred in the operation of the Fund including, among other things, (i) expenses for legal and independent accountants&rsquo;
services, (ii) costs of printing proxies, share certificates and reports to stockholders, (iii) charges of the custodian and transfer
agent in connection with the Fund&rsquo;s Distribution Reinvestment Plan, (iv) fees and expenses of independent Directors, (v)
printing costs, (vi) membership fees in trade association, (vii) fidelity bond coverage for the Fund&rsquo;s officers and Directors,
(viii) errors and omissions insurance for the Fund&rsquo;s officers and Directors, (ix) brokerage costs and listing fees and expenses
charged by NYSE American, (x) taxes and (xi) other extraordinary or non-recurring expenses and other expenses properly payable
by the Fund. The expenses incident to the Offering and issuance of Shares to be issued by the Fund will be recorded as a reduction
of capital of the Fund attributable to the Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund&rsquo;s annual
operating expenses for the fiscal year ended December 31, 2020 were approximately $8,429,000. No assurance can be given, in light
of the Fund&rsquo;s investment objectives and policies, however, that future annual operating expenses will not be substantially
more or less than this estimate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Offering expenses relating
to the Fund&rsquo;s Shares, estimated at approximately $250,000 be payable upon completion of the Offering and will be deducted
from the proceeds of the Offering.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Investment Management
Agreement authorizes the Investment Adviser to select brokers or dealers (including affiliates) to arrange for the purchase and
sale of Fund securities, including principal transactions. Any commission, fee or other remuneration paid to an affiliated broker
or dealer is paid in compliance with the Fund&rsquo;s procedures adopted in accordance with Rule 17e-1 under the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>DETERMINATION OF NET ASSET VALUE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The net asset value of
shares of the Fund is determined weekly and on the last business day of each month, as of the close of regular trading on the
NYSE American (normally, 4:00 p.m., Eastern time). In computing net asset value, portfolio securities of the Fund are valued at
their current market values determined on the basis of market quotations. If market quotations are not readily available, securities
are valued at fair value as determined by the Board of Directors. The Fund&rsquo;s investments in closed-end funds or ETFs whose
shares are listed on a national securities exchange are valued using the market price at the close of the NYSE American or such
other exchange on which they are listed. Private funds and non-traded closed-end funds are fair valued based on the Fund&rsquo;s
fair valuation policies and procedures. Fair valuation involves subjective judgments, and it is possible that the fair value determined
for a security may differ materially from the value that could be realized upon the sale of the security. Non-dollar-denominated
securities are valued as of the close of the NYSE American at the closing price of such securities in their principal trading
market, but may be valued at fair value if subsequent events occurring before the computation of net asset value materially have
affected the value of the securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Trading may take place
in foreign issues held by the Fund at times when the Fund is not open for business. As a result, the Fund&rsquo;s net asset value
may change at times when it is not possible to purchase or sell shares of the Fund. The Fund may use a third party pricing service
to assist it in determining the market value of securities in the Fund&rsquo;s portfolio. The Fund&rsquo;s net asset value per
Share is calculated by dividing the value of the Fund&rsquo;s total assets (the value of the securities the Fund holds plus cash
or other assets, including interest accrued but not yet received), less accrued expenses of the Fund, less the Fund&rsquo;s other
liabilities by the total number of Shares outstanding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Readily marketable portfolio
securities listed on the NYSE American are valued, except as indicated below, at the last sale price reflected on the consolidated
tape at the close of the NYSE American on the business day as of which such value is being determined. If there has been no sale
on such day, the securities are valued at the mean of the closing bid and asked prices on such day. If no bid or asked prices
are quoted on such day or if market prices may be unreliable because of events occurring after the close of trading, then the
security is valued by such method as the Board of Directors shall determine in good faith to reflect its fair market value. Readily
marketable securities not listed on the NYSE American but listed on other domestic or foreign securities exchanges are valued
in a like manner. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business
day as of which such value is being determined as reflected on the consolidated tape at the close of the exchange representing
the principal market for such securities. Securities trading on the Nasdaq Stock Market, Inc. (&ldquo;NASDAQ&rdquo;) are valued
at the NASDAQ Official Closing Price. Readily marketable securities traded in the over-the counter market, including listed securities
whose primary market is believed by the Investment Adviser to be over-the-counter, are valued at the mean of the current bid and
asked prices as reported by the NASDAQ or, in the case of securities not reported by the NASDAQ or a comparable source, as the
Board of Directors deem appropriate to reflect their fair market value. Where securities are traded on more than one exchange
and also over-the-counter, the securities will generally be valued using the quotations the Board of Directors believes reflect
most closely the value of such securities.</P>


<!-- Field: Page; Sequence: 42; Value: 1 -->
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    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">DISTRIBUTION POLICY</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund initiated a fixed,
monthly distribution to stockholders in 2002 which, with interim adjustments and extensive disclosure, continues to be a high-level
managed distribution policy. The Distribution Policy has been maintained through the historic economic volatility, increased regulatory
scrutiny and challenging markets of the intervening years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">During recent years, the
Fund&rsquo;s investments made in accordance with its objective have failed to provide adequate income to meet the requirements
of the Distribution Policy. Nevertheless, the Board continues to believe that the Fund&rsquo;s objective and strategy are complementary
to the Fund&rsquo;s commitment, through the Distribution Policy, to provide regular distributions which increase liquidity and
provide flexibility to individual Stockholders. The Investment Adviser seeks to achieve net investment returns that exceed the
amount of the Fund&rsquo;s managed distributions, although there is no guarantee that the Investment Adviser will be successful
in this regard.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">What are the features
of the Distribution Policy?</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Distribution Policy
provides a regular monthly distribution to Stockholders that is adjusted through an annual resetting of the monthly distribution
amount per share based on the Fund&rsquo;s net asset value on the last business day in October. The terms of the Distribution
Policy have been reviewed and are approved at least annually by the Fund&rsquo;s Board and can be modified at the Board&rsquo;s
discretion. To the extent that distributions exceed the current Net Earnings of the Fund, the balance of the amounts paid out
will be generated from sales of portfolio securities held by the Fund and will be distributed either as short-term or long-term
capital gains or a tax-free return-of- capital. Although return of capital distributions may not be taxable, such distributions
may reduce a Stockholder&rsquo;s cost basis in his or her Shares, and therefore may result in an increase in the amount of any
taxable gain on a subsequent disposition of such Shares, even if such Shares are sold at a loss to the Stockholder&rsquo;s original
investment amount. To the extent these distributions are not represented by net investment income and capital gains, they will
not represent yield or investment return on the Fund&rsquo;s investment portfolio. As shown on page [&#9679;] in the table which identifies
the constituent components of the Fund&rsquo;s distributions under its Managed Distribution Policy for years 2016-2020, a majority
of the distributions that the Fund made to its Stockholders for 2016, 2019 and 2020 consisted of a return of its Stockholders&rsquo;
capital, and not of income or gains generated from the Fund&rsquo;s investment portfolio, and substantially all of the distributions
that the Fund made to its Stockholders for 2018 consisted of a return of its Stockholders&rsquo; capital, and not of income or
gains generated from the Fund&rsquo;s investment portfolio. For 2017, a portion of the distributions that the made to its Stockholders
consisted of a return of its Stockholders&rsquo; capital, and not of income or gains generated from the Fund&rsquo;s investment
portfolio. A return-of-capital distribution reduces the tax basis of an investor&rsquo;s shares in the Fund. The Fund plans to
maintain the Distribution Policy even if a return-of-capital distribution would exceed an investor&rsquo;s tax basis and therefore
be a taxable distribution. The Board currently plans to maintain this Distribution Policy even if regulatory requirements would
make part of a return-of-capital, necessary to maintain the distribution, taxable to Stockholders and to disclose that portion
of the distribution that is classified as ordinary income. Although it has no current intention to do so, the Board may terminate
the Distribution Policy at any time and such termination may have an adverse effect on the market price for the Fund&rsquo;s Shares.</P>


<!-- Field: Page; Sequence: 43; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">What are the benefits
of the Distribution Policy?</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Distribution Policy
historically has maintained a stable, high rate of distribution. The Board remains convinced that the Fund&rsquo;s Stockholders
are well served by a policy of regular distributions which increase liquidity and provide flexibility to individual Stockholders
in managing their investments. Stockholders have the option of reinvesting all or a portion of these distributions in additional
Shares through the Fund&rsquo;s distribution reinvestment plan or receiving them in cash. For more information regarding the Fund&rsquo;s
distribution reinvestment plan, Stockholders should carefully read the description of the distribution reinvestment plan contained
in the Fund&rsquo;s Reports to Stockholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">What are the risks
of the Distribution Policy?</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund makes level distributions
on a monthly basis and these distributions are not tied to the Fund&rsquo;s net investment income and capital gains and may not
represent yield or investment return on the Fund&rsquo;s portfolio. Under the Distribution Policy, the Fund makes monthly distributions
to Stockholders at a rate that may include periodic distributions of its Net Earnings or a return of capital. As noted above,
Stockholders have the option of reinvesting all or a portion of these distributions in additional shares of the Fund through the
Fund&rsquo;s distribution reinvestment plan or receiving them in cash. In any fiscal year where total cash distributions exceed
Net Earnings and unrealized gain or loss for the year, such excess will decrease the Fund&rsquo;s total assets and, as a result,
will have the likely effect of increasing the Fund&rsquo;s expense ratio. There is a risk that the total Net Earnings and unrealized
gain or loss for years from the Fund&rsquo;s portfolio would not be great enough to fully offset the amount of cash distributions
paid to Fund stockholders. If this were to be the case, the Fund&rsquo;s assets would be partially reduced by an equal amount,
and there is no guarantee that the Fund would be able to replace the assets. In addition, in order to make such distributions,
the Fund may need to sell a portion of its investment portfolio at a time when independent investment judgment might not dictate
such action. Furthermore, the cash used to make distributions will not be available for investment pursuant to the Fund&rsquo;s
investment objective.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Funds maintain varying
degrees of cash levels pursuant to market conditions and the judgment of the portfolio manager. In addition, portfolio managers
must raise cash periodically to cover operating expenses. For any fund, to the extent that cash is held at any given time for
operating expenses or other purposes, it will not be available for investment pursuant to that fund&rsquo;s investment objective.
In addition to these general cash requirements, a fund&rsquo;s distribution policy may also require that securities be sold to
raise cash for those stockholders who elect to take cash distributions rather than reinvest in shares of the fund, in which case,
it will also not be available for investment pursuant to the fund&rsquo;s investment objective. It is possible that a situation
will occur where the Distribution Policy contributes to a reduction of assets over an extended period of time such that the assets
of the Fund are reduced to a point where the Fund would no longer be economically viable. In such event, the Fund would need to
take additional actions, which may include, for example, liquidation or merger, to address the situation. While this is one of
the risk factors of any managed distribution policy, including the Distribution Policy, it is important to note that the Distribution
Policy was not designed to be a mechanism for the dissolution of the Fund or a short-term liquidation policy, and it is not the
intention of the Board to allow the Fund to self-liquidate through the unsupervised effects of the Distribution Policy. The Board
monitors the Distribution Policy and the Fund&rsquo;s asset levels regularly, and remains ready to modify the terms of the Distribution
Policy if, in its judgment, the Board believes it is in the best interests of the Fund and its Stockholders. The Board may consider
additional rights offerings in the future.</P>


<!-- Field: Page; Sequence: 44; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">A return-of-capital distribution
reduces the tax basis of an investor&rsquo;s Shares, which may make record-keeping by certain Stockholders more difficult.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund discloses the characterization
of its distributions in notices to Stockholders and press releases to the public. Notwithstanding these communications, it is
possible that the Distribution Policy may create potential confusion in the marketplace as to whether the Fund&rsquo;s distributions
are comprised of income or return of capital and how such characterization may influence the market price of the Fund&rsquo;s
Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">For the years 2016-2020, the
Fund&rsquo;s distributions under the Distribution Policy were characterized, on an annual basis, as set forth on the table below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="21" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid">Cornerstone Strategic Value Fund, Inc.</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="21" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Dividend and Distributions Paid from 2016 through 2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Earnings</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return-of-Capital</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Years</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Total
</B></P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Dividends
and Distributions</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Amount</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Percent</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Amount</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Percent</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">2016</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: right">77,460,037</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: right">21,159,907</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: right">27.32</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">%</TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: right">56,300,130</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">72.68</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">2017</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">94,415,301</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,183,699</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">51.03</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,231,602</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48.97</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">2018</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">158,625,475</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,320,936</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12.81</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">138,304,539</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">87.19</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">2019</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">181,607,411</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">45,786,447</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25.21</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">135,820,964</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">74.79</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">169,115,831</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">62,663,445</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">37.05</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">106,452,386</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">62.95</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Unless the registered owner
of Shares elects to receive cash, all distributions declared on the Fund&rsquo;s Shares will be automatically reinvested in additional
Shares. See &ldquo;Distribution Reinvestment Plan&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In order to maintain the
Distribution Policy, the Fund applied for and received an exemption from the requirements of Section 19(b) of the 1940 Act and
Rule 19b-1 thereunder permitting the Fund to make periodic distributions of long-term capital gains, provided that the Distribution
Policy calls for periodic (e.g., quarterly/monthly) distributions in an amount equal to a fixed percentage of the Fund&rsquo;s
average net asset value over a specified period of time or market price per Share at or about the time of distribution or pay-out
of a level dollar amount.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Distribution Policy
results in the payment of approximately the same amount per share to the Fund&rsquo;s Stockholders each month. These distributions
are not to be tied to the Fund&rsquo;s investment income and capital gains and do not represent yield or investment return on
the Fund&rsquo;s portfolio. Section 19(a) of the 1940 Act and Rule 19a-1 thereunder require the Fund to provide a written statement
accompanying any such payment that adequately discloses its source or sources, other than net investment income. Thus, if the
source of some or all of the dividend or other distribution were the original capital contribution of the Stockholder, and the
payment amounted to a return of capital, the Fund would be required to provide written disclosure to that effect. Nevertheless,
persons who periodically receive the payment of a dividend or other distribution may be under the impression that they are receiving
net profits when they are not. Stockholders should read any written disclosure provided pursuant to Section 19(a) and Rule 19a-1
carefully, and should not assume that the source of any distribution from the Fund is net profit. A return of capital distribution
does not reflect positive investment performance. Stockholders should not draw any conclusions about the Fund&rsquo;s investment
performance from the amount of its managed distributions or from the terms of the Distribution Policy. When the Fund issues a
written disclosure pursuant to Section 19(a) and Rule 19a-1, the Fund will refer to such a notice as a &ldquo;Rule 19a-1 Notice
Accompanying Distribution Payment&rdquo;. In addition, the Fund will refer to the return of capital distributions as &ldquo;Paid-in-capital&rdquo;
which will be presented under the &ldquo;Source of Payment&rdquo; heading in such notice.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">On August 7, 2020, the
Board of Directors of the Fund determined that the distribution percentage for the calendar year 2021 would remain at 21%, which
was the same distribution percentage used in 2020, which was then applied to the net asset value of the Fund at the end of October
2020 to determine the distribution amounts for calendar year 2021. During 2021, the Board of Directors of the Fund will make a
determination regarding the distribution percentage for 2022 which will then be applied to the net asset value of the Fund at
the end of October 2021 to determine the distribution amounts for calendar year 2022. The distribution percentage is not a function
of, nor is it related to, the investment return on the Fund&rsquo;s portfolio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Board of Directors reserves
the right to change the Distribution Policy from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>DISTRIBUTION REINVESTMENT PLAN</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund operates a distribution
reinvestment plan (the &ldquo;Plan&rdquo;), administered by American Stock Transfer &amp; Trust Company, LLC (the &ldquo;Agent&rdquo;),
pursuant to which the Fund&rsquo;s income dividends or capital gains or other distributions (each, a &ldquo;Distribution&rdquo;,
and collectively, &ldquo;Distributions&rdquo;), net of any applicable U.S. withholding tax, are reinvested in shares of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Stockholders automatically
participate in the Fund&rsquo;s Plan, unless and until an election is made to withdraw from the Plan on behalf of such participating
Stockholder. Stockholders who do not wish to have Distributions automatically reinvested should so notify the Agent at 6201 15th
Avenue, Brooklyn, NY 11219. Under the Plan, the Fund&rsquo;s Distributions to Stockholders are reinvested in full and fractional
Shares as described below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">When the Fund declares a
Distribution, the Agent, on the Stockholder&rsquo;s behalf, will (i) receive additional authorized shares from the Fund either
newly issued or repurchased from Stockholders by the Fund and held as treasury stock (&ldquo;Newly Issued Shares&rdquo;) or (ii)
purchase outstanding shares on the open market, on the NYSE American or elsewhere, with cash allocated to it by the Fund (&ldquo;Open
Market Purchases&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The method for determining
the number of Newly Issued Shares received when Distributions are reinvested will be determined by dividing the amount of the
Distribution either by the Fund&rsquo;s last reported net asset value per share or by a price equal to the average closing price
of the Fund over the five trading days preceding the payment date of the Distribution, whichever is lower. However, if the last
reported net asset value of the Fund&rsquo;s Shares is higher than the average closing price of the Fund over the five trading
days preceding the payment date of the Distribution (i.e., the Fund is selling at a discount), Shares may be acquired by the Agent
in Open Market Purchases and allocated to the reinvesting Stockholders based on the average cost of such Open Market Purchases.
Upon notice from the Fund, the Agent will receive the Distribution in cash and will purchase shares of common stock in the open
market, on the NYSE American or elsewhere, for the participants&rsquo; accounts, except that the Agent will endeavor to terminate
purchases in the open market and cause the Fund to issue the remaining shares if, following the commencement of the purchases,
the market value of the shares, including brokerage commissions, exceeds the net asset value at the time of valuation. These remaining
shares will be issued by the Fund at a price equal to the net asset value at the time of valuation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In a case where the Agent
has terminated open market purchases and caused the issuance of remaining shares by the Fund, the number of shares received by
the participant in respect of the Distribution will be based on the weighted average of prices paid for shares purchased in the
open market, including brokerage commissions, and the price at which the Fund issues the remaining shares. To the extent that
the Agent is unable to terminate purchases in the open market before the Agent has completed its purchases, or remaining shares
cannot be issued by the Fund because the Fund declared a Distribution payable only in cash, and the market price exceeds the net
asset value of the shares, the average share purchase price paid by the Agent may exceed the net asset value of the shares, resulting
in the acquisition of fewer shares than if the Distribution had been paid in shares issued by the Fund.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Whenever the Fund declares
a Distribution and the last reported net asset value of the Fund&rsquo;s shares is higher than its market price, the Agent will
apply the amount of such Distribution payable to Plan participants of the Fund in Fund shares (less such Plan participant&rsquo;s
pro rata share of brokerage commissions incurred with respect to Open Market Purchases in connection with the reinvestment of
such Distribution) to the purchase on the open market of Fund shares for such Plan participant&rsquo;s account. Such purchases
will be made on or after the payable date for such Distribution, and in no event more than 30 days after such date except where
temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities laws.
The Agent may aggregate a Plan participant&rsquo;s purchases with the purchases of other Plan participants, and the average price
(including brokerage commissions) of all shares purchased by the Agent shall be the price per share allocable to each Plan participant.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Registered Stockholders
who do not wish to have their Distributions automatically reinvested should so notify the Fund in writing. If a Stockholder has
not elected to receive cash Distributions and the Agent does not receive notice of an election to receive cash Distributions prior
to the record date of any Distribution, the Stockholder will automatically receive such Distributions in additional Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Participants in the Plan
may withdraw from the Plan by providing written notice to the Agent at least 30 days prior to the applicable Distribution payment
date. The Agent will maintain all Stockholder accounts in the Plan and furnish written confirmations of all transactions in the
accounts, including information needed by Stockholders for personal and tax records. The Agent will hold Shares in the account
of the Plan participant in non-certificated form in the name of the participant, and each Stockholder&rsquo;s proxy will include
those Shares purchased pursuant to the Plan. The Agent will distribute all proxy solicitation materials to participating Stockholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In the case of Stockholders,
such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating in the Plan, the Agent
will administer the Plan on the basis of the number of Shares certified from time to time by the record Stockholder as representing
the total amount of Shares registered in the Stockholder&rsquo;s name and held for the account of beneficial owners participating
in the Plan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Neither the Agent nor the
Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant
to the Plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither
shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation,
failure to terminate a participant&rsquo;s account prior to receipt of written notice of his or her death or with respect to prices
at which Shares are purchased or sold for the participants account and the terms on which such purchases and sales are made, subject
to applicable provisions of the federal securities laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The automatic reinvestment
of Distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be
withheld) on such Distributions. The Fund reserves the right to amend or terminate the Plan. There is no direct service charge
to participants with regard to purchases in the Plan.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Participants may at any
time sell some or all of their shares though the Agent. Shares may be sold via the internet at www.astfinancial.com or by calling
the toll free number (866) 668-6558. Participants can also use the tear off portion attached to the bottom of their statement
and mail the request to American Stock Transfer and Trust Company LLC, 6201 15th Avenue, Brooklyn, NY 11219. There is a commission
of $0.05 per share.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">All correspondence concerning
the Plan should be directed to the Agent at 6201 15th Avenue, Brooklyn, NY 11219. Certain transactions
can be performed online at www.astfinancial.com or by calling the toll free number (866) 668-6558.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">CERTAIN ADDITIONAL MATERIAL UNITED
STATES FEDERAL INCOME TAX CONSIDERATIONS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The following is a summary
discussion of certain U.S. federal income tax consequences that may be relevant to a Stockholder that acquires, holds and/or disposes
of the Fund&rsquo;s Shares, and reflects provisions of the Code, existing Treasury regulations, rulings published by the Internal
Revenue Service (&ldquo;IRS&rdquo;), and other applicable authority, as of the date of this prospectus. These authorities are
subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only
a summary of some of the important tax considerations generally applicable to investments in the Fund and the discussion set forth
herein does not constitute tax advice. For more detailed information regarding tax considerations, see the Statement of Additional
Information. There may be other tax considerations applicable to particular investors. In addition, income earned through an investment
in the Fund may be subject to state, local and foreign taxes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Taxation as a Regulated Investment
Company</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund intends to elect
to be treated and to qualify each year for taxation as a regulated investment company (a &ldquo;RIC&rdquo;) under Subchapter M
of the Code. In order for the Fund to qualify as a RIC, it must meet income and asset diversification tests each year. If the
Fund so qualifies and satisfies certain distribution requirements, the Fund (but not its Stockholders) will not be subject to
federal income tax to the extent it distributes its investment company taxable income and net capital gains (the excess of net
long-term capital gains over net short-term capital loss) in a timely manner to its Stockholders in the form of dividends or capital
gain distributions. The Code imposes a 4% nondeductible excise tax on RICs, such as the Fund, to the extent they do not meet certain
distribution requirements by the end of each calendar year. The Fund anticipates meeting these distribution requirements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund intends to make
monthly distributions of investment company taxable income after payment of the Fund&rsquo;s operating expenses. Unless a Stockholder
is ineligible to participate or elects otherwise, all distributions will be automatically reinvested in additional Shares pursuant
to the Fund&rsquo;s distribution reinvestment plan (the &ldquo;Plan&rdquo;). For U.S. federal income tax purposes, all dividends
are generally taxable whether a Stockholder takes them in cash or they are reinvested pursuant to the Plan in additional Shares.
Distributions of the Fund&rsquo;s investment company taxable income (including short-term capital gains) will generally be treated
as ordinary income to the extent of the Fund&rsquo;s current and accumulated earnings and profits. Distributions of the Fund&rsquo;s
net capital gains (&ldquo;capital gain dividends&rdquo;), if any, are taxable to Stockholders as long-term capital gains, regardless
of the length of time Shares have been held by Stockholders. Distributions, if any, in excess of the Fund&rsquo;s earnings and
profits will first reduce the adjusted tax basis of a holder&rsquo;s Shares and, after that basis has been reduced to zero, will
constitute capital gains to the Stockholder (assuming the Shares are held as a capital asset). See below for a summary of the
maximum tax rates applicable to capital gains (including capital gain dividends). A corporation that owns Shares generally will
not be entitled to the dividends received deduction with respect to all of the dividends it receives from the Fund. Fund dividend
payments that are attributable to qualifying dividends received by the Fund from certain domestic corporations may be designated
by the Fund as being eligible for the dividends received deduction. There can be no assurance as to what portion of Fund dividend
payments may be classified as qualifying dividends. With respect to the monthly distributions of investment company taxable income
described above, it may be the case that any such distributions would result in a return of capital to the Stockholder. The determination
of the character for U.S. federal income tax purposes of any distribution from the Fund (i.e., ordinary income dividends, capital
gains dividends, qualifying dividends, return of capital distributions) will be made as of the end of the Fund&rsquo;s taxable
year. Generally, no later than 60 days after the close of its taxable year, the Fund will provide Stockholders with a written
notice designating the amount of any capital gain distributions or other distributions. See &ldquo;Distribution Policy&rdquo;
for a more complete description of such returns and the risks associated with them.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may elect to retain
its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case,
it may designate the retained amount as undistributed capital gains in a notice to its Stockholders who will be treated as if
each received a distribution of such Stockholder&rsquo;s pro rata share of such gain, with the result that each Stockholder will
(i) be required to report such Stockholder&rsquo;s pro rata share of such gain on such Stockholder&rsquo;s tax return as long-
term capital gain, (ii) receive a refundable tax credit for such Stockholder&rsquo;s pro rata share of tax paid by the Fund on
the gain and (iii) increase the tax basis for such Stockholder&rsquo;s Shares by an amount equal to the deemed distribution less
the tax credit.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Under current law, certain
income distributions paid by the Fund to individual taxpayers may be taxed at rates equal to those applicable to net long-term
capital gains (generally, 20%). This tax treatment applies only if certain holding period and other requirements are satisfied
by the Stockholder with respect to its Shares, and the dividends are attributable to qualified dividends received by the Fund
itself. For this purpose, &ldquo;qualified dividends&rdquo; means dividends received by the Fund from certain United States corporations
and certain qualifying foreign corporations, provided that the Fund satisfies certain holding period and other requirements in
respect of the stock of such corporations. In the case of securities lending transactions, payments in lieu of dividends are not
qualified dividends. Thereafter, the Fund&rsquo;s dividends, other than capital gain dividends, will be fully taxable at ordinary
income tax rates unless further legislative action is taken. While certain income distributions to Stockholders may qualify as
qualified dividends, the Fund&rsquo;s seeks to provide dividends regardless of whether they so qualify. As additional special
rules apply to determine whether a distribution will be a qualified dividend, investors should consult their tax advisors. Investors
should also see the &ldquo;Taxes&rdquo; section of the Fund&rsquo;s Statement of Additional Information for more information relating
to qualified dividends.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Dividends and interest
received, and gains realized, by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by
foreign countries and U.S. possessions (collectively &ldquo;foreign taxes&rdquo;) that would reduce the return on its securities.
Tax conventions between certain countries and the United States, however, may reduce or eliminate foreign taxes, and many foreign
countries do not impose taxes on capital gains in respect of investments by foreign investors. If more than 50% of the value of
the Fund&rsquo;s net assets at the close of its taxable year consists of securities of foreign corporations, it will be eligible
to, and may, file an election with the Internal Revenue Service that will enable Stockholders, in effect, to receive the benefit
of the foreign tax credit with respect to any foreign taxes paid by the Fund. Pursuant to the election, the Fund would treat those
taxes as dividends paid to Stockholders and each Stockholder (1) would be required to include in gross income, and treat as paid
by such Stockholder, a proportionate share of those taxes, (2) would be required to treat such share of those taxes and of any
dividend paid by the Fund that represents income from foreign or U.S. possessions sources as such stockholder&rsquo;s own income
from those sources, and, if certain conditions are met, (3) could either deduct the foreign taxes deemed paid in computing taxable
income or, alternatively, use the foregoing information in calculating the foreign tax credit against federal income tax. The
Fund will report to Stockholders shortly after each taxable year their respective shares of foreign taxes paid and the income
from sources within, and taxes paid to, foreign countries and U.S. possessions if it makes this election.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund will inform its Stockholders
of the source and tax status of all distributions promptly after the close of each calendar year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may invest in other
RICs. In general, the Code taxes a RIC which satisfies certain requirements as a pass-through entity by permitting a qualifying
RIC to deduct dividends paid to its stockholders in computing the RIC&rsquo;s taxable income. A qualifying RIC is also generally
permitted to pass through the character of certain types of its income when it makes distributions. For example, a RIC may distribute
ordinary dividends to its stockholders, capital gain dividends, or other types of dividends which effectively pass through the
character of the RIC&rsquo;s income to its stockholders, including the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Taxation of Sales, Exchanges
or Other Dispositions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Selling Stockholders will
generally recognize gain or loss in an amount equal to the difference between the Stockholder&rsquo;s adjusted tax basis in the
Shares sold and the amount received. If the Shares are held as a capital asset, the gain or loss will be a capital gain or loss.
Under current law, the maximum tax rate applicable to capital gains recognized by individuals and other non-corporate taxpayers
is (i) the same as the maximum ordinary income tax rate for gains recognized on the sale of capital assets held for one year or
less or (ii) generally, 20% for gains recognized on the sale of capital assets held for more than one year (as well as certain
capital gain dividends). Any loss on a disposition of Shares held for six months or less will be treated as a long-term capital
loss to the extent of any capital gain dividends received with respect to those Shares. The use of capital losses is subject to
limitations. For purposes of determining whether Shares have been held for six months or less, the holding period is suspended
for any periods during which the Stockholder&rsquo;s risk of loss is diminished as a result of holding one or more other positions
in substantially similar or related property, or through certain options or short sales. Any loss realized on a sale or exchange
of Shares will be disallowed to the extent those Shares are replaced by other substantially identical Shares within a period of
61 days beginning 30 days before and ending 30 days after the date of disposition of the Shares (whether through the reinvestment
of distributions, which could occur, for example, if the Stockholder is a participant in the Plan or otherwise). In that event,
the basis of the replacement Shares will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">An investor should be aware
that, if Shares are purchased shortly before the record date for any taxable dividend (including a capital gain dividend), the
purchase price likely will reflect the value of the dividend and the investor then would receive a taxable distribution likely
to reduce the trading value of such Shares, in effect resulting in a taxable return of some of the purchase price. Taxable distributions
to individuals and certain other non-corporate Stockholders, including those who have not provided their correct taxpayer identification
number and other required certifications, may be subject to &ldquo;backup&rdquo; federal income tax withholding currently equal
to 24%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">An investor should also
be aware that the benefits of the reduced tax rate applicable to long-term capital gains and qualified dividend income may be
impacted by the application of the alternative minimum tax to individual stockholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If the Fund utilizes leverage
through borrowing, it may be restricted by loan covenants with respect to the declaration of, and payment of, dividends in certain
circumstances. Limits on the Fund&rsquo;s payments of dividends may prevent the Fund from meeting the distribution requirements,
described above, and may, therefore, jeopardize the Fund&rsquo;s qualification for taxation as a RIC and possibly subject the
Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make dividend payments.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Information Reporting</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Section 6045B of the Code
generally imposes certain reporting requirements on the Fund with respect to any organizational action that affects the tax basis
of the Shares for U.S. federal income tax purposes. The Fund has historically made returns of capital distributions (&ldquo;ROC
Distributions&rdquo;) to certain Stockholders and, to the extent such payments continue, the Fund will generally be required to
file IRS Form 8937, Report of Organizational Actions Affecting Basis of Securities (&ldquo;Form 8937"), with the IRS and
deliver an information statement to certain Stockholders, subject to certain exceptions. Generally, the Fund must file Form 8937
with the IRS on or before <SUP>th</SUP>e 45th day following the corporate action or, if earlier, January 15 of the year following
the calendar year of the corporate action. In addition, the Fund must furnish the same information to certain Stockholders on
or before January 15 of the year following the calendar year of the corporate action. However, the Fund generally would not be
required to file Form 8937 or furnish this information to Stockholders provided it posts the requisite information on its primary
public website by the due date for filing Form 8937 with the IRS and such information is available on its website (or any successor
organization&rsquo;s website) for 10 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">As the Fund will generally
not be able to determine whether a distribution during the year will be out of its earnings and profits (and, therefore, whether
such distribution should be treated as a dividend or a ROC Distribution for these purposes) until the close of the tax year, the
Fund does not intend to file Form 8937 until after the end of the current calendar year. Based on the limited interpretive guidance
currently available, the Fund believes that its treatment of ROC Distributions and its current intended action regarding Form
8937 continue to be consistent with the requirements of Form 8937, Section 6045B and the Treasury Regulations thereunder. The
Fund intends to utilize its best efforts to determine the tax characterization of the Fund&rsquo;s distributions as soon as practicable
following the close of the year and timely comply with the abovementioned Section 6045B requirements, to the extent applicable.
The Fund and its management do not believe that the Fund will be subject to substantial penalties if it utilizes its best efforts
to determine the tax characteristics of its distributions as soon as practicable following the close of the year to comply with
Form 8937 and Section 6045B. The Fund may be subject to substantial penalties to the extent that it fails to timely comply with
its Section 6045B reporting obligations. Each Stockholder is urged to consult its own tax advisor regarding the application of
Section 6045B to its individual circumstances. A copy of the Fund&rsquo;s most recently filed Form 8937 is available on the Fund&rsquo;s
website, www.cornerstonestrategicvaluefund.com.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Net Investment Income Tax</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">A U.S. Holder that is an
individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will be subject
to a 3.8% tax on the lesser of (1) the U.S. Holder&rsquo;s &ldquo;net investment income&rdquo; for the relevant taxable year and
(2) the excess of the U.S. Holder&rsquo;s modified adjusted gross income for the taxable year over a certain threshold (which,
in the case of individuals, will be between $125,000 and $250,000 depending on the individual&rsquo;s circumstances). A U.S. Holder&rsquo;s
&ldquo;net investment income&rdquo; may generally include portfolio income (such as interest and dividends), and income and net
gains from an activity that is subject to certain passive activity limitations, unless such income or net gains are derived in
the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or
trading activities). If you are a U.S. holder that is an individual, estate or trust, you should consult your tax advisors regarding
the applicability of the Net Investment Income Tax to your ownership and disposition of shares of the Funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Payments to Foreign Financial
Institutions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Hiring Incentives
to Restore Employment Act of March 2010 (the &ldquo;HIRE Act&rdquo;), including the Foreign Account Tax Compliance Act (&ldquo;FATCA&rdquo;),
Sections 1474 through 1474 of the Code, and Treasury regulations promulgated thereunder, generally provides that a 30% withholding
tax may be imposed on payments of U.S. source income, on the gross proceeds from the sale of property that could give rise to
certain types of U.S. source payments, including U.S. source interest and dividends for such dispositions occurring after December
31, 2018, to certain non-U.S. entities unless such entities enter into an agreement with the IRS to disclose the name, address
and taxpayer identification number of certain U.S. persons that own, directly or indirectly, interests in such entities, as well
as certain other information relating to such interests. Non-U.S. Holders are encouraged to consult with their own tax advisors
regarding the possible implications and obligations of FATCA and the HIRE Act.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Other Taxation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">The Funds&rsquo; Holders may be subject to state,
local and foreign taxes on its distributions. Holders are advised to consult their own tax advisors with respect to the particular
tax consequences to them of an investment in the Funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The foregoing briefly summarizes
some of the important federal income tax consequences to Stockholders of investing in the Shares, reflects the federal tax law
as of the date of this prospectus, and does not address special tax rules applicable to certain types of investors, such as corporate,
tax exempt and foreign investors. Investors should consult their tax advisers regarding other federal, state or local tax considerations
that may be applicable in their particular circumstances, as well as any proposed tax law changes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>DESCRIPTION OF CAPITAL
STRUCTURE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund is a corporation
established under the laws of the State of Maryland upon the filing of its Charter on May 1, 1987. The Fund commenced investment
operations on June 30, 1987. The Fund intends to hold annual meetings of its Stockholders in compliance with the requirements
of the NYSE American. As of December 31, 2020, the Fund had 77,475,671 Shares issued and outstanding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Common Stock</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Charter, which has been
filed with the SEC, permits the Fund to issue 200,000,000 shares of stock, with a par value of $0.001. Fractional shares are permitted.
Each Share represents an equal proportionate interest in the net assets of the Fund with each other Share. Holders of Shares will
be entitled to the payment of dividends when declared by the Board of Directors. See &ldquo;Distribution Policy.&rdquo; Each whole
Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Charter on file
with the SEC. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund,
and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for the protection of the Directors,
the Board may distribute the remaining net assets of the Fund among its Stockholders. Shares are not liable to further calls or
to assessment by the Fund. There are no pre-emptive rights associated with Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund has no present
intention of offering additional Shares, except as described herein in connection with the exercise of the Rights. Other offerings
of its Shares, if made, will require approval of the Board of Directors. Any additional offering will not be sold at a price per
Share below the then current net asset value (exclusive of underwriting discounts and commissions) except in connection with an
offering to existing Stockholders or with the consent of a majority of the Fund&rsquo;s outstanding Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund generally will
not issue share certificates. The Fund&rsquo;s Transfer Agent will maintain an account for each Stockholder upon which the registration
and transfer of Shares are recorded, and transfers will be reflected by bookkeeping entry, without physical delivery. The Transfer
Agent will require that a Stockholder provide requests in writing, accompanied by a valid signature guarantee form, when changing
certain information in an account such as wiring instructions or telephone privileges.</P>


<!-- Field: Page; Sequence: 52; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Trading and Net
Asset Value Information</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In the past, the Shares
have traded at both a premium and at a discount in relation to NAV. Although the Shares recently have been trading at a premium
above NAV, there can be no assurance that this premium will continue after the Offering or that the Shares will not again trade
at a discount. Shares of closed-end investment companies such as the Fund frequently trade at a discount from NAV. See &ldquo;Risk
Factors.&rdquo; The Shares are listed and traded on the NYSE American. The average weekly trading volume of the Shares on the
NYSE American during the calendar year ended December 31, 2020 was 3,472,902 Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The following table shows
for the quarters indicated: (i) the high and low sale price of the Shares on the NYSE American; (ii) the high and low NAV per
Share; and (iii) the high and low premium or discount to NAV at which the Shares were trading (as a percentage of NAV):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Quarter Ended</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>High
Close</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Low
Close</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>High
NAV</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Low
NAV</B></P></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Premium/ <BR>
(Discount) to <BR>
High NAV</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Premium/ <BR>
(Discount) to <BR>
Low NAV</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: center">12/31/2020</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">11.73</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">10.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">9.95</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">9.15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">17.29</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">21.31</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">9/30/2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.07</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">6/30/2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.35</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">3/31/2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.97</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14.57</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">12/31/2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.97</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.22</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">9/30/2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.09</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.27</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.21</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">6/30/2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.29</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">3/31/2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.29</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Recent Rights Offerings</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The 2018 Offering expired
on July 20, 2018 and included similar terms and conditions as this Offering. Pursuant to the 2018 Offering, which was fully subscribed,
the Fund issued 26,784,596 Shares (11,930,479 Shares of which were Over-Subscription Shares) in fulfillment of Basic Subscription
requests at a subscription price of $13.46 per Share, for a total offering of $360,520,662.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The 2017 Offering expired
on August 25, 2017 and included similar terms and conditions as this Offering. Pursuant to the 2017 Offering, which was fully
subscribed, the Fund issued 14,454,716 Shares (4,787,408 Shares of which were Over-Subscription Shares) in fulfillment of Basic
Subscription requests at a subscription price of $13.86 per Share, for a total offering of $200,342,364</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The 2016 Offering expired
on October 21, 2016 and included similar terms and conditions as this Offering. Pursuant to the 2016 Offering, which was fully
subscribed, the Fund issued 6,783,942 Shares in fulfillment of Basic Subscription requests at a subscription price of $14.11 per
Share, for a total offering of $95,721,421.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The 2013 Offering expired
on November 29, 2013 and included similar terms and conditions as this Offering. Pursuant to the 2013 Offering, which was fully
subscribed, the Fund issued 3,158,284 Shares (1,579,142 Shares of which were Over-Subscription Shares) at a subscription price
of $23.68 per Share, for a total offering of $74,788,165.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The 2012 Offering expired
on December 21, 2012 and included similar terms and conditions as this Offering. Pursuant to the 2012 Offering, the Fund issued
970,072 Shares in fulfillment of Basic Subscription requests at a subscription price of $23.96 per Share, for a total offering
of $23,242,931.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The 2011 Offering expired
on December 16, 2011 and included similar terms and conditions as this Offering. Pursuant to the 2011 Offering, which was fully
subscribed, the Fund issued 1,433,722 Shares (716,861 Shares of which were Over-Subscription Shares) at a subscription price of
$24.36 per Share, for a total offering of $34,925,455.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The 2010 Offering expired
on December 10, 2010 and included similar terms and conditions as this Offering. Pursuant to the 2010 Offering, the Fund issued
358,457 Shares in fulfillment of Basic Subscription requests at a subscription price of $32.96 per Share, for a total offering
of $11,812,869.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Repurchase of Shares</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund may, pursuant
to Section 23 of the Investment Company Act, purchase Shares on the open market from time to time, at such times, and in such
amounts as may be deemed advantageous to the Fund. Nothing herein shall be considered a commitment to purchase such Shares. During
the year ended December 31, 2020, the Fund repurchased 299,198 shares at an average price of $6.81 per share. No limit has been
placed on the number of Shares to be repurchased by the Fund other than those imposed by federal securities laws. All purchases
will be made in accordance with federal securities laws, with Shares repurchased held in treasury for future use by the Fund.
In determining to repurchase Shares, the Board of Directors, in consultation with the Investment Adviser, will consider such factors
as the market price of the Shares, the net asset value of the Shares, the liquidity of the assets of the Fund, effect on the Fund&rsquo;s
expenses, whether such transactions would impair the Fund&rsquo;s status as a regulated investment company or result in a failure
to comply with applicable asset coverage requirements, general economic conditions and such other events or conditions, which
may have a material effect on the Fund&rsquo;s ability to consummate such transactions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Additional Provisions
of the Charter and By-laws</P>

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">A Director may be removed
from office without cause, at any time by a written instrument signed or adopted by a vote of the holders of at least a majority
of the shares of the Fund that are entitled to vote in the election of such Director. The Charter requires the favorable vote
of the holders of at least 66 2/3% of the outstanding shares of each class of the Fund, voting as a class, then entitled to vote
to approve, adopt or authorize certain transactions with 5%-or-greater holders of the Fund&rsquo;s outstanding shares and their
affiliates or associates, unless two-thirds of the Board of Directors have approved by resolution a memorandum of understanding
with such holders, in which case normal voting requirements would be in effect. For purposes of these provisions, a 5%-or-greater
holder of outstanding shares (a &ldquo;Principal Stockholder&rdquo;) refers to any person who, whether directly or indirectly
and whether alone or together with its affiliates and associates, beneficially owns 5% or more of the outstanding shares of beneficial
interest of the Fund. The transactions subject to these special approval requirements are: (i) the merger or consolidation of
the Fund or any subsidiary of the Fund with or into any Principal Stockholder; (ii) the issuance of any securities of the Fund
to any Principal Stockholder for cash (other than pursuant to any automatic distribution reinvestment plan or pursuant to any
offering in which such Principal Stockholder acquires securities that represent no greater a percentage of any class or series
of securities being offered than the percentage of any class of shares beneficially owned by such Principal Stockholder immediately
prior to such offering or, in the case of securities, offered in respect of another class or series, the percentage of such other
class or series beneficially owned by such Principal Stockholder immediately prior to such offering); (iii) the sale, lease or
exchange of all or any substantial part of the assets of the Fund to any Principal Stockholder (except assets having an aggregate
fair market value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged
in any series of similar transactions within a twelve month period); and (iv) the sale, lease or exchange to the Fund or any subsidiary
thereof, in exchange for securities of the Fund, of any assets of any Principal Stockholder (except assets having an aggregate
fair market value of less than $1,000,000, aggregating for the purposes of such computation all assets sold, leased or exchanged
in any series of similar transactions within a twelve month period).</P>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">LEGAL MATTERS</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Certain legal matters in connection
with the Shares will be passed upon for the Fund by Blank Rome LLP, located at 1271 Avenue of the Americas, New York, New York
10020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>REPORTS TO STOCKHOLDERS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund sends its Stockholders
unaudited semi-annual and audited annual reports, including a list of investments held.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">[&#9679;] is the independent registered public accounting firm for the Fund and will audit the Fund&rsquo;s financial statements. [&#9679;] is located at [&#9679;].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The prospectus and the
Statement of Additional Information do not contain all of the information set forth in the Registration Statement that the Fund
has filed with the SEC (file No. 811-05150). The complete Registration Statement may be obtained from the SEC at www.sec.gov.
See the cover page of this Prospectus for information about how to obtain a paper copy of the Registration Statement or Statement
of Additional Information without charge.</P>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL
INFORMATION</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">FORWARD-LOOKING
    STATEMENTS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 11pt">B-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">INVESTMENT RESTRICTIONS</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">NON-FUNDAMENTAL POLICIES</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">MANAGEMENT</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">EXECUTIVE OFFICERS</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-8</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">CODE OF ETHICS</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">PROXY VOTING PROCEDURES</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-12</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">INVESTMENT ADVISORY
    AND OTHER SERVICES</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">PORTFOLIO MANAGER</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-15</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">ALLOCATION OF BROKERAGE</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 90%"><FONT STYLE="font-size: 11pt">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-size: 11pt">B-17</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">FINANCIAL STATEMENTS</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-24</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">OTHER INFORMATION</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-24</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">INDEPENDENT REGISTERED
    PUBLIC ACCOUNTING FIRM</FONT></TD>
    <TD STYLE="text-align: right; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">B-24</FONT></TD></TR>
</TABLE>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b>THE FUND&rsquo;S PRIVACY POLICY</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
 <tr style="vertical-align: top">
    <td style="width: 19%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; background-color: gainsboro; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>FACTS</b></font></td>
    <td style="width: 81%; border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt; font-size: 11pt; text-indent: -0.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>WHAT DOES CORNERSTONE STRATEGIC VALUE FUND, INC. (&ldquo;CORNERSTONE&rdquo; OR THE &ldquo;FUND&rdquo;), AND SERVICE PROVIDERS TO THE FUND, ON THE FUND&rsquo;S BEHALF, DO WITH YOUR PERSONAL INFORMATION?</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; background-color: gainsboro; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Why?</b></font></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; background-color: gainsboro; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>What?</b></font></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 13.55pt 0pt 2.15pt">The types of personal information we, and our
        service providers, on our behalf, collect and share depends on the product or service you have with us. This information can include:</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 13.55pt 0pt 2.15pt">&nbsp;</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt">&#9679;&nbsp;&nbsp; Social Security
        number</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt">&#9679;&nbsp;&nbsp; account balances</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt">&#9679;&nbsp;&nbsp; account transactions</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt">&#9679;&nbsp;&nbsp; transaction
        history</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt">&#9679;&nbsp;&nbsp; wire transfer
        instructions</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt">&#9679;&nbsp;&nbsp; checking account
        information</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -6.85pt">&nbsp;</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">When you are no longer our customer, we
continue to share your information as described in this notice.</p></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; background-color: gainsboro; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>How?</b></font></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-left: 2.15pt; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">All financial companies need to share customers&rsquo; personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers&rsquo; personal information; the reasons the Fund, and our service providers, on our behalf, choose to share; and whether you can limit this sharing.</font></td></tr>
 </table>


<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<table cellspacing="0" cellpadding="4" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
 <tr style="vertical-align: top; background-color: gainsboro">
    <td style="width: 70%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1pt; text-align: left; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Reasons we can share your personal information</b></font></td>
    <td style="width: 15%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-left: 7pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Does Cornerstone share?</b></font></td>
    <td style="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Can you limit this sharing?</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: black 1pt solid; padding-left: 1pt; border-bottom: Black 1pt solid">For our everyday business purposes &ndash; such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus</td>
    <td style="padding-right: 2.4pt; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yes</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For our marketing purposes &ndash; to offer our products and services to you</font></td>
    <td style="border-bottom: black 1pt solid; padding-right: 2.55pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">We don&rsquo;t share</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For joint marketing with other financial companies</font></td>
    <td style="border-bottom: black 1pt solid; padding-right: 2.5pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">We don&rsquo;t share</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For our affiliates&rsquo; everyday business purposes &ndash; information about your transactions and experiences</font></td>
    <td style="border-bottom: black 1pt solid; padding-right: 2.5pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Yes</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For our affiliates&rsquo; everyday business purposes &ndash; information about your creditworthiness</font></td>
    <td style="border-bottom: black 1pt solid; padding-right: 2.6pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">We don&rsquo;t share</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For our affiliates to market to you</font></td>
    <td style="border-bottom: black 1pt solid; padding-right: 2.45pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">We don&rsquo;t share</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For nonaffiliates to market to you</font></td>
    <td style="border-bottom: black 1pt solid; padding-right: 2.45pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">No</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">We don&rsquo;t share</font></td></tr>
 </table>




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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
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    <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; background-color: gainsboro; padding-top: 2.05pt; padding-left: 2.1pt; font-size: 11pt; width: 19%; border-top: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Questions?</b></font></td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.05pt; padding-right: 3.55pt; padding-left: 2.15pt; font-size: 11pt; width: 81%; border-top: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Call
    (866) 668-6558</b></font></td></tr>
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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td colspan="2" style="border: black 1pt solid; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>What we do</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="width: 24%; border-left: black 1pt solid; border-bottom: black 1pt solid; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Who is providing this notice?</b></font></td>
    <td style="width: 76%; border-bottom: black 1pt solid; border-right: black 1pt solid; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Cornerstone Strategic Value Fund, Inc. (&ldquo;Cornerstone&rdquo; or the &ldquo;Fund&rdquo;)</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: black 1pt solid; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>How does the Fund, and the Fund&rsquo;s service providers, on the Fund&rsquo;s behalf, protect my personal information?</b></font></td>
    <td style="border-right: black 1pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">To protect your
        personal information from unauthorized access and use, we and our service providers use security measures that comply with
        federal law. These measures include computer safeguards and secured files and buildings.</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&nbsp;</p></td></tr>
<tr style="vertical-align: top">
    <td style="border-top: black 1pt solid; border-left: black 1pt solid; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>How does the Fund, and the Fund&rsquo;s service providers, on the Fund&rsquo;s behalf, collect my personal information?</b></font></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">We collect your personal information, for example, when
        you:</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&nbsp;</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&#9642;&nbsp;open an account</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&#9642;&nbsp;provide account
        information</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&#9642;&nbsp;give us your
        contact information</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&#9642;&nbsp;make a wire transfer</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&nbsp;</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">We also collect your information
from others, such as credit bureaus, affiliates, or other companies.&nbsp;</p></td></tr>
<tr style="vertical-align: top">
    <td style="border-top: black 1pt solid; border-left: black 1pt solid; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Why can&rsquo;t I limit all sharing?</b></font></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">Federal law gives you the right to limit only</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&nbsp;</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&#9642;&nbsp;sharing for affiliates&rsquo;
        everyday business purposes &ndash; information about your creditworthiness</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&#9642;&nbsp;affiliates from
        using your information to market to you</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&#9642;&nbsp;sharing for nonaffiliates
        to market to you</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&nbsp;</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">State laws and individual
companies may give you additional rights to limit sharing.&nbsp;</p></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td colspan="2" style="border: Black 1pt solid; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Definitions</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="border-left: black 1pt solid; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Affiliates</b></font></td>
    <td style="border-right: black 1pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">Companies related by common ownership or control.
        They can be financial and nonfinancial companies.</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&nbsp;</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&#9642;&nbsp;<i>Cornerstone Advisors, LLC. and Cornerstone Total Return Fund, Inc.</i>&nbsp;</p></td></tr>
<tr style="vertical-align: top">
    <td style="border-top: black 1pt solid; border-left: black 1pt solid; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Nonaffiliates</b></font></td>
    <td style="border-top: black 1pt solid; border-right: black 1pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">Companies not related by common ownership or control.
        They can be financial and nonfinancial companies.</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&nbsp;</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&#9642;&nbsp;<i>Cornerstone
does not share with nonaffiliates so they can market to you.</i>&nbsp;</p></td></tr>
<tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font-size: 11pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Joint marketing</b></font></td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">A formal agreement between nonaffiliated financial companies
        that together market financial products or services to you.</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&nbsp;</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-indent: 0pt">&#9642;&nbsp;<i>Cornerstone
does not jointly market.</i>&nbsp;</p></td></tr>
 </table>


<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt"><i>Not part of the Prospectus</i></p>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Cornerstone Strategic Value Fund,
Inc.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>[&#9679;]
Rights for</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>[&#9679;]
Shares of Common Stock</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>
<!-- Field: Rule-Page --><div align="CENTER"><div style="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</div></div><!-- Field: /Rule-Page -->
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>[&#9679;],
2021</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>
<!-- Field: Rule-Page --><div align="CENTER"><div style="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</div></div><!-- Field: /Rule-Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>STATEMENT OF ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">[&#9679;]<B>, 2021</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>CORNERSTONE STRATEGIC VALUE FUND,
INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>C/O ULTIMUS FUND
SOLUTIONS, LLC <BR>
225 PICTORIA DRIVE, SUITE 450 <BR>
CINCINNATI, OH 45246</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>THIS STATEMENT OF ADDITIONAL
INFORMATION (&ldquo;SAI&rdquo;) IS NOT A PROSPECTUS. THIS SAI SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS OF CORNERSTONE
STRATEGIC VALUE FUND, INC. (THE &ldquo;FUND&rdquo;), DATED </B>[&#9679;]<B>, 2021 (THE &ldquo;PROSPECTUS&rdquo;), AS IT MAY BE
SUPPLEMENTED FROM TIME TO TIME. CAPITALIZED TERMS USED BUT NOT DEFINED IN THIS SAI HAVE THE MEANINGS GIVEN TO THEM IN THE PROSPECTUS.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>A COPY OF THE PROSPECTUS
MAY BE OBTAINED WITHOUT CHARGE BY CALLING THE FUND TOLL FREE AT (800) 581-4001 OR BY VISITING THE FUND&rsquo;S WEBSITE AT WWW.CORNERSTONESTRATEGICVALUEFUND.COM.
THE REGISTRATION STATEMENT OF WHICH THE PROSPECTUS IS A PART CAN BE REVIEWED AND COPIED AT THE PUBLIC REFERENCE ROOM OF THE SECURITIES
AND EXCHANGE COMMISSION (THE &ldquo;SEC&rdquo;) AT 100 F STREET NE, WASHINGTON, D.C. YOU MAY OBTAIN INFORMATION ON THE OPERATION
OF THE PUBLIC REFERENCE ROOM BY CALLING THE SEC AT (800) SEC-0330. THE FUND&rsquo;S FILINGS WITH THE SEC ARE ALSO AVAILABLE TO
THE PUBLIC ON THE SEC&rsquo;S WEBSITE AT WWW.SEC.GOV. COPIES OF THESE FILINGS MAY BE OBTAINED, AFTER PAYING A DUPLICATING FEE,
BY ELECTRONIC REQUEST AT THE FOLLOWING E-MAIL ADDRESS: PUBLICINFO@SEC.GOV, OR BY WRITING THE SEC&rsquo;S PUBLIC REFERENCE SECTION,
100 F ST. NE, WASHINGTON, D.C. 20549-0102.</B></P>


<!-- Field: Page; Sequence: 59 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL
INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="4" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
 <tr style="vertical-align: top">
    <td style="width: 90%">&nbsp;</td>
    <td style="width: 10%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Page</b></font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">FORWARD-LOOKING STATEMENTS</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-1</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT RESTRICTIONS</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-1</font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">NON-FUNDAMENTAL POLICIES</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-2</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">MANAGEMENT</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-2</font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">EXECUTIVE OFFICERS</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-8</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">CODE OF ETHICS</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-11</font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">PROXY VOTING PROCEDURES</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-12</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT ADVISORY AND OTHER SERVICES</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-14</font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">PORTFOLIO MANAGER</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-15</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALLOCATION OF BROKERAGE</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-16</font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-17</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">FINANCIAL STATEMENTS</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-24</font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">OTHER INFORMATION</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-24</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">B-24</font></td></tr>
 </table>



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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">This SAI contains or incorporates
by reference &ldquo;forward-looking statements&rdquo; (within the meaning of the federal securities laws) that involve risks and
uncertainties. Forward-looking statements are excluded from the safe harbor protection provided by Section 27A of the Securities
Act of 1933. These statements describe our plans, strategies and goals and our beliefs and assumptions concerning future economic
or other conditions and the outlook for the Fund, based on currently available information. In this SAI, words such as &ldquo;anticipates,&rdquo;
&ldquo;believes,&rdquo; &ldquo;expects,&rdquo; &ldquo;objectives,&rdquo; &ldquo;goals,&rdquo; &ldquo;future,&rdquo; &ldquo;intends,&rdquo;
&ldquo;seeks,&rdquo; &ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo; and similar expressions
are used in an effort to identify forward-looking statements, although some forward-looking statements may be expressed differently.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund&rsquo;s actual
results could differ materially from those anticipated in the forward-looking statements because of various risks and uncertainties,
including the factors set forth in the section headed &ldquo;Risk Factors&rdquo; in the Fund&rsquo;s prospectus and elsewhere
in the prospectus and this SAI. You should consider carefully the discussions of risks and uncertainties in the &ldquo;Risk Factors&rdquo;
section in the prospectus. The forward-looking statements contained in this SAI are based on information available to the Fund
on the date of this SAI, and the Fund assumes no obligation to update any such forward-looking statements, except as required
by law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>INVESTMENT RESTRICTIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund has adopted certain
fundamental investment restrictions that may not be changed without the prior approval of the holders of a majority of the Fund&rsquo;s
outstanding voting securities. For purposes of the restrictions listed below, all percentage limitations, with the exception of
the percentage limitation listed in 2 below, apply immediately after a purchase or initial investment, and any subsequent change
in any applicable percentage resulting from market fluctuations does not require elimination of any security from the Fund&rsquo;s
portfolio. Fund policies which are not fundamental may be modified by the Board of Directors if, in the reasonable exercise of
the Board&rsquo;s business judgment, modification is determined to be necessary or appropriate to carry out the Fund&rsquo;s objective.
Under its fundamental restrictions, the Fund may not:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">1.</TD><TD STYLE="text-align: justify">With respect to 75% of its total assets, purchase a security,
other than securities issued or guaranteed by the U.S. Government or securities of other regulated investment companies, if as
a result of such purchase, more than 5% of the value of that Fund&rsquo;s total assets would be invested in the securities of
any one issuer, or that Fund would own more than 10% of the voting securities of any one issuer.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">2.</TD><TD STYLE="text-align: justify">Invest 25% or more of the total value of its assets in
a single industry. This restriction does not apply to investments in United States Government securities.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">3.</TD><TD STYLE="text-align: justify">Issue senior securities, borrow or pledge its assets, except
that the Fund may borrow from a bank for temporary or emergency purposes or for the clearance of transactions in amounts not exceeding
10% (taken at the lower of cost or current value) of its total assets (not including the amount borrowed) and may also pledge
its assets to secure such borrowings. Additional investments will not be made when borrowings exceed 5% of the Fund&rsquo;s assets.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">4.</TD><TD STYLE="text-align: justify">Make short sales of securities or maintain a short position
in any security.</TD>
</TR></TABLE>




<!-- Field: Page; Sequence: 61; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">5.</TD><TD STYLE="text-align: justify">Purchase securities on margin, except such short-term credits
as may be necessary or routine for the clearance or settlement of transactions and the maintenance of margin with respect to forward
contracts or other hedging transactions.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">6.</TD><TD STYLE="text-align: justify">Underwrite securities of other issuers, except insofar
as the Fund may be deemed an underwriter under the 1933 Act in selling portfolio securities.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">7.</TD><TD STYLE="text-align: justify">Purchase or sell commodities or real estate, except that
the Fund may invest in securities secured by real estate or interests in real estate or in securities issued by companies, including
real estate investment trusts, that invest in real estate or interests in real estate, and may purchase and sell forward contracts
on foreign currencies to the extent permitted under applicable law.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">8.</TD><TD STYLE="text-align: justify">Make investments for the purpose of exercising control
over, or management of, the issuers of any securities.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">9.</TD><TD STYLE="text-align: justify">Make loans except insofar as permitted under the 1940 Act.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>NON-FUNDAMENTAL POLICIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">The following policies of the Fund are non-fundamental
and may be changed by the Fund&rsquo;s Board of Directors without stockholder vote. Under its non-fundamental restrictions, the
Fund may not:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">1.</TD><TD STYLE="text-align: justify">Invest in more than 3% of any one investment company&rsquo;s
total outstanding stock.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">2.</TD><TD STYLE="text-align: justify">Invest more than 15% of its assets in illiquid U.S. and
non-U.S. securities and may not invest more than 3% of the Fund&rsquo;s assets in the securities of companies that, at the time
of investment, had less than a year of operations, including operations of predecessor companies.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>MANAGEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Board of Directors
of the Fund (the &ldquo;Board&rdquo;) has the responsibility for the overall management of the Fund, including general supervision
and review of the Fund&rsquo;s investment activities and its conformity with Maryland law and the policies of the Fund. The Board
elects the officers of the Fund, who are responsible for administering the Fund&rsquo;s day-to-day operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">The Directors, including the Directors who
are not interested persons of the Fund, as that term is defined in the 1940 Act (&ldquo;Independent Directors&rdquo;), and executive
officers of the Fund, their ages and principal occupations during the past five years are set forth below.</P>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<table cellspacing="0" cellpadding="4" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
 <tr style="vertical-align: top">
    <td colspan="6" style="border: black 1pt solid; padding-top: 2.05pt; padding-left: 0.05pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>INDEPENDENT DIRECTORS</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; vertical-align: bottom">
        <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NAME AND
<br>
ADDRESS*<br>
 (BIRTHDATE)</b></p></td>
    <td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><b>POSITION(S) HELD<br>
</b><p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>WITH FUND&nbsp;</b></p></td>
    <td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>TERM
        OF<br>
 OFFICE AND<br>
 LENGTH OF</b></p>

        <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><b> TIME SERVED<br>
 SINCE</b></p></td>
    <td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom">
        <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PRINCIPAL<br>

OCCUPATION(S)<br>
 DURING PAST 5 YEARS</b></p></td>
    <td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>NUMBER OF<br>
 PORTFOLIOS<br>
 IN FUND<br>
 COMPLEX**<br>
 OVERSEEN BY<br>
 DIRECTOR</b></font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom">
        <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>OTHER DIRECTORSHIPS<br>

        HELD BY DIRECTOR</b></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td style="width: 18%; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.05pt; padding-right: 6.25pt; padding-left: 2.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Glenn W. Wilcox, Sr. <br>
(Dec. 1931)</font></td>
    <td style="width: 16%; border-bottom: black 1pt solid; padding-top: 2.05pt; padding-right: 10.2pt; padding-left: 6.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Audit Committee and Nominating and Corporate &nbsp;Governance Committee Member</font></td>
    <td style="width: 11%; border-bottom: black 1pt solid">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt">Since 2000</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt"></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt">(Until 2022)</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p></td>
    <td style="width: 22%; border-bottom: black 1pt solid; padding-top: 2.05pt; padding-right: 3.3pt; padding-left: 3.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For more than the past five (5) years, Chairman of the Board of Tower Associates, Inc.; Chairman of the Board of Wilcox Travel Agency, Inc.; Chairman of the Board of Blue Ridge Printing Co., Inc. (since January 2019); Director of Champion Industries, Inc.; Director of Cornerstone Total Return Fund, Inc.</font></td>
    <td style="width: 13%; border-bottom: black 1pt solid; padding-top: 2.05pt; padding-left: 4.15pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</font></td>
    <td style="width: 20%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 2.05pt; padding-right: 35.15pt; padding-left: 7.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director of Champion Industries, Inc.</font></td></tr>
 </table>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="border-bottom: Black 1pt solid; width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
 <tr style="vertical-align: top">
    <td colspan="6" style="border: black 1pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>INDEPENDENT DIRECTORS</b></font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td style="width: 18%; border-left: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew A. Strauss <br>
(Nov. 1953)</font></td>
    <td style="width: 16%"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Chairman of Nominating and Corporate Governance Committee and Audit Committee Member</font></td>
    <td style="width: 11%"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since 2000 <BR>
(Until 2022)</font></td>
    <td style="width: 22%"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For more than the past five
    (5) years, Attorney and senior member of Strauss &amp; Associates  PLLC, ; Director of Cornerstone Total Return Fund,
    Inc.</font></td>
    <td style="width: 13%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</font></td>
    <td style="width: 20%; border-right: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</font></td></tr>
 </table>


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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<table cellspacing="0" cellpadding="4" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
 <tr style="vertical-align: top">
    <td colspan="6" style="border: black 1pt solid; padding-top: 2.05pt; padding-left: 0.05pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>INDEPENDENT DIRECTORS</b></font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td style="width: 18%; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-top: 2.05pt; padding-right: 21.35pt; padding-left: 2.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott B. Rogers<br>
(July 1955)</font></td>
    <td style="width: 16%; border-bottom: black 1pt solid; padding-top: 2.05pt; padding-right: 10.15pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Audit, Nominating and Corporate Governance Committee Member</font></td>
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; text-align: left">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Since 2000</p>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></p>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">(Until 2021)</p>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</p></td>
    <td style="width: 22%; border-bottom: black 1pt solid; padding-top: 2.05pt; padding-right: 20.5pt; padding-left: 6.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For more than the past five (5) years,  Chief Executive Officer, Asheville Buncombe Community Christian Ministry (&ldquo;ABCCM&rdquo;); President, ABCCM Doctor&rsquo;s Medical Clinic; Director of Faith Partners Incorporated; Member of North Carolina Governor&rsquo;s Council on Homelessness (from July 2014); Director of Cornerstone Total Return Fund, Inc.</font></td>
    <td style="width: 13%; border-bottom: black 1pt solid; padding-top: 2.05pt; padding-left: 0.1pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</font></td>
    <td style="width: 20%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 2.05pt; padding-left: 20.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="border-left: black 1pt solid; padding-left: 2.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert E. Dean<br>
(April 1951)</font></td>
    <td style="padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Audit,
    Nominating and Corporate Governance Committee Member</font></td>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since 2014 <br>
(until 2021)</font></td>
    <td style="padding-left: 6.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For more than the past five (5) years, Director of National Bank Holdings Corp.; Director of Cornerstone Total Return Fund, Inc.</font></td>
    <td style="padding-top: 2.05pt; padding-left: 0.1pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</font></td>
    <td style="border-right: black 1pt solid; padding-left: 20.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director, National Bank Holdings Corp.</font></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; padding-top: 2.05pt; padding-right: 8.9pt; padding-left: 2.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew W. Morris<br>
(May 1971)</font></td>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2.05pt; padding-right: 10.15pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director; Audit, Nominating and Corporate Governance Committee Member</font></td>
    <TD STYLE="border-top: Black 1pt solid; text-align: left">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Since 2017<br>
(until
2021)</p>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</p></td>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2.05pt; padding-right: 22.8pt; padding-left: 6.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">For more than the past five (5) years, Chief Executive Officer, Stewart Information Services Corporation (a title insurance and real estate services firm), Director of Cornerstone Total Return Fund, Inc.</font></td>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2.05pt; padding-left: 0.1pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</font></td>
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; padding-top: 2.05pt; padding-right: 12.15pt; padding-left: 20.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Stewart Information Services Corporation</font></td></tr>
<TR STYLE="font: 11pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="border-top: Black 1pt solid; border-left: black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 18%; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Marcia
E. Malzahn</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">(Apr. 1966)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 16%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">Director; Audit, Nominating and Corporate
    Governance Committee Member</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 11%; text-align: left; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Since
2019</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">(until 2023)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-left: 7.5pt; font: 11pt Times New Roman, Times, Serif; width: 22%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">President
    and Founder of Malzahn Strategic; President of National Speakers Association, Minnesota Chapter; Director of Village Bank,
    Blaine, Minnesota; Director of Cornerstone Total Return Fund, Inc.</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; width: 13%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.05pt; padding-right: 12.15pt; padding-left: 20.4pt; width: 20%"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Frank
J. Maresca</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">(Oct. 1958)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Director;
    Chairman of Audit Committee, Nominating and Corporate Governance Committee Member</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">Since
2020</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">(until 2021)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-left: 7.5pt"><FONT STYLE="font-size: 11pt">Vice
    President of Mutual Funds, Broadridge Financial Solutions, Inc. (since February 2018); Executive Vice President, AST Fund
    Solutions, LLC (February 2012 &ndash; February 2018); Treasurer, The Asia Pacific Fund, Inc. (July 2016 &ndash; February 2018);
    Treasurer, the Fund and Cornerstone Total Return Fund, Inc. (April 2013 &ndash; February 2018); Director of Cornerstone Total
    Return Fund, Inc.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.05pt; padding-right: 12.15pt; padding-left: 20.4pt"><FONT STYLE="font-size: 11pt">None</FONT></TD></TR>
 </table>





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<table cellspacing="0" cellpadding="4" style="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
 <tr style="vertical-align: top; background-color: gainsboro">
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2.1pt; background-color: White; text-align: center"><b>INTERESTED
    DIRECTOR</b></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
    <td style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-left: 2.1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw<br>
(Dec. 1950)***</font></td>
    <td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 8.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman of the Board of Directors and President</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 9.85pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since 1998 (Until 2020)</font></td>
    <td style="width: 22%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 6.95pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">President, Cornerstone Advisors, LLC since 2019; President, Cornerstone Advisors, Inc. (2001-2019); Financial Consultant; President and Director of Cornerstone Total Return Fund, Inc.</font></td>
    <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.05pt; padding-left: 0.45pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</font></td>
    <td style="width: 20%; border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.05pt; padding-left: 20.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</font></td></tr>
 </table>
<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">*</TD><TD STYLE="text-align: justify">The mailing address of each Director and officer is c/o
Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Cincinnati, OH 45246.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">**</TD><TD STYLE="text-align: justify">As of December 31, 2020, the Fund Complex is comprised
of the Fund and Cornerstone Total Return Fund, Inc. both of which are managed by Cornerstone Advisors LLC. Each of the above Directors
oversees all of the Funds in the Fund Complex.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">***</TD><TD STYLE="text-align: justify">Mr. Bradshaw is an &ldquo;interested person&rdquo; as defined
in the Investment Company Act of 1940 because of his affiliation with Cornerstone Advisors LLC.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Board believes that
the significance of each Director&rsquo;s experience, qualifications, attributes or skills is an individual matter (meaning that
experience that is important for one Director may not have the same value for another) and that these factors are best evaluated
at the Board level, with no single Director, or particular factor, being indicative of the Board&rsquo;s effectiveness. The Board
determined that each of the Directors is qualified to serve as a Director of the Fund based on a review of the experience, qualifications,
attributes and skills of each Director. In reaching this determination, the Board has considered a variety of criteria, including,
among other things: character and integrity; ability to review critically, evaluate, question and discuss information provided,
to exercise effective business judgment in protecting stockholder interests and to interact effectively with the other Directors,
the Investment Adviser, other service providers, counsel and the independent registered accounting firm (&ldquo;independent auditors&rdquo;);
and willingness and ability to commit the time necessary to perform the duties of a Director. Each Director&rsquo;s ability to
perform his duties effectively is evidenced by his experience or achievements in the following areas: management or board experience
in the investment management industry or companies or organizations in other fields, educational background and professional training;
and experience as a Director of the Fund. In addition, the Board values the diverse skill sets and experiences that each Director
contributes. The Board considers that its diversity as a whole is as a result of a combination of Directors who are working in
the private, as opposed to public, sector, those that are retired from professional work and the various perspectives that each
Director provides as a result of his present experiences and his background. Information discussing the specific experience, skills,
attributes and qualifications of each Director which led to the Board&rsquo;s determination that the Director should serve in
this capacity is provided below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">RALPH W. BRADSHAW. Mr.
Bradshaw has served as the President of Cornerstone Advisors, LLC (the &ldquo;Investment Adviser&rdquo;)
since 2019. From 2001 to 2019, Mr. Bradshaw was the co-founder and President of Cornerstone Advisors, Inc., the Fund&rsquo;s former
investment adviser (the &ldquo;Former Investment Adviser&rdquo;). He brings over 20 years of extensive investment management experience
and also formerly served as a director of several other closed-end funds. Prior to founding the Former Investment Adviser, he
served in consulting and management capacities for registered investment advisory firms specializing in closed-end fund investments.
His experiences include developing and implementing successful trading strategies with a variety of underlying portfolios containing
domestic and international equity and fixed-income investments. In addition, he has been a financial consultant and has held managerial
positions or operated small businesses in several industries. Mr. Bradshaw holds a B.S. in Chemical Engineering and an M.B.A.
Mr. Bradshaw provides the Board with effective business judgment and an ability to interact effectively with the other Directors,
as well as with the other service providers, counsel and the Fund&rsquo;s independent auditor. Mr. Bradshaw commits a significant
amount of time to the Fund as a Director and Officer, in addition to serving as President of the Investment Adviser. The Board
values his strong moral character and integrity.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">ROBERT E. DEAN. Mr. Dean
is a private investor. From October 2000 to December 2003, Mr. Dean was with Ernst &amp; Young Corporate Finance LLC, a wholly
owned broker-dealer subsidiary of Ernst &amp; Young LLP, serving as a Senior Managing Director and member of the Board of Managers
from December 2001 to December 2003. From June 1976 to September 2000, Mr. Dean practiced corporate, banking and securities law
with Gibson, Dunn &amp; Crutcher LLP. Mr. Dean was Partner-in-Charge of the Orange County, California office from 1993 to 1996
and was a member of the law firm&rsquo;s Executive Committee from 1996 to 1999. Since June 2009, Mr. Dean has served as a director
of National Bank Holdings Corporation (NYSE:NBHC), a bank holding company, serving as chairman of the Nominating and Governance
Committee and a member of the Audit &amp; Risk and Compensation Committees. Mr. Dean holds a Bachelor of Arts degree from the
University of California, Irvine and a Juris Doctor degree from the University of Minnesota Law School. Mr. Dean&rsquo;s substantial
experience in the public capital markets and merger and acquisition transactions, regulatory matters and public company corporate
governance matters qualifies him to serve on the Board of Directors of the Fund. The Board values his strong moral character and
integrity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">MARCIA E. MALZAHN.
Ms. Malzahn is the president and founder of Malzahn Strategic, a community financial institution consultancy focused on
strategic planning, enterprise risk management, treasury management, and talent management. Ms. Malzahn has over 20 years of
banking experience and has served on the Board of Village Bank in Blaine, Minnesota as the Audit &amp; Risk Committee Chair
since 2019. Ms. Malzahn is the recipient of several professional awards, is a published author, and an international
bilingual professional speaker. She holds a B.A. in business management from Bethel University, is a certified life coach,
Certified Community Bank Director, and is a graduate and faculty member of the Graduate School of Banking in Madison,
Wisconsin. The Board values her strong moral character and integrity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">FRANK J. MARESCA. Mr. Maresca
is a vice president of mutual funds at Broadridge Financial Solutions, Inc. (NYSE:BR), a provider of investor communications and
technology-driven solutions to banks, broker-dealers and corporate issuers. Mr. Maresca is a financial services and investment
management professional with over 40 years&rsquo; experience in U.S. registered investment companies, asset management and asset
servicing industries. Previously, was an executive vice president at AST Fund Solutions, LLC where he created and headed the fund
administration group, as well as overseeing business development of all services provided to closed-end funds and business development
companies. Mr. Maresca received his BBA in public accounting from Hofstra University and is a CPA (inactive). Mr. Maresca has
demonstrated his willingness to commit the time necessary to serve as an effective Director. The Board values his strong moral
character and integrity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">MATTHEW W. MORRIS. Mr. Morris
is the Chief Executive Officer for Stewart Information Services Corporation (NYSE:STC), a title insurance and real estate services
firm with over 6,500 associates and annual revenues exceeding $2 billion. Mr. Morris provides strategic leadership, focusing on
the allocation of resources and operational strategies to maximize growth and stockholder value. Mr. Morris originally joined
the company in 2004 as Senior Vice President, Planning &amp; Development. Previously, he was the Director of a strategic litigation-consulting
firm, offering trial and settlement sciences and crisis management. Mr. Morris received his BBA in Organizational Behavior and
Business Policy from Southern Methodist University and his MBA from the University of Texas with a concentration in Finance. Mr.
Morris is a member of the Young Presidents Organization, and the C Club of Houston while also serving on several non-profit boards
including Greater Houston Partnership, Homes for Hope, Houston Baptist University and Campus Outreach. Mr. Morris has indicated
his willingness to commit the time necessary to serve as an effective Director. The Board values his strong moral character and
integrity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">SCOTT B. ROGERS. Reverend
Rogers has been the Executive Director of a regional community ministry organization for over 30 years. In addition to the leadership
and management skills obtained through this work, he contributes a non-profit perspective and community insight to the Board&rsquo;s
discussions and deliberations, which provides desirable diversity. Mr. Rogers provides the Board with effective business judgment
and an ability to interact effectively with the other Directors, as well as with the Investment Adviser, other service providers,
counsel and the Fund&rsquo;s independent auditor. Mr. Rogers has demonstrated a willingness to commit the time necessary to serve
as an effective Director. The Board values his strong moral character and integrity.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">ANDREW A. STRAUSS. Mr.
Strauss is an experienced attorney with a securities law background. He currently manages a law firm specializing in estate planning,
probate and estate administration. In addition, Mr. Strauss served in an executive capacity with a large public company for over
nine years. He is a graduate of the Wharton School of the University of Pennsylvania and Georgetown University Law Center. Mr.
Strauss provides the Board with effective business judgment and an ability to interact effectively with the other Directors, as
well as with the Investment Adviser, other service providers, counsel and the Fund&rsquo;s independent auditor. Mr. Strauss has
demonstrated a willingness to commit the time necessary to serve as an effective Director. The Board values his strong moral character
and integrity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">GLENN W. WILCOX, SR. Mr.
Wilcox has been a business owner for over 55 years. He has previous business experience in real estate development, radio and
oil and gas exploration industries. He serves on the board of directors and audit committee of another public company. From 1996
until 2004, Mr. Wilcox was a member of the board of Appalachian State University, and was chairman of the board from 2001-2003.
He has been a private investor in public equities for over 50 years. Mr. Wilcox provides the Board with effective business judgment
and an ability to interact effectively with the other Directors, as well as with the Investment Adviser, other service providers,
counsel and the Fund&rsquo;s independent auditor. Mr. Wilcox has demonstrated a willingness to commit the time necessary to serve
as an effective Director. The Board values his strong moral character and integrity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Specific details regarding
each Director&rsquo;s principal occupations during the past five years are included in the table above. The summaries set forth
above as to the experience, qualifications, attributes and/or skills of the Directors do not constitute holding out the Board
or any Director as having any special expertise or experience, and do not impose any greater responsibility or liability on any
such person or on the Board as a whole than would otherwise be the case.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The following table sets
forth, for each Director, the aggregate dollar range of equity securities owned of the Fund and of all Funds overseen by each
Director in the Fund Complex as of December 31, 2020. The information as to beneficial ownership is based on statements furnished
to the Fund by each Director.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="width: 40%; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>NAME OF DIRECTOR</b></font></td>
    <td style="width: 30%; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>DOLLAR RANGE OF EQUITY<br>
 SECURITIES IN THE FUND</b></font></td>
    <td style="width: 30%; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>AGGREGATE DOLLAR RANGE OF<br>
 EQUITY SECURITIES IN ALL<br>
 REGISTERED INVESTMENT<br>
 COMPANIES OVERSEEN BY <br>
DIRECTOR IN FAMILY OF<br>
 INVESTMENT COMPANIES</b></font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INDEPENDENT DIRECTORS</FONT></TD>
    <TD STYLE="width: 30%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert E. Dean</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Marcia E. Malzahn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Frank J. Maresca</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edwin Meese III *</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott B. Rogers</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew W. Morris</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew A. Strauss</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Glenn W. Wilcox Sr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001 - $50,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$50,001 - $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INTERESTED DIRECTOR</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">*</TD><TD STYLE="text-align: justify">Mr. Meese retired as a Director of the Fund on January
10, 2020. The information provided above regarding Mr. Meese&rsquo;s ownership is as of January 10, 2020.</TD>
</TR></TABLE>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>EXECUTIVE OFFICERS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">The Board elects the officers of the Fund annually.
In addition to Mr. Bradshaw, the current principal officers of the Fund are:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>NAME AND</B></FONT><B> <FONT STYLE="font-size: 11pt"><BR>
ADDRESS* <BR>
(BIRTHDATE)</FONT></B></TD>
    <TD STYLE="width: 21%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>POSITION(S) HELD <BR>
WITH FUND</B></FONT></TD>
    <TD STYLE="width: 24%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>TERM OF OFFICE</B></FONT><B> <FONT STYLE="font-size: 11pt"><BR>
AND LENGTH OF <BR>
TIME SERVED</FONT></B></TD>
    <TD STYLE="width: 30%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>PRINCIPAL OCCUPATION(S) <BR>
DURING PAST 5 YEARS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rachel L. McNabb (Apr. 1980)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Compliance Officer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since 2018</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Internal Audit Managing Senior of Camden Property Trust; Chief Compliance Officer of Cornerstone Advisors, LLC; Chief Compliance Officer of Cornerstone Total Return Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Hoyt M. Peters (Sep. 1963)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary and Assistant Treasurer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since 2019 and 2013, respectively</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Vice President of AST Fund Solutions, LLC (2013-2018); Secretary of The Asia Pacific Fund, Inc. (2016-2018); Associate of Cornerstone Advisors, Inc. (June 2018&nbsp;-&nbsp;December 2018); Vice President of Cornerstone Advisors, LLC (since January 2019); Secretary (since February 2019) and Assistant Treasurer </FONT><FONT STYLE="font-size: 11pt">of Cornerstone Total Return Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Theresa M. Bridge (Dec. 1969)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Since 2018</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Vice President and Director of Financial
    Administration of Ultimus Fund Solutions, LLC; Treasurer of Cornerstone Total Return Fund, Inc.</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">*</TD><TD STYLE="text-align: justify">The mailing address of each officer is c/o Ultimus Fund
Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>COMPENSATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund pays an annual
fee in the amount of $35,000 to each Director who is not an officer or employee of the Investment Adviser (or any affiliated company
of the Investment Adviser) or of Ultimus Fund Solutions, LLC. All Directors are reimbursed by the Fund for all reasonable out-of-pocket
expenses incurred relating to attendance at meetings of the Board of Directors or committee meetings.&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The table set forth below
includes information regarding compensation from the Fund and other funds in the Fund Complex for each of the Directors during
the year ended December 31, 2020. This information does not reflect any additional monies received for a named individual serving
in any other capacity to the Fund. Please note that the Fund has no bonus, profit sharing, pension or retirement plans, none of
the officers of the Fund receive compensation from the Fund, nor does any person affiliated with the Fund receive compensation
in excess of $60,000 from the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt">NAME OF PERSON, POSITION</p></td>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: -0.05pt">AGGREGATE<br>
 COMPENSATION<br>

FROM FUND</p></td>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; text-indent: -0.05pt">PENSION OR<br>

RETIREMENT<br>
 BENEFITS<br>
 ACCRUED AS PART<br>
 OF FUND EXPENSES</p></td>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: center; vertical-align: bottom">
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 14.9pt">ESTIMATED<br>
 ANNUAL BENEFITS<br>
 UPON RETIREMENT</p></td>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; padding-top: 3.9pt; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">TOTAL<br>
 COMPENSATION<br>
 FROM FUND AND<br>
 FUND COMPLEX<br>
 PAID TO<br>
 DIRECTORS*</font></td></tr>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">INDEPENDENT DIRECTORS</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Robert E. Dean</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$35,000</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$60,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Marcia E. Malzahn</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$27,486</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$47,119</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Frank J. Maresca</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$5,231</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$8,967</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Edwin Meese III **</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$9,712</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$16,649</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Matthew W. Morris</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$35,000</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$60,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Scott B. Rogers</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$35,000</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$60,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Andrew A. Strauss</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$35,000</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$60,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Glenn W. Wilcox, Sr.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$35,000</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$60,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD COLSPAN="5" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">INTERESTED
    DIRECTOR </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">Ralph W. Bradshaw</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$0</FONT></TD>
    <TD STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">None</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">$0</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">*</TD><TD STYLE="text-align: justify">For compensation purposes, the Fund Complex refers to the
Fund and Cornerstone Total Return Fund, Inc., both of which were managed by Cornerstone Advisors, LLC during the year ended December
31, 2020.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">**</TD><TD STYLE="text-align: justify">Mr. Meese retired as a Director of the Fund on January
10, 2020.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>DIRECTOR TRANSACTIONS WITH
FUND AFFILIATES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">As of December 31, 2020,
neither the Independent Directors nor members of their immediate family owned securities beneficially or of record in Cornerstone
Advisors, LLC, or any affiliate thereof. Furthermore, over the past five years, neither the Independent Directors nor members
of their immediate family have any direct or indirect interest, the value of which exceeds $120,000, in Cornerstone Advisors,
LLC or any affiliate thereof. In addition, since the beginning of the last two fiscal years, neither the Independent Directors
nor members of their immediate family have conducted any transactions (or series of transactions) or maintained any direct or
indirect relationship in which the amount involved exceeds $120,000 and to which Cornerstone Advisors, LLC or any affiliate thereof,
the Fund, an officer of the Fund, an investment company which the Cornerstone Advisors, LLC advises or an officer thereof was
a party.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>BOARD COMPOSITION AND LEADERSHIP
STRUCTURE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Board consists of
eight individuals, one of whom is an Interested Director. The Chairman of the Board, Mr. Bradshaw, is the Interested Director
and is the President of the Fund, the President of the Investment Adviser, and is the President and a director of Cornerstone
Total Return Fund, Inc. The Board does not have a lead independent director. Because the Board believes that its structure is
sufficient to ensure active participation by all of its members and at the same time rely on the expertise and knowledge of Mr.
Bradshaw as the Chairman of the Board.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Board believes that
its leadership structure facilitates the orderly and efficient flow of information to the Directors from the Investment Adviser
and other service providers with respect to services provided to the Fund, potential conflicts of interest that could arise from
these relationships and other risks that the Fund may face. The Board further believes that its structure allows all of the Directors
to participate in the full range of the Board&rsquo;s oversight responsibilities. The Board believes that the orderly and efficient
flow of information and the ability to bring each Director&rsquo;s talents to bear in overseeing the Fund&rsquo;s operations is
important, in light of the size and complexity of the Fund and the risks that the Fund faces. The Board and its committees review
their structure regularly, to help ensure that it remains appropriate as the business and operations of the Fund and the environment
in which the Fund operates changes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Currently, the Board has
an Audit Committee and a Nominating and Corporate Governance Committee. The responsibilities of each committee and its members
are described below. The Board and each committee convened four (4) times during the 2020 calendar year (including regularly scheduled
and special meetings). Each of the Directors attended at least seventy-five (75%) percent of the meetings held during the period
for which he or she was a member.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>THE AUDIT COMMITTEE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund has a standing
Audit Committee (the &ldquo;Audit Committee&rdquo;), which is comprised of Messrs. Dean, Maresca, Morris, Rogers, Strauss and
Wilcox, Sr. and Ms. Malzahn, all of whom are Directors who are not interested persons of the Fund, as such term is defined in
Section 2(a)(19) of the Investment Company Act. The Audit Committee has a written charter. The principal functions of the Audit
Committee include but are not limited to, (i) the oversight of the accounting and financial reporting processes of the Fund and
its internal control over financial reporting; (ii) the oversight of the quality and integrity of the Fund&rsquo;s financial statements
and the independent audit thereof; and (iii) the approval, prior to the engagement of, the Fund&rsquo;s independent registered
public accounting firm and, in connection therewith, to review and evaluate the qualifications, independence and performance of
the Fund&rsquo;s independent registered public accounting firm. The Audit Committee convened 4 times during the 2020 calendar
year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Board has determined
that Mr. Maresca is an Audit Committee Financial Expert, as such term is defined in Section 407 of the Sarbanes-Oxley Act of 2002.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>THE NOMINATING AND CORPORATE
GOVERNANCE COMMITTEE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund has a standing
Nominating and Corporate Governance Committee (the &ldquo;N&amp;CG Committee&rdquo;), which is comprised of Messrs. Dean, Maresca,
Morris, Rogers, Strauss, and Wilcox, Sr. and Ms. Malzahn, all of whom are Independent Directors. The N&amp;CG Committee has a
written charter. In addition to its responsibility to oversee the corporate governance of the Fund, the N&amp;CG Committee&rsquo;s
principal function is to identify and select qualified candidates for the Board who have exhibited strong decision making ability,
substantial business experience, relevant knowledge of the investment company industry (including closed-end funds), skills or
technological expertise and exemplary personal integrity and reputation. In addition, the N&amp;CG Committee seeks candidates
that have experience and knowledge involving all of the service providers of a registered investment company.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The N&amp;CG Committee
will consider all nominees recommended by stockholders of the Fund, so long as stockholders send their recommendations in writing
to the Secretary of the Fund in a manner consistent with the Fund&rsquo;s By-laws. Specifically, the N&amp;CG Committee assesses
all director nominees taking into account several factors, including, but not limited to, issues such as the current needs of
the Board and the nominee&rsquo;s: (i) integrity, honesty, and accountability; (ii) successful leadership experience and strong
business acumen; (iii) forward-looking, strategic focus; (iv) collegiality; (v) independence and absence of conflicts of interests;
and (vi) ability to devote necessary time to meet Director responsibilities. The N&amp;CG Committee does not have a policy with
regard to considering diversity when identifying candidates for election, but would expect to consider racial, gender and professional
experience diversity when identifying future candidates. The N&amp;CG Committee will ultimately recommend nominees that it believes
will enhance the Board&rsquo;s ability to effectively oversee, in an effective manner, the affairs and business of the Fund. The
N&amp;CG Committee will consider and evaluate stockholder-recommended candidates by applying the same criteria used to evaluate
director-recommended candidates. The deadline for submitting a stockholder proposal for inclusion in the Fund&rsquo;s proxy statement
and proxy for the Fund&rsquo;s 2022 annual meeting of stockholders pursuant to Rule 14a-8 promulgated under the Securities Exchange
Act of 1934, as amended, is October 29, 2021. Stockholders wishing to submit proposals or director nominations that are to be
included in such proxy statement and proxy must have delivered notice to the Secretary at the principal executive offices of the
Fund not later than the close of business on October 29, 2021. Stockholders are also advised to review the Fund&rsquo;s By-laws,
which contain additional requirements with respect to advance notice of stockholder proposals and director nominations. The N&amp;CG
Committee convened 4 times during the 2020 calendar year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>BOARD&rsquo;S ROLE IN RISK
OVERSIGHT OF THE FUND</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Board oversees risk
management for the Fund directly and, as to certain matters, through its Audit and N&amp;CG Committees. The Board exercises its
oversight in this regard primarily through requesting and receiving reports from and otherwise working with the Fund&rsquo;s senior
officers (including the Fund&rsquo;s Chief Compliance Officer), portfolio management personnel of the Investment Adviser, the
Fund&rsquo;s independent auditors, legal counsel and personnel from the Fund&rsquo;s other service providers. At its regular quarterly
meetings, the Board receives a report regarding risks applicable to the Fund presented by the Investment Adviser and the Chief
Compliance Officer. The Board has adopted, on behalf of the Fund, and periodically reviews with the assistance of the Fund&rsquo;s
Chief Compliance Officer, policies and procedures designed to address certain risks associated with the Fund&rsquo;s activities.
In addition, the Investment Adviser and the Fund&rsquo;s other service providers also have adopted policies, processes and procedures
designed to identify, assess and manage certain risks associated with the Fund&rsquo;s activities, and the Board receives reports
from service providers with respect to the operation of these policies, processes and procedures as required and/or as the Board
deems appropriate. The Board does not believe that a separate Risk Oversight Committee is necessary for effective risk oversight
at this time, but intends to continuously evaluate how it assesses risk and will consider again in the future whether any changes
to their current structure are prudent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>CODE OF ETHICS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Investment Adviser
and the Fund have each adopted a Code of Ethics, pursuant to Section 204A and Rule 204A-1 under the Investment Advisers Act of
1940 and Rule 17j-1 under the 1940 Act, respectively. Each Code of Ethics applies to the personal investing activities of the
Directors, officers and certain employees of the Fund or the Investment Adviser (&ldquo;Access Persons&rdquo;), as applicable.
Rule 17j-1 and each Code of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities
by Access Persons. Each Code of Ethics permits Access Persons to trade securities for their own accounts, including securities
that may be purchased or held by the Fund, and generally requires them to report their personal securities transactions and holdings.
The Fund&rsquo;s Code of Ethics is included as an exhibit to the Fund&rsquo;s registration statement, which will be on file with
the SEC, and available as described on the cover page of this SAI. The Investment Adviser&rsquo;s and the Fund&rsquo;s Codes of
Ethics may also be reviewed and copied at the SEC&rsquo;s Public Reference Room in Washington, D.C., and information on the operation
of the Public Reference Room may be obtained by calling the SEC at (800) SEC-0330. The Codes of Ethics are also available on the
EDGAR Database on the SEC&rsquo;s website at www.sec.gov, and copies of the Codes of Ethics may be obtained, after paying a duplicating
fee, by electronic request at the following E-mail address: publicinfo@sec.gov, or by writing the SEC&rsquo;s Public Reference
Section, Washington, D.C. 20549-0102.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>PROXY VOTING PROCEDURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>PROXY VOTING POLICIES AND
PROCEDURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund provides a voice
on behalf of stockholders of the Fund. The Fund views the proxy voting process as an integral part of the relationship with the
Fund. The Fund has delegated its authority to vote proxies to the Investment Adviser, subject to the supervision of the Board
of Directors. The Investment Adviser has entered into an arrangement with Glass, Lewis &amp; Co., LLC. (&ldquo;Glass Lewis&rdquo;)
whereby Glass Lewis votes all of the Fund&rsquo;s portfolio companies&rsquo; proxy statements and records all of the proxy votes
for compilation in the Form N-PX. The Fund believes that by engaging Glass Lewis, the Fund is in a better position to monitor
corporate actions, analyze proxy proposals, make voting decisions and ensure that proxies are submitted promptly. The fundamental
purpose of Glass Lewis&rsquo; Voting Policy Guidelines is to ensure that each vote will be in a manner that reflects the best
interest of the Fund and its stockholders, and that maximizes the value of the Fund&rsquo;s investment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>POLICIES OF THE INVESTMENT
ADVISER</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Investment Adviser
has a contractual arrangement, on behalf of the Fund, with Glass Lewis for proxy voting services related to Fund portfolio holdings.
It is the Investment Adviser&rsquo;s policy to vote all proxies received by the Fund in a timely manner. Upon receiving each proxy,
Glass Lewis will vote for, against or abstain on each of the issues presented in accordance with the proxy voting guidelines adopted
by the Fund. With respect to shares of other investment companies, Glass Lewis will vote such shares in the same general proportion
as shares held by other stockholders of that investment company. The Investment Adviser will work with Glass Lewis to ensure that
all other shares can be voted in the same general proportion as shares held by other stockholders of the applicable company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>CONFLICTS OF INTEREST</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Investment Adviser&rsquo;s
duty is to vote in the best interests of the Fund&rsquo;s stockholders. The Investment Adviser believes that, by instructing Glass
Lewis to vote shares in the same general proportion as shares held by other stockholders of the applicable company or investment
company, it will avoid potential conflicts of interest between the Investment Adviser&rsquo;s interests and the Fund&rsquo;s interests.
However, if a potential conflict of interest does arise, if the Investment Adviser believes it is in the Fund&rsquo;s best interest
to depart from the guidelines provided, the Investment Adviser will vote the securities and instruct accordingly and disclose
the conflict to the Fund&rsquo;s Board of Directors.&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>MORE INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The actual voting records
relating to the Fund&rsquo;s portfolio securities during the most recent 12-month period ended June 30th are available without
charge, upon request, by calling toll free (866) 668-6558, or by visiting the Fund&rsquo;s website www.cornerstonestrategicvaluefund.com.
The Fund&rsquo;s reports filed with the SEC are also available on the SEC&rsquo;s website at www.sec.gov. In addition, a copy
of the Fund&rsquo;s proxy voting policies and procedures is available by calling toll free (866) 668-6558 and will be sent within
three business days of receipt of such request.&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>INVESTMENT ADVISORY AND OTHER SERVICES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>INVESTMENT ADVISORY SERVICES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The management of the Fund
is supervised by the Board of Directors. Cornerstone Advisors, LLC provides investment advisory services to the Fund pursuant
to an investment management agreement entered into with the Fund (an &ldquo;Investment Management Agreement&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Investment
Adviser, located at 1075 Hendersonville Road, Suite 250, Asheville, North Carolina, 28803, is a North Carolina limited
liability company. It was formed on January 29, 2019 for the purpose of providing investment advisory and management services
to investment companies. The Investment Adviser is owned by the Cornerstone Trust, a trust established on January 29, 2019.
The trustees of the Cornerstone Trust include, but are not limited to, Messrs. Ralph W. Bradshaw, Joshua G. Bradshaw and
Daniel W. Bradshaw.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Under the general supervision
of the Fund&rsquo;s Board of Directors, the Investment Adviser carries out the investment and reinvestment of the net assets of
the Fund, continuously furnishes an investment program with respect to the Fund, determines which securities should be purchased,
sold or exchanged, and implements such determinations. The Investment Adviser furnishes to the Fund investment advice and office
facilities, equipment and personnel for servicing the investments of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The annual percentage rate and
method used in computing the investment advisory fee of the Fund is described in the Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Investment Management
Agreement is terminable, without penalty, on sixty days&rsquo; written notice, by a vote of the holders of a majority of the Fund&rsquo;s
outstanding shares, by the Directors of the Fund or by the Investment Adviser. The Investment Management Agreement provides that
it will automatically terminate in the event of its assignment. The Investment Management Agreement provides in substance that
the Investment Adviser shall not be liable for any action or failure to act in accordance with its duties thereunder in the absence
of willful misfeasance, bad faith or gross negligence on the part of the Investment Adviser or of reckless disregard of its obligations
thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>ADMINISTRATIVE AND FUND ACCOUNTING
SERVICES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Under the Administration
and Fund Accounting Agreement, Ultimus Fund Solution, LLC (&ldquo;Ultimus&rdquo;, located at 225 Pictoria Drive, Suite 450, Cincinnati,
OH 45246, supplies executive, administrative and regulatory services for the Fund. Theresa M. Bridge, the Fund&rsquo;s Treasurer,
is a Vice President and Director of Financial Administration of Ultimus. Ultimus supervises the preparation of reports to stockholders
for the Fund, reports to and filings with the Securities and Exchange Commission and materials for meetings of the Board of Directors.
For these services, the Fund pays Ultimus a base fee of $5,000 per month plus an asset based fee of 0.05% of the first $250 million
of average daily net assets, 0.04% of such assets greater than $250 million to $1 billion, 0.03% of such assets greater than $1
billion to $2 billion and 0.02% of such assets in excess of $2 billion. For the years 2018, 2019 and 2020, the Fund paid Ultimus
$284,232, $406,940 and $392,866, respectively.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Information regarding the Fund&rsquo;s
custodian, transfer agent and independent public accounting firm is described in the Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>PORTFOLIO MANAGER</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Ralph W. Bradshaw is the
portfolio manager responsible for the day-to-day management of the Fund (the &ldquo;Portfolio Manager In addition, Mr. Bradshaw
may consult with Joshua G. Bradshaw and Daniel W. Bradshaw, co-portfolio managers of the Fund, regarding investment decisions.
The following table shows the number of other accounts managed by Mr. Bradshaw and the total assets in the accounts managed within
various categories as of December 31, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="2" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
 <tr style="vertical-align: top">
    <td style="text-align: left; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</font></td>
    <td style="padding-top: 1pt; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</font></td>
    <td style="padding-top: 1pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</font></td>
    <td colspan="2" style="padding-top: 1pt; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">ADVISORY
    FEE BASED ON PERFORMANCE</font></td></tr>
<tr style="vertical-align: top">
    <td style="width: 40%; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">TYPE
                                         OF ACCOUNTS</font></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td style="width: 15%; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">NUMBER
    OF ACCOUNTS</font></td>
    <td style="width: 15%; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">TOTAL
    ASSETS <br>
($ IN MILLIONS)</font></td>
    <td style="width: 15%; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">NUMBER
    OF ACCOUNTS</font></td>
    <td style="width: 15%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">TOTAL
                                         ASSETS</font></p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td style="padding-top: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment
    Companies</font></td>
    <td style="padding-top: 1pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</font></td>
    <td style="padding-top: 1pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">391.4</font></td>
    <td style="padding-top: 1pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</font></td>
    <td style="padding-top: 1pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 1.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Pooled Investments</font></td>
    <td style="padding-top: 1.05pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</font></td>
    <td style="padding-top: 1.05pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</font></td>
    <td style="padding-top: 1.05pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</font></td>
    <td style="padding-top: 1.05pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</font></td></tr>
<tr style="vertical-align: top; background-color: gainsboro">
    <td style="padding-top: 1.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Accounts</font></td>
    <td style="padding-top: 1.05pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</font></td>
    <td style="padding-top: 1.05pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</font></td>
    <td style="padding-top: 1.05pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</font></td>
    <td style="padding-top: 1.05pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</font></td></tr>
 </table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>CONFLICTS OF INTEREST</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Conflicts of interest may
arise because the Fund&rsquo;s Portfolio Manager has day-to-day management responsibilities with respect to the Fund and one other
account (i.e., Cornerstone Total Return Fund, Inc.). These potential conflicts include:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>LIMITED RESOURCES</I>.
The Portfolio Manager cannot devote his full time and attention to the management of each of the accounts that he manages. Accordingly,
the Portfolio Manager may be limited in his ability to identify investment opportunities for each of the accounts that are as
attractive as might be the case if the Portfolio Manager was to devote substantially more attention to the management of a single
account. The effects of this potential conflict may be more pronounced where the accounts have different investment strategies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>LIMITED INVESTMENT OPPORTUNITIES</I>.
The other investment fund of the Investment Adviser may have investment objectives and policies similar to those of the Fund.
The Investment Adviser may, from time to time, make recommendations which result in the purchase or sale of a particular security
by its other investment fund simultaneously with the Fund. If transactions on behalf of more than one investment fund during the
same period increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse
effect on price or quantity. It is the policy of the Investment Adviser to allocate advisory recommendations and the placing of
orders in a manner that it believes is equitable to the accounts involved, including the Fund. When more than one investment fund
of the Investment Adviser is purchasing or selling the same security on a given day from the same broker-dealer, such transactions
may be averaged as to price. See &ldquo;Allocation of Brokerage&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>DIFFERENT INVESTMENT
STRATEGIES</I>. The accounts managed by the Portfolio Manager have differing investment strategies. If the Portfolio Manager determines
that an investment opportunity may be appropriate for only some of the accounts or decides that certain of the accounts should
take different positions with respect to a particular security, the Portfolio Manager may effect transactions for one or more
accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit
of one or more other accounts.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>SELECTION OF BROKERS.
</I>The Portfolio Manager selects the brokers that execute securities transactions for the accounts that he supervises, including
the Fund. See &ldquo;Allocation of Brokerage.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Where conflicts of interest
arise between the Fund and other accounts managed by the Portfolio Manager, the Portfolio Manager will use good faith efforts
so that the Fund will not be treated materially less favorably than other accounts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>COMPENSATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Portfolio Manager&rsquo;s
compensation will be made up of a fixed salary amount which is not based on the value of the assets in the Fund&rsquo;s portfolio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>SECURITIES OWNED IN THE FUND
BY PORTFOLIO MANAGERS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">As of the date of this SAI,
the Portfolio Manager owned [&#9679;] shares of the Fund. See &ldquo;Director Ownership of Fund Shares.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>ALLOCATION OF BROKERAGE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Decisions regarding the
placement of orders to purchase and sell investments for the Fund are made by the Investment Adviser, subject to the supervision
of the Board of Directors. A substantial portion of the transactions in equity securities for the Fund will occur on domestic
stock exchanges. Transactions on stock exchanges involve the payment of brokerage commissions. In transactions on stock exchanges
in the United States and some foreign exchanges, these commissions are negotiated. However, on many foreign stock exchanges these
commissions are fixed. In the case of securities traded in the foreign and domestic over-the-counter markets, there is generally
no stated commission, but the price usually includes an undisclosed commission or markup. Over-the-counter transactions will generally
be placed directly with a principal market maker, although the Fund may place an over-the-counter order with a broker-dealer if
a better price (including commission) and execution are available.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">It is anticipated that most
purchase and sale transactions involving fixed income securities will be with the issuer or an underwriter or with major dealers
in such securities acting as principals. Such transactions are normally effected on a net basis and generally do not involve payment
of brokerage commissions. However, the cost of securities purchased from an underwriter usually includes a commission paid by
the issuer to the underwriter. Purchases or sales from dealers will normally reflect the spread between the bid and ask price.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The policy of the Fund
regarding transactions for purchases and sales of securities is that primary consideration will be given to obtaining the most
favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected
on a stock exchange, the Fund&rsquo;s policy is to pay commissions which are considered fair and reasonable without necessarily
determining that the lowest possible commissions are paid in all circumstances. The Board of Directors of the Fund believes that
a requirement always to seek the lowest commission cost could impede effective management and preclude the Fund and the Investment
Adviser from obtaining high quality brokerage and research services. In seeking to determine the reasonableness of brokerage commissions
paid in any transaction, the Investment Adviser may rely on its experience and knowledge regarding commissions generally charged
by various brokers and on its judgment in evaluating the brokerage and research services received from the broker effecting the
transaction. Such determinations are necessarily subjective and imprecise, as in most cases an exact dollar value for those services
is not ascertainable.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In seeking to implement
the Fund&rsquo;s policies, the Investment Adviser will place transactions with those brokers and dealers who it believes provide
the most favorable prices and which are capable of providing efficient executions. If the Investment Adviser believes such price
and execution are obtainable from more than one broker or dealer, it may give consideration to placing transactions with those
brokers and dealers who also furnish research or research related services to the Fund or the Investment Adviser. Such services
may include, but are not limited to, any one or more of the following: information as to the availability of securities for purchase
or sale; statistical or factual information or opinions pertaining to investments; and appraisals or evaluations of securities.
The information and services received by the Investment Adviser from brokers and dealers may be of benefit in the management of
accounts of other clients and may not in all cases benefit the Fund directly. While such services are useful and important in
supplementing its own research and facilities, the Investment Adviser believes the value of such services is not determinable
and does not significantly reduce its expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund has adopted procedures
under Rule 17a-7 of the 1940 Act to permit purchase and sales transactions to be effected between the Fund and other accounts
that are managed by the Investment Adviser. The Fund may from time to time engage in such transactions in accordance with these
procedures.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Securities considered as
investments for the Fund may also be appropriate for other investment accounts managed by the Investment Adviser or its affiliates.
Whenever decisions are made to buy or sell securities by the Fund and one or more of such other accounts simultaneously, the Investment
Adviser will allocate the security transactions (including &ldquo;hot&rdquo; issues) in a manner which it believes to be equitable
under the circumstances. As a result of such allocations, there may be instances where the Fund will not participate in a transaction
that is allocated among other accounts. If an aggregated order cannot be filled completely, allocations will generally be made
on a pro rata basis. An order may not be allocated on a pro rata basis where, for example: (i) consideration is given to an account
with specialized investment policies that coincide with the particulars of a specific investment; (ii) pro rata allocation would
result in odd-lot or de minimis amounts being allocated to a portfolio or other client; or (iii) where the Investment Adviser
reasonably determines that departure from a pro rata allocation is advisable. While these aggregation and allocation policies
could have a detrimental effect on the price or amount of the securities available to the Fund from time to time, it is the opinion
of the Directors of the Fund that the benefits from the Investment Adviser&rsquo;s organization outweigh any disadvantage that
may arise from exposure to simultaneous transactions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">During the fiscal years ended
December 31, 2018, 2019 and 2020, the Fund paid $25,928, $25,343 and $153,839 respectively, in brokerage commissions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>CERTAIN MATERIAL UNITED STATES
FEDERAL INCOME TAX CONSEQUENCES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>THE FOLLOWING IS A
SUMMARY DISCUSSION OF THE MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES THAT MAY BE RELEVANT TO A STOCKHOLDER OF ACQUIRING, HOLDING
AND DISPOSING OF SHARES OF THE FUND. THIS DISCUSSION DOES NOT ADDRESS THE SPECIAL TAX RULES APPLICABLE TO CERTAIN CLASSES OF INVESTORS,
SUCH AS TAX-EXEMPT ENTITIES, FOREIGN INVESTORS, INSURANCE COMPANIES AND FINANCIAL INSTITUTIONS. THIS DISCUSSION ADDRESSES ONLY
U.S. FEDERAL INCOME TAX CONSEQUENCES TO U.S. STOCKHOLDERS WHO HOLD THEIR SHARES AS CAPITAL ASSETS AND DOES NOT ADDRESS ALL OF
THE U.S. FEDERAL INCOME TAX CONSEQUENCES THAT MAY BE RELEVANT TO PARTICULAR STOCKHOLDERS IN LIGHT OF THEIR INDIVIDUAL CIRCUMSTANCES.
IN ADDITION, THE DISCUSSION DOES NOT ADDRESS ANY STATE, LOCAL OR FOREIGN TAX CONSEQUENCES, AND IT DOES NOT ADDRESS ANY U.S. FEDERAL
TAX CONSEQUENCES OTHER THAN U.S. FEDERAL INCOME TAX CONSEQUENCES. THE DISCUSSION IS BASED UPON PRESENT PROVISIONS OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE &ldquo;CODE&rdquo;), THE REGULATIONS PROMULGATED THEREUNDER, AND JUDICIAL AND ADMINISTRATIVE
RULING AUTHORITIES, ALL OF WHICH ARE SUBJECT TO CHANGE OR DIFFERING INTERPRETATIONS (POSSIBLY WITH RETROACTIVE EFFECT). NO ATTEMPT
IS MADE TO PRESENT A DETAILED EXPLANATION OF ALL U.S. FEDERAL INCOME TAX CONCERNS AFFECTING THE FUND AND ITS STOCKHOLDERS, AND
THE DISCUSSION SET FORTH HEREIN DOES NOT CONSTITUTE TAX ADVICE. INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS TO DETERMINE
THE SPECIFIC TAX CONSEQUENCES TO THEM OF INVESTING IN THE FUND, INCLUDING THE APPLICABLE FEDERAL, STATE, LOCAL AND FOREIGN TAX
CONSEQUENCES TO THEM AND THE EFFECT OF POSSIBLE CHANGES IN TAX LAWS, INCLUDING COMPREHENSIVE UNITED STATES FEDERAL INCOME TAX
REFORM CURRENTLY BEING DISCUSSED BY THE UNITED STATES CONGRESS.</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The discussion primarily
describes the U.S. federal income tax treatment of a U.S. Holder and, unless expressly provided, does not discuss the application
of these rules to a Non-U.S. Holder. A &ldquo;U.S. Holder&rdquo; means a beneficial owner of the Funds&rsquo; shares that is any
of the following for U.S. federal income tax purposes:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">An individual who is a citizen or resident of the United
States or someone treated as a U.S. citizen for U.S. federal income tax purposes;</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">A corporation (or other entity taxable as a corporation
for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the
District of Columbia;</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">An estate, the income of which is subject to U.S. federal
income taxation regardless of its source; or</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">A trust if: (a) a U.S. court can exercise primary supervision
over the trust&rsquo;s administration and one or more U.S. persons are authorized to control all substantial decisions of the
trust, or (b) the trust was in existence on August 20, 1996 and has a valid election in effect under applicable Treasury Regulations
(as defined below) to be treated as a U.S. person.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">For purposes of this summary,
the term &ldquo;Non-U.S. Holder&rdquo; means a beneficial owner of the Funds&rsquo; shares that is not a U.S. Holder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In addition, the possible application
of U.S. federal estate or gift taxes or any aspect of state, local, or non-U.S. tax laws is not considered. This summary does
not address all aspects of U.S. federal income taxation that may be important to a particular U.S. Holder in light of its investment
or tax circumstances or to a U.S. Holder that is subject to special tax rules, including if the Holder is:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a dealer in securities or currencies;</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a financial institution;</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a regulated investment company;</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a real estate investment company;</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an insurance company;</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a tax-exempt organization;</TD>
</TR></TABLE>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a person holding shares as part of a hedging, integrated
or conversion transaction, a constructive sale or a straddle;</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a trader in securities that has elected the mark-to-market
method of accounting for its securities;</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a person liable for alternative minimum tax;</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a partnership or other pass-through entity for U.S. federal
income tax purposes; or</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a U.S. Holder whose &ldquo;functional currency&rdquo;
is not the U.S. dollar.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If an entity treated as
a partnership for U.S. federal income tax purposes holds shares, the U.S. federal income tax treatment of a partner in the partnership
will generally depend upon the status of the partner and the activities of the partnership. A Holder of shares in a partnership
and partners in such partnership should consult their own tax advisors regarding the U.S. federal income tax consequences of holding
and disposing of the shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Prospective U.S. Holders
are urged to consult their tax advisors as to the particular tax consequences of purchasing, owning and disposing of the shares,
including the application of U.S. federal, state and local tax laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Taxation as a Regulated Investment
Company</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund intends to elect
to be treated and to qualify each year as a regulated investment company (a &ldquo;RIC&rdquo;) under the Code. Accordingly, the
Fund must, among other things, (i) derive in each taxable year at least 90% of its gross income (including tax-exempt interest)
from (a) dividends, 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 forward contracts) derived
with respect to its business of investing in such stock, securities or currencies; and (b) net income from interests in &ldquo;qualified
publicly traded partnerships&rdquo; (as defined in the Code); (ii) diversify its holdings so that, at the end of each quarter
of each taxable year (a) at least 50% of the value of the Fund&rsquo;s total assets is represented by cash and cash items, U.S.
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&rsquo;s total assets and not
more than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the Fund&rsquo;s total
assets is invested in the securities (other than U.S. government securities and the securities of other regulated investment companies)
of (I) any one issuer; (II) any two or more issuers that the Fund controls and that are determined to be engaged in the same business
or similar or related trades or businesses or (III) any one or more &ldquo;qualified publicly traded partnerships&rdquo; (as defined
in the Code); and (iii) distribute at least 90% of its investment company taxable income (as defined in the Code, but without
regard to the deduction for dividends paid) and 90% of its tax-exempt interest income (net of certain deductions and amortizable
bond premiums) for such taxable year in accordance with the timing requirements imposed by the Code, so as to maintain its RIC
status and to avoid paying any U.S. federal income tax. For purposes of the 90% of gross income requirement described above, the
Code expressly provides the U.S. Treasury with authority to issue regulations that would exclude foreign currency gains from qualifying
income if such gains are not directly related to the Fund&rsquo;s business of investing in stock or securities. While to date
the U.S. Treasury has not exercised this regulatory authority, there can be no assurance that it will not issue regulations in
the future (possibly with retroactive application) that would treat some or all of the Fund&rsquo;s foreign currency gains as
non-qualifying income. To the extent it qualifies for treatment as a RIC and satisfies the above-mentioned distribution requirements,
the Fund will not be subject to U.S. federal income tax on income paid to its stockholders in the form of dividends or capital
gain distributions.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">In order to avoid incurring
a U.S. federal excise tax obligation, the Code requires that the Fund distribute (or be deemed to have distributed) by December
31 of each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for such year and (ii) 98.2% of
its capital gain net income (which is the excess of its realized capital gain over its realized capital loss), generally computed
on the basis of the one-year period ending on October 31 of such year, after reduction by any available capital loss carryforwards,
plus (iii) 100% of any ordinary income and capital gain net income from previous years (as previously computed) that were not
paid out during such years and on which the Fund paid no U.S. federal income tax.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Failure to Qualify as a RIC</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If the Fund does not qualify
as a RIC for any taxable year, the Fund&rsquo;s taxable income will be subject to corporate income taxes, and all distributions
from earnings and profits, including distributions of net capital gain (if any), will be taxable to the stockholder as ordinary
income. Such distributions generally will be eligible (i) for the dividends received deduction in the case of corporate stockholders
and (ii) for treatment as &ldquo;qualified dividends&rdquo; as discussed below, in the case of individual stockholders provided
certain holding period and other requirements are met, as described below. In addition, in order to requalify for taxation as
a RIC, the Fund may be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Taxation of Distributions
to U.S. Holders</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Distributions from the
Fund, except in the case of distributions of qualified dividend income or capital gain dividends, as described below, generally
will be taxable to stockholders as ordinary dividend income to the extent of the Fund&rsquo;s current and accumulated earnings
and profits. Distributions of net capital gains (that is, the excess of net gains from the sale of capital assets held more than
one year over net losses from the sale of capital assets held for not more than one year) properly designated as capital gain
dividends (&ldquo;Capital Gain Dividends&rdquo;) will be taxable to stockholders as long-term capital gain, regardless of how
long a stockholder has held the shares in the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If a stockholder&rsquo;s
distributions are automatically reinvested pursuant to the Plan and the Plan Administrator invests the distribution in shares
acquired on behalf of the stockholder in open-market purchases, for U.S. federal income tax purposes, the stockholder will generally
be treated as having received a taxable distribution in the amount of the cash dividend that the stockholder would have received
if the stockholder had elected to receive cash. If a stockholder&rsquo;s distributions are automatically reinvested pursuant to
the Plan and the Plan Administrator invests the distribution in newly issued shares of the Fund, the stockholder will generally
be treated as receiving a taxable distribution equal to the fair market value of the stock the stockholder receives.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Under current law, certain
income distributions paid by the Fund to individual taxpayers are taxed at rates equal to those applicable to net long-term capital
gains (generally, 20%). This tax treatment applies only if certain holding period requirements and other requirements are satisfied
by the stockholder and the dividends are attributable to qualified dividend income received by the Fund itself. For this purpose,
&ldquo;qualified dividend income&rdquo; means dividends received by the Fund from certain United States corporations and qualifying
foreign corporations, provided that the Fund satisfies certain holding period and other requirements in respect of the stock of
such corporations. For these purposes, a &ldquo;qualified foreign corporation&rdquo; means any foreign corporation if (i) such
corporation is incorporated in a possession of the United States, (ii) such corporation is eligible for benefits of a qualified
comprehensive income tax treaty with the United States and which includes an exchange of information program, or (iii) the stock
of such corporation with respect to which such dividend is paid is readily tradable on an established securities market in the
United States. A &ldquo;qualified foreign corporation&rdquo; does not include any foreign corporation which for the taxable year
of the corporation in which the dividend was paid, or the preceding taxable year, is a &ldquo;passive foreign investment company&rdquo;
(as defined in the Code). In the case of securities lending transactions, payments in lieu of dividends are not qualified dividends.
Thereafter, the Fund&rsquo;s dividends, other than capital gains dividends, will be fully taxable at ordinary income tax rates
unless further Congressional legislative action is taken.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">A dividend will not be treated
as qualified dividend income (whether received by the Fund or paid by the Fund to a stockholder) if (1) the dividend is received
with respect to any share held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before
the date on which such share becomes ex- dividend with respect to such dividend, (or fewer than 91 days during the associated
181-day period in the case of certain preferred stocks), (2) to the extent that the recipient is under an obligation (whether
pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related
property, or (3) if the recipient elects to have the dividend treated as investment income for purposes of the limitation on deductibility
of investment interest. Distributions of income by the Fund, other than qualified dividend income and capital gains dividends,
are taxed as ordinary income, at rates currently up to 39.6% for taxpayers other than corporations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">We cannot assure you as
to what percentage of the dividends paid on the shares will consist of qualified dividend income or long-term capital gains, both
of which are taxed at lower rates for individuals than are ordinary income and short-term capital gains.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Dividends and interest
received, and gains realized, by the Fund on foreign securities may be subject to income, withholding or other taxes imposed by
foreign countries and U.S. possessions (collectively &ldquo;foreign taxes&rdquo;) that would reduce the return on its securities.
Tax conventions between certain countries and the United States, however, may reduce or eliminate foreign taxes, and many foreign
countries do not impose taxes on capital gains in respect of investments by foreign investors. If more than 50% of the value of
the Fund&rsquo;s total assets at the close of its taxable year consists of securities of foreign corporations, it will be eligible
to, and may, file an election with the Internal Revenue Service (the &ldquo;IRS&rdquo;) that will enable its stockholders, in
effect, to receive the benefit of the foreign tax credit with respect to any foreign taxes paid by the Fund. Pursuant to the election,
the Fund would treat those taxes as dividends paid to its stockholders and each stockholder (1) would be required to include in
gross income, and treat as paid by such stockholder, a proportionate share of those taxes, (2) would be required to treat such
share of those taxes and of any dividend paid by the Fund that represents income from foreign or U.S. possessions sources as such
stockholder&rsquo;s own income from those sources, and, if certain conditions are met, (3) could either deduct the foreign taxes
deemed paid in computing taxable income or, alternatively use the foregoing information in calculating the foreign tax credit
against federal income tax (but IRA accounts may not be able to use the foreign tax credit). The Fund will report to its stockholders
shortly after each taxable year their respective shares of foreign taxes paid and the income from sources within, and taxes paid
to, foreign countries and U.S. possessions if it makes this election. The rules relating to the foreign tax credit are complex.
Each stockholder should consult his own tax adviser regarding the potential application of foreign tax credits.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If the Fund acquires any
equity interest in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such
as interest, dividends, certain rents and royalties, or capital gains) or that hold at least 50% of their assets in investments
producing such passive income (&ldquo;passive foreign investment companies&rdquo;), the Fund could be subject to U.S. federal
income tax and additional interest charges on &ldquo;excess distributions&rdquo; received from such companies or on gain from
the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed to its stockholders.
The Fund would not be able to pass through to its stockholders any credit or deduction for such a tax. An election may generally
be available that would ameliorate these adverse tax consequences, but any such election could require the Fund to recognize taxable
income or gain (subject to tax distribution requirements) without the concurrent receipt of cash and would require certain information
to be furnished by the foreign corporation, which may not be provided. These investments could also result in the treatment of
associated capital gains as ordinary income. The Fund may limit and/or manage its holdings in passive foreign investment companies
to limit its tax liability or maximize its return from these investments. Dividends paid by passive foreign investment companies
will not qualify as qualified dividend income eligible for taxation at reduced tax rates.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">If the Fund utilizes leverage
through borrowing, it may be restricted by loan covenants with respect to the declaration of, and payment of, dividends in certain
circumstances. Limits on the Fund&rsquo;s payments of dividends may prevent the Fund from meeting the distribution requirements,
described above, and may, therefore, jeopardize the Fund&rsquo;s qualification for taxation as a RIC and possibly subject the
Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make dividend payments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Taxation of Sales, Exchanges,
or Other Dispositions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The sale, exchange or redemption
of Fund shares may give rise to a gain or loss. Such gain or loss would generally be treated as capital gain or loss if the Fund
shares are held as a capital asset. In general, any gain or loss realized upon a taxable disposition of shares will be treated
as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable
disposition of Fund shares will be treated as short-term capital gain or loss. The maximum capital gain rate applicable to individuals
is 20%. Any loss realized upon the sale or exchange of Fund shares with a holding period of 6 months or less will be treated as
a long- term capital loss to the extent of any capital gain distributions received with respect to such shares. The use of capital
losses is subject to limitations. In addition, all or a portion of a loss realized on a redemption or other disposition of Fund
shares may be disallowed under &ldquo;wash sale&rdquo; rules to the extent the shares disposed of are replaced with other substantially
identical shares (whether through the reinvestment of distributions or otherwise) within a 61-day period beginning 30 days before
the redemption of the loss shares and ending 30 days after such date. Any disallowed loss will result in an adjustment to the
stockholder&rsquo;s tax basis in some or all of the other shares acquired.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Dividends and distributions
on the Fund&rsquo;s shares are generally subject to federal income tax as described herein to the extent they do not exceed the
Fund&rsquo;s realized income and gains, even though such dividends and distributions may economically represent a return of a
particular stockholder&rsquo;s investment. Such distributions are likely to occur in respect of shares purchased at a time when
the Fund&rsquo;s net asset value reflects gains that are either unrealized, or realized but not distributed. Such realized gains
may be required to be distributed even when the Fund&rsquo;s net asset value also reflects unrealized losses. Certain distributions
declared in October, November or December and paid in the following January will be taxed to stockholders as if received on December
31 of the year in which they were declared. In addition, certain other distributions made after the close of a taxable year of
the Fund may be &ldquo;spilled back&rdquo; and treated as paid by the Fund (except for purposes of the 4% excise tax) during such
taxable year. In such case, stockholders will nevertheless be treated as having received such dividends in the taxable year in
which the distributions were actually made.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Information Reporting and
Backup Withholding</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Generally, information reporting
requirements will apply to distributions on our common shares or proceeds on the disposition of our common shares or warrants
paid within the U.S. (and, in certain cases, outside the U.S.) to U.S. Holders. Such payments will generally be subject to backup
withholding tax at the rate of 24% if: (a) a</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">U.S. Holder fails to furnish
such U.S. Holder&rsquo;s correct U.S. taxpayer identification number to the payor (generally on Form W-9), as required by the
Code and Treasury Regulations, (b) the IRS notifies the payor that the U.S. Holder&rsquo;s taxpayer identification number is incorrect,
(c) a U.S. Holder is notified by the IRS that it has previously failed to properly report interest and dividend income, or (d)
a U.S. Holder fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification
number. However, certain exempt persons generally are excluded from these information reporting and backup withholding rules.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Under Treasury regulations,
if a stockholder recognizes a loss on disposition of the Fund&rsquo;s shares of $2 million or more for an individual stockholder
or $10 million or more for a corporate stockholder, the stockholder generally must file with the IRS a disclosure statement on
Form 8886 except to the extent such losses are from assets that have a qualifying basis and meet certain other requirements. Direct
stockholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, stockholders
of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement
to stockholders of most or all regulated investment companies. In addition, pursuant to recently enacted legislation, significant
penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these
regulations does not affect the legal determination of whether the taxpayer&rsquo;s treatment of the loss is proper. Stockholders
should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The foregoing discussion
does not address the special tax rules applicable to certain classes of investors, such as tax-exempt entities, foreign investors,
insurance companies and financial institutions. Stockholders should consult their own tax advisers with respect to special tax
rules that may apply in their particular situations, as well as the state, local, and, where applicable, foreign tax consequences
of investing in the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund will inform stockholders
of the source and tax status of all distributions promptly after the close of each calendar year. The IRS currently requires that
a RIC 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 and qualified dividend income) based
upon the percentage of total dividends paid out of earnings or profits to each class for the tax year. Accordingly, if the Fund
issues preferred shares in the future, the Fund intends each year to allocate capital gain dividends, dividends qualifying for
the dividends received deduction and dividends derived from qualified dividend income, if any, between its common shares and preferred
shares in proportion to the total dividends paid out of earnings or profits to each class with respect to such tax year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Net Investment Income Tax</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">A U.S. Holder that is an
individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, will be subject
to a 3.8% tax on the lesser of (1) the U.S. Holder&rsquo;s &ldquo;net investment income&rdquo; for the relevant taxable year and
(2) the excess of the U.S. Holder&rsquo;s modified adjusted gross income for the taxable year over a certain threshold (which,
in the case of individuals, will be between $125,000 and $250,000 depending on the individual&rsquo;s circumstances). A U.S. Holder&rsquo;s
&ldquo;net investment income&rdquo; may generally include portfolio income (such as interest and dividends), and income and net
gains from an activity that is subject to certain passive activity limitations, unless such income or net gains are derived in
the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or
trading activities). If you are a U.S. holder that is an individual, estate or trust, you should consult your tax advisors regarding
the applicability of the Net Investment Income Tax to your ownership and disposition of shares of the Funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>Payments to Foreign Financial
Institutions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Hiring Incentives
to Restore Employment Act of March 2010 (the &ldquo;HIRE Act&rdquo;), including the Foreign Account Tax Compliance Act (&ldquo;FATCA&rdquo;),
Sections 1474 through 1474 of the Code, and Treasury regulations promulgated thereunder, generally provides that a 30% withholding
tax may be imposed on payments of U.S. source income, on the gross proceeds from the sale of property that could give rise to
certain types of U.S. source payments, including U.S. source interest and dividends for such dispositions occurring after December
31, 2018, to certain non-U.S. entities unless such entities enter into an agreement with the IRS to disclose the name, address
and taxpayer identification number of certain U.S. persons that own, directly or indirectly, interests in such entities, as well
as certain other information relating to such interests. Non-U.S. Holders are encouraged to consult with their own tax advisors
regarding the possible implications and obligations of FATCA and the HIRE Act.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><B>STATE AND LOCAL TAXES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Stockholders should consult
their own tax advisers as to the state or local tax consequences of investing in the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">THE FOREGOING SUMMARY OF
U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION ONLY AND IS NOT TAX ADVICE. IT DOES NOT DISCUSS ALL ASPECTS
OF U.S. FEDERAL INCOME TAXATION THAT MAY BE RELEVANT TO A U.S. HOLDER IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES AND INCOME TAX
SITUATION. PROSPECTIVE U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE SPECIFIC TAX CONSEQUENCES THAT WOULD RESULT
FROM THE PURCHASE, OWNERSHIP AND DISPOSITION OF THE SHARES, INCLUDING THE APPLICATION AND EFFECT OF FEDERAL, STATE, LOCAL, FOREIGN
AND OTHER TAX LAWS (INCLUDING ESTATE AND GIFT TAX RULES) AND THE POSSIBLE EFFECTS OF CHANGES IN FEDERAL OR OTHER TAX LAWS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The financial statements
included in the Fund&rsquo;s Annual Report for the year ended December 31, 2020 and its unaudited <A HREF="https://www.sec.gov/Archives/edgar/data/814083/000139834420016955/fp0056739_ncsrs.htm">Semi-Annual Report</A> for the period
ended June 30, 2020, filed with the Securities and Exchange Commission on [&#9679;], 2021 and August 24, 2020, respectively (File
No. 811-05150), are herein incorporated by reference.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund is a Maryland corporation.
Pursuant to the Fund&rsquo;s Amended and Restated By-Laws, the Fund will indemnify, to the fullest extent permitted by the Maryland
General Corporation Law (the &ldquo;MGCL&rdquo;) and the 1940 Act, every person who is, or has been, a director or officer of
the Fund against liability and all expenses reasonably incurred or paid by him in connection with a claim, action, suit or proceeding
in which he becomes involved by virtue of being a director or officer of the Fund and amounts paid or incurred in settlement of
such claim, action, suit or proceeding. The Fund may also indemnify its employees and agents and make advances to them for reasonable
expenses to the extent permitted by the MGCL, the 1933 Act and the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">The Fund&rsquo;s Prospectus
and this SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC.
The complete Registration Statement may be obtained as described on the cover page of this SAI.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">[&#9679;] is the independent registered public accounting firm for the Fund and provides audit services, tax return preparation and
assistance with respect to the preparation of filings with the SEC.</P>


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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 25. Financial Statements and Exhibits</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Financial Statements (included in Part B)</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Portfolio Summary as of December 31, 2020*
<BR>
Schedule of Investments as of December 31, 2020*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Statement of Assets and Liabilities as of December
31, 2020* <BR>
Statement of Operations for the year ended December 31, 2020*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Statement of Changes in Net Assets for the
years ended December 31, 2019 and 2020* <BR>
Financial Highlights*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Notes to Financial Statements*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Report of Independent Registered Public Accounting
Firm*</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">*</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Annual Report
on Form N-CSR for the year ended December 31, 2020 filed on [&#9679;], 2021 (File No. 811-05150).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 0pt; text-align: justify">(2)
Exhibits</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)(i)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/0000889812-99-001203.txt">Amended and Restated Articles of Incorporation (1)</A></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)(ii)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000090901204000265/inc.txt">Articles of Amendment (2)</A></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)(iii)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000090901204000325/t301015.txt">Articles of Amendment (3)</A> </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(a)(iv)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000139834418008726/fp0033850_ex99252aiv.htm">Articles of Amendment (4)</A></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(b)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Amended
                                         and Restated Bylaws (15)</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(c)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Not
                                         applicable</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(d)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Form
                                         of Non-Transferable Subscription Rights Certificate (15)</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(e)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Distribution
                                         Reinvestment Plan (5)</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(f)</TD><TD STYLE="text-align: justify">Not applicable</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(g)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000139834419003233/fp0039892_def14a.htm">Investment Management Agreement between the Fund and Cornerstone Advisors, LLC (6)</A></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(h)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Not
                                         applicable</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(i)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Not
                                         applicable</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(j)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000139834411001367/fp0003060_ex2j.htm">Custody Agreement between the Fund and U.S. Bank National Association (7)</A></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(k)(i)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000139834416016197/fp0020550_ex992ki.htm">Transfer Agent Servicing Agreement between the Fund and American Stock Transfer and Trust Company, LLC (8)</A> </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(k)(ii)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000139834418008726/fp0033850_ex99252kii.htm">Administration and Fund Accounting Agreement (9)</A></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(l)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Opinion
                                         and Consent of Counsel (15)</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(m)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Not
                                         applicable</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(n)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Consent
                                         of Independent Auditor (15)</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(o)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Not
                                         applicable</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(p)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Not
                                         applicable</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(q)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Not
                                         applicable</TD></TR></TABLE>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(r)(i)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000139834420004721/fp0050859_ex99code.htm">Code of Ethics of the Fund (10)</A></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(r)(ii)</TD><TD STYLE="text-align: justify">Code of Ethics of the Investment Adviser (15)</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(s)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000139834412003649/fp0005854_ex2s.htm">(i)Powers of Attorney for Scott B. Rogers, Andrew A. Strauss and Glenn W. Wilcox, Sr. (11)</A></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 40pt; text-indent: 0pt; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000139834418008726/fp0033850_ex99252s.htm">(ii) Power of Attorney for Matthew W. Morris (12)</A></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 40pt; text-indent: 0pt; text-align: justify"><A HREF="fp0062457_ex9925siii.htm">(iii) Powers of Attorney for Robert E. Dean, Marcia E. Malzahn and Frank J. Maresca (14)</A></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(t)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/814083/000139834416016197/fp0020550_ex992t.htm">Form of Indemnity Agreement (13)</A></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(u)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Information
                                         Agent Agreement (15)</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(v)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Subscription
                                         Agent Agreement (15)</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Proxy Statement
on Schedule 14A filed on April 15, 1999, Exhibit A (File No. 811-05150).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration
Statement on Form N-14 8C filed on April 22, 2004, Exhibit 1-B (File No. 333-114747).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(3)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Form 497
filed on May 6, 2004, Exhibit D (File No. 333-113046).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(4)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration Statement
on Form N-2 Filed on June 7, 2018, Exhibit 2(a)(iv) (File No. 811-05150).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(5)</TD><TD STYLE="padding-right: 5.75pt; font: 11pt Times New Roman, Times, Serif">Incorporated
                                         by reference to the Fund&rsquo;s Annual Report to Stockholders for the period ended
                                         December 31, 2020 filed on [&#9679;], 2021 (File No. 811-05150).</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(6)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Incorporated
                                         by reference to the Fund&rsquo;s Proxy Statement on Schedule 14A filed on February 22,
                                         2019, Exhibit A (File No. 811-05150).</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(7)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration Statement
on Form N-2 filed June 28, 2011 (File No. 811-05150).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif">(8)</TD><TD STYLE="font: 11pt Times New Roman, Times, Serif">Incorporated
                                         by reference to the Fund&rsquo;s Registration Statement on Form N-2 Filed on August 5, 2016,
                                         Exhibit 2(k)(i) (File No. 811-05150).</TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(9)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration Statement
on Form N-2 Filed on June 7, 2018, Exhibit 2(k)(ii) (File No. 811-05150).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(10)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Annual Report
to Stockholders for the period ended December 31, 2019 filed on February 28, 2020 (File No. 811-05150). </TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(11)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration Statement
on Form N-2/A filed November 16, 2012 (File No. 811-05150).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(12)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration Statement
on Form N-2 Filed on June 7, 2018, Exhibit 2(s) (File No. 811-05150).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(13)</TD><TD STYLE="text-align: justify">Incorporated by reference to the Fund&rsquo;s Registration Statement
on Form N-2 Filed on August 5, 2016, Exhibit 2(t) (File No. 811-05150).</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(14)</TD><TD STYLE="text-align: justify">To be filed herewith.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 40pt; text-align: left">(15)</TD><TD STYLE="text-align: justify">To be filed by amendment.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 26. Marketing Arrangements</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 0">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 27. Other Expenses of Issuance and Distribution</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 0">The approximate expenses in connection with the
offering are as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 85%; text-align: left">Information Agent&rsquo;s Fees and Expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">10,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Subscription Agent&rsquo;s Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Auditing Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Registration Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,363</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">Legal Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing, Typesetting, and Edgar Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-bottom: 1pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2pt">&nbsp;</TD><TD STYLE="padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2pt double; text-align: right">249,663</TD><TD STYLE="padding-bottom: 2pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 28. Persons Controlled by or Under
Common Control With Registrant</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 0">None.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 29. Number of Holders of Securities</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: 0">Set forth below is the number of record
holders as of January 31, 2021, of each class of securities of the Registrant:</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<table cellpadding="2" cellspacing="0" style="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
 <tr style="vertical-align: top; text-align: left">
    <td style="width: 85%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Title
    of Class</b></font></td>
    <td style="width: 15%; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Number
    of<br>
 Record Holders</b></font></td></tr>
<tr style="vertical-align: top; text-align: left; background-color: Gainsboro">
    <td style="border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Common Stock, par value $0.001</font></td>
    <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">283</font></td></tr>
 </table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 30. Indemnification</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Section
2-418 of the Maryland General Corporation Law and Article X of the Registrant&rsquo;s By-laws (incorporated by reference as an
Exhibit 2(b) to this Registration Statement) provide for indemnification of directors and officers of the Registrant, and employees
and agents of the Registrant as determined by the Board of Directors. The Investment Management Agreement (incorporated by reference
as an Exhibit 2(g) to this Registration Statement) provides for indemnification of Cornerstone Advisors, LLC, the Fund&rsquo;s
investment adviser. The Registrant has entered into an indemnification agreement with each of the independent directors in connection
with their agreement to serve on the Registrant&rsquo;s Board of Directors. The Registrant&rsquo;s directors and officers are insured
under a standard investment company errors and omissions insurance policy covering loss incurred by reason of negligent errors
and omissions committed in their official capacities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Insofar
as indemnification for liability arising under the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;) may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 31. Business and Other Connections of Investment
Adviser</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Cornerstone
Advisors, LLC manages one other closed-end fund. A description of any other business, profession, vocation, or employment of a
substantial nature in which the investment adviser, and each director, executive officer or partner of the investment adviser
is or has been during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer,
employee, partner or trustee, is set forth in the Statement of Additional Information contained in this Registration Statement
in the section entitled &ldquo;Management.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 32. Location of Accounts and Records</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">All applicable accounts,
books and documents required to be maintained by the Registrant by Section 31(a) of the 1940 Act and the rules promulgated thereunder
are in the possession and custody of the Registrant&rsquo;s administrator, Ultimus Fund Solutions, LLC, located at 225 Pictoria
Drive, Suite 450, Cincinnati, OH 45246.</P>


<!-- Field: Page; Sequence: 87 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 33. Management Services</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: left; text-indent: 0">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 34. Undertakings</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">1.</TD><TD STYLE="text-align: justify">The Registrant undertakes to suspend the offering of its
Rights until the prospectus is amended if (1) subsequent to the effective date of this registration statement, the net asset value
declines more than ten percent from its net asset value as of the effective date of the registration statement or (2) the net
asset value increases to an amount greater than its net proceeds as stated in the prospectus.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">2.</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">3.</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">4.</TD><TD STYLE="text-align: justify">The Registrant undertakes that:</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">for the purpose of determining any liability under the
Securities Act of 1933, as amended, the information omitted from the form of prospectus filed as part of this registration statement
in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant under Rule 424(b)(1) under the 1933
Act shall be deemed to be part of this registration statement as of the time it was declared effective; and</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">for the purpose of determining any liability under the
Securities Act of 1933, as amended, each post-effective amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">5.</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">6.</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">7.</TD><TD STYLE="text-align: justify">The 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, its
Statement of Additional Information.</TD>
</TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0"></P>


<!-- Field: Page; Sequence: 88 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;<B>SIGNATURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Pursuant to the requirements
of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized in the city of New York, and the State of New York on
the 19th day of February, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
 <tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td colspan="3"><b>CORNERSTONE STRATEGIC VALUE FUND, INC.</b></td></tr>
<tr style="vertical-align: top; text-align: left">
    <td style="width: 50%">&nbsp;</td>
    <td style="width: 5%">&nbsp;</td>
    <td style="width: 35%">&nbsp;</td>
    <td style="width: 10%">&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td>By:</td>
    <td style="border-bottom: Black 1pt solid">/s/ Ralph W. Bradshaw</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>Name: Ralph W. Bradshaw</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>Title: President and Chairman of the Board of Directors<br>
(Principal Executive Officer)</td>
    <td>&nbsp;</td></tr>
 </table>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the
dates indicated.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Ralph W. Bradshaw</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President and Chairman of the Board of Directors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ralph W. Bradshaw</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Theresa M. Bridge</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Treasurer (Principal Financial Officer)
    and </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Theresa M. Bridge</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Accounting Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Robert E. Dean*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Robert E. Dean</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Marcia E. Malzahn*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Marcia E. Malzahn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
Frank J. Maresca*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Frank J. Maresca</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Matthew W. Morris*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Matthew W. Morris</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Scott B. Rogers*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Scott B. Rogers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Andrew A. Strauss*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Andrew A. Strauss</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Glenn W. Wilcox, Sr.*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February 19, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Glenn W. Wilcox, Sr.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
 <tr style="vertical-align: top">
    <td style="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">*By</font>:</td>
    <td style="border-bottom: black 1pt solid; width: 30%"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Ralph W. Bradshaw</font></td>
    <td style="width: 65%"><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td></td>
    <td>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Ralph W. Bradshaw</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Power of Attorney</p>
        <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</font></td></tr>
 </table>



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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: normal 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: normal 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>INDEX TO EXHIBITS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-left: 2.15pt; width: 15%"><B>Exhibit No.</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-left: 25.5pt; width: 85%"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-left: 2.15pt"><FONT STYLE="font-size: 11pt"><A HREF="fp0062457_ex9925siii.htm">2(s)(iii)</A></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 11pt Times New Roman, Times, Serif; padding-left: 25.5pt"><FONT STYLE="font-size: 11pt"><A HREF="fp0062457_ex9925siii.htm">Powers of Attorney for Robert E. Dean, Marcia E. Malzahn and Frank J. Maresca</A></FONT></TD></TR>
</TABLE>



<P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.S.III
<SEQUENCE>2
<FILENAME>fp0062457_ex9925siii.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">POWER OF ATTORNEY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">KNOW ALL MEN BY THESE PRESENTS that the director
named below of Cornerstone Strategic Value Fund, Inc., a Maryland corporation, and Cornerstone Total Return Fund, Inc., a New York
corporation (the &ldquo;Funds&rdquo;), hereby appoints Ralph W. Bradshaw with full power of substitution, his true and lawful attorney
to execute in his name, place and stead and on his behalf any and all registration statements on Form N-2 under the Securities
Act of 1933, as amended, and the Investment Company Act of 1940, as amended on behalf of the Funds, and any amendments thereto,
and to file with the U.S. Securities and Exchange Commission and any other regulatory authority having jurisdiction over the Funds,
any such amendment or registration statement and any and all supplements thereto or to any prospectus or statement of additional
information forming a part of the registration statement, as well as any and all exhibits and other documents necessary or desirable
to the amendment or supplement process. Said attorney shall have full power and authority, with full power of substitution, to
do and perform in the name and on behalf of the undersigned every act whatsoever requisite or desirable to be done in the premises
in any and all capacities authorized by the Board of Directors for such persons to provide or perform with respect to the Funds,
as fully and to all intents and purposes as the undersigned might or could do, the undersigned hereby ratifying and approving all
such acts of such attorneys.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the undersigned has executed
this instrument on this 16th day of February, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Robert Dean</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">&nbsp;</TD>
    <TD>Robert Dean, Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">POWER OF ATTORNEY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">KNOW ALL MEN BY THESE PRESENTS that the director
named below of Cornerstone Strategic Value Fund, Inc., a Maryland corporation, and Cornerstone Total Return Fund, Inc., a New York
corporation (the &ldquo;Funds&rdquo;), hereby appoints Ralph W. Bradshaw with full power of substitution, her true and lawful attorney
to execute in her name, place and stead and on her behalf any and all registration statements on Form N-2 under the Securities
Act of 1933, as amended, and the Investment Company Act of 1940, as amended on behalf of the Funds, and any amendments thereto,
and to file with the U.S. Securities and Exchange Commission and any other regulatory authority having jurisdiction over the Funds,
any such amendment or registration statement and any and all supplements thereto or to any prospectus or statement of additional
information forming a part of the registration statement, as well as any and all exhibits and other documents necessary or desirable
to the amendment or supplement process. Said attorney shall have full power and authority, with full power of substitution, to
do and perform in the name and on behalf of the undersigned every act whatsoever requisite or desirable to be done in the premises
in any and all capacities authorized by the Board of Directors for such persons to provide or perform with respect to the Funds,
as fully and to all intents and purposes as the undersigned might or could do, the undersigned hereby ratifying and approving all
such acts of such attorneys.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the undersigned has executed
this instrument on this 16th day of February, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Marcia E. Malzahn</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">&nbsp;</TD>
    <TD>Marcia E. Malzahn, Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">POWER OF ATTORNEY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">KNOW ALL MEN BY THESE PRESENTS that the director
named below of Cornerstone Strategic Value Fund, Inc., a Maryland corporation, and Cornerstone Total Return Fund, Inc., a New York
corporation (the &ldquo;Funds&rdquo;), hereby appoints Ralph W. Bradshaw with full power of substitution, his true and lawful attorney
to execute in his name, place and stead and on his behalf any and all registration statements on Form N-2 under the Securities
Act of 1933, as amended, and the Investment Company Act of 1940, as amended on behalf of the Funds, and any amendments thereto,
and to file with the U.S. Securities and Exchange Commission and any other regulatory authority having jurisdiction over the Funds,
any such amendment or registration statement and any and all supplements thereto or to any prospectus or statement of additional
information forming a part of the registration statement, as well as any and all exhibits and other documents necessary or desirable
to the amendment or supplement process. Said attorney shall have full power and authority, with full power of substitution, to
do and perform in the name and on behalf of the undersigned every act whatsoever requisite or desirable to be done in the premises
in any and all capacities authorized by the Board of Directors for such persons to provide or perform with respect to the Funds,
as fully and to all intents and purposes as the undersigned might or could do, the undersigned hereby ratifying and approving all
such acts of such attorneys.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF, the undersigned has executed
this instrument on this 16th day of February, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Frank J. Maresca</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">&nbsp;</TD>
    <TD>Frank J. Maresca, Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
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<SEQUENCE>4
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>5
<FILENAME>filename5.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><IMG SRC="image_007.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">February 19, 2021</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase"><U>VIA EDGAR</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission<BR>
Division of Investment Management<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Cornerstone Strategic Value Fund, Inc. (File Number: 811-05150)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">Registration Statement on Form N-2</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><U>Request for Selective Review</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To Whom It May Concern:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The above-referenced filing
(the &ldquo;Registration Statement&rdquo;) of our client, Cornerstone Strategic Value Fund, Inc. (the &ldquo;Fund&rdquo;), being
filed on February 19, 2021, is based on and is substantially similar to the Fund&rsquo;s registration statement on Form N-2 (File
Nos.: 811-05150 and 333-224879) which was reviewed and declared effective by the Staff on June 8, 2018. We want to bring to your
attention that since the prior filing the Fund&rsquo;s investment adviser was restructured and, as noted in the Registration Statement,
the Fund&rsquo;s shareholders approved the investment management agreement with its current investment adviser at the Fund&rsquo;s
2019 annual meeting, which agreement was renewed by the board of directors of the Fund at its meeting on February 5, 2021.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please accept this letter
as a request under the selective review procedures discussed below with respect to the Staff&rsquo;s review of the Registration
Statement. In this regard, the Staff follows certain selective review procedures for registration statements, set forth in Securities
Act Release No. 6510 (Feb. 15, 1984), which are applicable to all management investment company registration statements. The Staff
may determine not to review a registration statement (or portions of a registration statement) based on similarity to prior filings
that have been reviewed by the Staff. Based on these procedures, a registrant may identify portions of prior filings similar or
identical to, and intended to serve as precedent for, a current filing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Registration Statement
represents a &ldquo;rights offering&rdquo; of the Fund&rsquo;s shares, the terms and conditions of which are substantially similar
to those contained in the prior registration statement of the Fund referenced above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Please contact me at (212)
885-5205 or Thomas R. Westle at (212) 885-5239 with any questions you may have or for any further information you may desire.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">February 19, 2021</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Page 2</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 50%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
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    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/ Margaret M. Murphy</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; layout-grid-mode: line">Margaret M. Murphy</TD></TR>
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